TORONTO, Nov. 22, 2011 /CNW/ - On November 10, 2011, Edgeworth
Properties Inc. and certain of its affiliates (collectively, the
"Companies") obtained protection under the Companies' Creditors Arrangement Act ("CCAA"). Pursuant to the order issued by the Ontario Superior Court of
Justice (Commercial List) (the "Court") on November 10, 2011 (as
subsequently amended on November 18, 2011) (the "Initial Order"), Grant
Thornton Limited was appointed as the Companies' monitor (the
"Monitor"). On the same date, a Receiver was appointed over 16 of the
Companies' properties pursuant to an order of the Court (the
On November 18, 2011, the Monitor sent notice of the CCAA proceedings to
the Companies' creditors in accordance with the CCAA. A copy of the
notice is available on the Monitor's website at www.GrantThornton.ca/Edgeworth.
The Initial Order appointed legal counsel (the "Representative Counsel")
to represent the interests of three groups of stakeholders, being:
The parties that purchased land lots from the Companies (the "Lot
Investors in Edgeworth Mortgage Investment Corporation, Edgeworth
Mortgage Investment II Corporation and Biggs Avenue Mortgage Investment
Corporation (collectively, the "MIC Investors"); and
Parties that invested in the Companies by purchasing 'undivided
interests' in certain of the Companies' properties (the "UDI Holders").
Meetings for the MIC Investors have been scheduled by Representative
Counsel to the MIC Investors on Thursday, November 24, 2011 at 5:00
p.m. at the Shaw Conference Centre Salon 8 in Edmonton, Alberta and on
Friday, November 25, 2011 at 9:00 a.m. at the Radisson Hotel Calgary
Airport Rocky Mountain Ballroom in Calgary, Alberta. Details regarding
the meetings of the MIC Investors can be obtained by accessing the
Aird & Berlis LLP acts as Representative Counsel to the MIC Investors,
Osler, Hoskin & Harcourt LLP acts as Representative Counsel to the Lot
Purchasers and Stikeman Elliott LLP acts as Representative Counsel to
the UDI Investors. Fasken Martineau DuMoulin LLP was also appointed as
Representative Counsel for the UDI Holders and the delineation of roles
between Stikeman Elliott LLP and Fasken Martineau DuMoulin LLP will be
the subject matter of a further order of the Court.
Any UDI Holder, Lot Purchaser or MIC Investor can opt out of the "class"
representation by providing Representative Counsel and the Monitor with
written notice that such UDI Holder, Lot Purchaser or MIC Investor does
not wish to be represented by Representative Counsel. It is anticipated
that a motion will be brought in the short term that will, among other
things, provide a form and deadline for opting out of "class"
Contact information for Representative Counsel to the Lot Purchasers,
MIC Investors and UDI Holders, together with a copy of the Initial
Order and all documents filed with the Court in the CCAA proceedings
are available on the Monitor's website at: www.GrantThornton.ca/Edgeworth.
Lot Purchasers, MIC Investors and UDI Holders are encouraged to refer to
the Monitor's website frequently for updates in the Company's CCAA
proceedings. Parties wishing to contact the Monitor can call:
1-855-747-2648 or email: email@example.com.
"The appointment of Representative Counsel provides a substantial number
of stakeholders with a voice in the CCAA proceedings. The Monitor will
be in close contact with Representative Counsel in order to ensure that
the Companies' diverse groups of stakeholders are apprised of
developments in the CCAA proceedings and are able to provide input as
the Companies and the Chief Restructuring Organization formulate a
restructuring plan," said Michael Creber of Grant Thornton Limited.
Notes to editors
Grant Thornton Limited is a Canadian Member of Grant Thornton
SOURCE Grant Thornton LLP
For further information:
Issued on: November 22, 2011