Star Navigation Systems Group Ltd. (the “Company”) filed a Notice of Intention to Make Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”) on December 11, 2019. B. Riley Farber Inc. (“B. Riley Farber”) was appointed as Proposal Trustee (the “Proposal Trustee”). A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal and the Notice to Creditors are posted below.
The NOI filing provides an automatic stay of proceedings against the creditors of the Company for a 30-day period thus providing the Company the opportunity to restructure its affairs and formulate a proposal to creditors. During this time, the Company is not bankrupt.
On January 8, 2020, the Company brought a Motion to the Ontario Superior Court of Justice (Commercial List) (the “Court“) for a Court Order seeking an extension to the time within which the Company is required to make a Proposal. The Court issued an Order granting the extension to January 24, 2020 (the “Extension Order”). A copy of this Extension Order is posted below.
On January 24, 2020, the Company filed a proposal (the “Proposal”) with the Proposal Trustee. A General Meeting of Creditors to consider and vote on the Proposal was held on Friday, February 14, 2020, at 10:00 a.m. at the office of the Proposal Trustee, whereat the Proposal was approved at the meeting by the majority of the eligible voting creditors and opposed by the major creditor. The opposition and the Court-approval was to be heard on April 9, 2020, however due to the ongoing COVID-19 pandemic, the Court has indefinitely suspended all non-urgent matters until further notice. Once a new hearing date is set, we will update our website accordingly. The endorsement relating to this hearing is posted below.
On April 8, 2020, the Proposal Trustee issued a Notice of Material Adverse Change (the “MAC Notice”) in respect of the Company’s cash flow and business operations. A copy of the MAC Notice is posted below.
The Court issued an Order approving the Proposal (the “Approval Order”) on February 24, 2021. A copy of the Approval Order is posted below.
For creditor enquiries, please contact:
Associate | Restructuring
E: [email protected]
The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
- Certificate of Filing of a Notice of Intention to Make a Proposal
- NOI Creditors Package
- Proof of Claim Form
- Voting Letter
- Notice of Proposal Package
- Notice of Material Adverse Change
- Motion Record (Returnable February 24, 2021)
- Factum of the Proposal Trustee (Returnable February 24, 2021)
- Notion of Motion (Returnable March 31, 2020)
- Notice of Motion (Returnable January 22, 2020)
- Responding Motion Record – January 7, 2020 (Norton Rose Fulbright Canada LLP)
- Factum (Miller Thomson LLP)
- Affidavit of Shallon Garrafa (Miller Thomson LLP)
- Book of Authorities (Miller Thomson LLP)
- Motion Record – NOI Filing Extension – January 2, 2020
- Motion Record – Access to Premises – December 11, 2019
Court Orders & Endorsements
- Order of Justice Cavanagh (Approval Order) – February 24, 2021
- Endorsement of Justice Conway – February 28, 2020
- Endorsement of Justice Conway – January 8, 2020
- Endorsement of Justice Conway – December 18, 2019
- Endorsement of Justice Conway – December 12, 2019
- Supplementary Report of the Proposal Trustee – February 22, 2021
- First Report of the Proposal Trustee – January 3, 2020