On April 20, 2022, TAZARMC Inc. ("Tazarmc") filed a Notice of Intention to Make a Proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act (the "BIA"). KPMG Inc. ("KPMG") consented to act as trustee under the proposal.

The deadline for Tazarmc to file a proposal is May 20, 2022, subject to any extension(s) that may be granted by the Ontario Superior Court of Justice (Commerical List).

On May 13th, 2022, KPMG Inc. as Proposal Trustee filed a report with the Official Receiver pursuant to section 50.4(7)(b) of the BIA as a result of the Proposal Trustee ascertaining that a material adverse change in the Company's projected cash-flow and financial circumstances has occurred.

On May 20th, 2022, pursuant to the NOI filing, Tazarmc filed a Proposal under Part III, Division I of the BIA.

The Meeting of Creditors was held on June 9th, 2022 at 1:00pm via the Microsoft Teams platform. At the Meeting, a resolution was sought and approved by creditors in attendance to adjourn the meeting to vote on the Proposal to June 22, 2022 at 9:30am, to allow the Company time to continue ongoing discussions with certain creditors regarding the Proposal.

The First Reconvened Meeting of Creditors as held on June 22nd, 2022 at 9:30am via Microsoft Teams platform. A resolution of adjournment was again sought and approved by creditors in attendance to allow the Company to finalize ongoing discussions with certain creditors and file an amended Proposal with the Office of the Superintendent of Bankruptcy.

The Second Reconvened Meeting of Creditors was held virtually on June 29th, 2022 at 10:00am via the Microsoft Teams platform. A resolution of adjournment was further sought and approved by creditors in attendance to allow the Company time to finalize creditor discussions and file an amended Proposal with the Office of the Superintendent of Bankruptcy.

The Third Reconvened Meeting of Creditors was held virtually via Microsoft Teams on July 12th, 2022. The Company again sought an adjournment to allow the Company to finalize creditor discussions and file an amended Proposal with the Office of the Superintendent of Bankruptcy, which was unanimously approved by creditors in attendance.

Pursuant to the adjournments sought for prior Notice of Creditor Meetings to provide time to continue ongoing discussions with certain creditors and allow the Company time to file an amended proposal (the "Amended Proposal"), an Amended Proposal was filed with the Office of the Superintendent of Bankruptcy on July 15th, 2022.

The Fourth Reconvened Meeting of Creditors was held virtually on July 15th, 2022 at 3:00pm (ET) via Microsoft Teams. The Company's Amended Proposal was accepted by the required majority of creditors in each respective class as identified in the Amended Proposal.

On September 9th, 2022, the Ontario Superior Court of Justice in Bankruptcy - Ottawa entered an order approving the previously lodged and filed Amended Proposal dated July 15, 2022.

Contact information

Contact information for the trustee under the proposal proceedings:

tazarmc@kpmg.ca

Proposal Trustee's Report

Proposal

Proposal [PDF 475 KB]

Amended Proposal [PDF 188 KB]

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