Overview
On July 17, 2024, Loop Energy Inc. (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to subsection 50.4(1) of the Bankruptcy and Insolvency Act R.S.C., 1985, c. B-3 (“BIA”) and Crowe MacKay & Company consented to act as Licensed Insolvency Trustee under the Proposal.
Pursuant to subsection 50.4(8) of the BIA, the initial stay period under the NOI proceeding is from July 17, 2024 to August 16, 2024, unless the period is extended by the Court upon application by the Company. During this period, the Trustee will monitor the business of the Company and assist the Company in preparing its Proposal.
On or around August 1 2024, the Company made an application to Court to approve, among other things, the granting of an extension of the stay of proceedings and the deadline for the filing of a proposal to September 30, 2024, an administration charge, the approval of interim financing and the related interim financing charge, a directors and officers indemnification and the related indemnification charge, and the approval of the proposed sale and investment solicitation process (the “SISP”) of the business and/or assets of the Company. An order was granted by the Court on August 1, 2024.
Please see below for the teaser letter with preliminary information on the Company, as well as details of the major assets for sale.
Please note that the deadline for submission of bids is 5PM (Pacific) September 6, 2024.
Creditor’s Information
Creditors’ Package – Notice of Intention to Make a Proposal
Court Documents
Order Made After Application (the First Extension) dated August 1, 2024
SISP