Altek Industrial Supply Ltd.

CCAA

^{Page last updated: March 25, 2025}

This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.

Status of file as of February 5, 2025

On February 5, 2025, the Court of King’s Bech of Alberta granted an Order dismissing Michael Atema and the Altek Acquisition Partnership application to terminate or alter the investigatory powers of the Monitor, requiring Michael Atema to attend in-person questioning on March 6-7, 2025, and adjourning CIBC’s bankruptcy application sine die.

Status of file as of February 3, 2025

On February 3, 2025, CIBC applied for an bankruptcy order in respect of Altek Industrial Supply Ltd.

Status of file as of January 30, 2025

On January 30, 2025, the Monitor filed its Fourth Report to the Court providing an update, among other things, on the investigation into matters surrounding the fictitious sales entries and response to the allegations and inaccuracies in the Affidavit of Michael Atema.

Status of file as of January 27, 2025

On January 27, 2025, the Monitor was notified of an application being brought before the Court of King’s Bench of Alberta by Michael Atema and the Altek Acquisition Partnership to terminate or alternatively, limit the investigatory powers granted to the Monitor in these CCAA proceedings.

Status of file as of November 26, 2024

On November 26, 2024, the Court of King’s Bench of Alberta granted a Stay Extension Order.

Status of file as of November 20, 2024

On November 20, 2024, the Monitor filed its Third Report to the Court seeking, an extension of the stay of proceedings from November 30, 2024 to March 31, 2024. 

Status of file as of August 8, 2024

On August 8, 2024, the Court of King’s Bench of Alberta granted an Approval and Vesting Order in respect of Purchase Agreement between PJ Valve Ltd. and Altek. As well as an Ancillary Relief Order declaring an extension of the stay of proceedings, former employees of the Altek Group, excluding Altek USA are WEPPA eligible, and authorizing an interim distribution to CIBC.

Status of file as of August 1, 2024

On August 1, 2024, the Monitor filed its Second Report to the Court seeking, among other things, an order to approve the Asset Purchase Agreement dated July 30, 2024, between PJ Valve Ltd. and Altek, and an order to extend the stay of proceedings from August 23, 2024, until November 30, 2024, to declare that former employees of the Altek Group, excluding those employed by Altek USA, are eligible to receive payments under the Wage Earner Protection Program Act (“WEPPA”), and to authorize the Monitor to make interim distributions to the senior secured lender, Canadian Imperial Bank of Commerce (“CIBC”).

Status of file as of July 5, 2024

Pursuant to the authority granted in the ARIO, PricewaterhouseCoopers Inc., in its capacity as the Monitor of Altek, is seeking offers to purchase all or part of the Altek assets and business operations (collectively referred to as the "Assets"). Note, the Monitor is seeking offers for the assets of Altek, not the Altek Group. The Monitor has prepared a data room that contains, among other items, a confidential information memorandum ("CIM"), historical financial information, and inventory, accounts receivable, and asset listings. Prior to obtaining access to the secured data room, the Monitor requires completion of a non-disclosure agreement ("NDA"). For a copy of the NDA, please contact Nicole CarreauOpens in a new window directly.   

Following the execution of the NDA, you will be provided with the CIM and access to the secured data room. Tours of the Assets will commence on Thursday, July 11, 2024. 

Any offers to purchase all or part of the Assets must be submitted to the Monitor by 4:00PM MST on Monday, July 22, 2024.

For any inquiries or additional information, please contact Nicole Carreau.

Status of file as of May 31, 2024

On May 31, 2024, the Court of King's Bench issued the Amended and Restated Initial Order ("ARIO") which, among other things, extended the stay of proceedings until August 23, 2024. We refer you to the Amended and Restated Initial Order dated May 31, 2024 for further information.

Status of file as of May 24, 2024

On May 24, 2024, Canadian Imperial Bank of Commerce sought and obtained an initial order (the “Initial Order”) under the Companies’ Creditors Arrangement Act from the Court of King’s Bench of Alberta. Pursuant to the Initial order, PricewaterhouseCoopers Inc., LIT was appointed as Monitor of Altek Industrial Supply Ltd., Altek USA Holdings Corp., Altek Supply USA Inc., HDIM Protective Coatings Inc., and 610461 Alberta Ltd. (collectively, the “Companies”).