Proposal – General Info, Creditor’s Package and Other Documents

Status of the File as of February 18, 2025

On February 18, 2025, the Proposal Trustee filed its Second Update Report (the “Second Update Report”) with the Court to provide an update to the Court on the assessment of the amended claim filed by CRA and its impact on the Pro-Rata Share.

The Second Update Report is posted at the bottom of this page.

Status of the File as of January 29, 2025

On January 29, 2025, the Proposal Trustee filed with the Court a report (the “Update Report”) to provide an update to the Court on the impact of an amended claim filed by Canada Revenue Agency (CRA) and the Proposal Trustee’s views on the same.

On January 27, 2025, the Court issued an order (the “Proposal Approval Order”) which, among other things:

1. Approved the Proposal filed on December 9, 2024 and accepted by the required majority of creditors at the Creditors’ Meeting held on December 20, 2024;

2. Required the Proposal Trustee, in the event there is insufficient funds to pay 25 cents on the dollar on the Excess Proven Claims, to report to the Court and seek the Court’s direction.

Status of the File as of January 10, 2025

A Court hearing to approve the Proposal has been scheduled for January 17, 2025. Motion materials filed with the Court by the Proposal Trustee are available at the bottom of this page.

Status of the File as of January 2, 2025

The Proposal was accepted by the required majority of Affected Creditors at the Creditors’ Meeting held on December 20, 2024.

A motion has been scheduled with the Court on January 17, 2025 at 9:30 am (Atlantic time) to seek the Court’s approval of the Proposal.

If the Proposal is approved by the Court, the Affected Creditors will receive a small distribution in accordance with the terms of the Proposal on account of their Proven Claims against the Company.

Status of the File as of December 9, 2024

On December 9, 2024 (the “Proposal Date”), pursuant to provisions of the Bankruptcy and Insolvency Act (Canada) (“BIA”), PricewaterhouseCoopers Inc., LIT (“PwC”) in its capacity as Bankruptcy Trustee (as defined below) of Maritime Fuels Limited (“Maritime” or the “Company”), and with the approval of the Inspector in the bankruptcy estate of Maritime, filed a proposal (the “Proposal”) with the Official Receiver (the “Proposal Proceedings”).

A general meeting of creditors (the “Creditors’ Meeting”) will be held VIRTUALLY on December 20, 2024, at 12 p.m. (Atlantic time).

The link to the Creditors’ Meeting is: web.lumiagm.com/417056349

To attend the Creditors’ Meeting creditors MUST file their Proof of Claim, and where applicable a Proxy and a Voting Letter form with the Proposal Trustee as soon as possible and no later than 5 p.m. (Atlantic time) on December 19, 2024 by sending it to ca_maritimefuels@pwc.com

If you already submitted your Proof of Claim in the bankruptcy of Maritime, you do NOT need to submit another Proof of Claim. However, you may need to submit a Proxy and/or Voting Letter forms if you wish to appoint somebody to attend the Creditors’ Meeting on your behalf and vote.

You will be issued a password to join the Creditors’ Meeting after the Proposal Trustee receives your Proof of Claim form.

On December 9, 2024, the Proposal Trustee issued a Creditor’s Package to all known creditors whose email was on file. The Creditor’s Package is available at the bottom of this subpage and contains:

• Instructions Letter to Creditors;
• Notice of the Proposal,
• Report on Proposal,
• Proposal,
• Statement of Affairs with list of creditors,
• Proof of Claim form,
• Proxy form, and
• Voting Letter form.

The Creditor’s Package is provided to notify the creditors of the Proposal filing and to assist them in assessing the impacts of the Proposal on creditors’ claims.

Due to an ongoing postal strike, the Proposal Trustee was unable to mail the Creditor’s Package to those known creditors whose only mailing address was on file. The Proposal Trustee published a news releaseOpens in a new window in an attempt to reach any creditors who did not receive the Creditor’s Package by email.

Any additional information with respect to this Proposal filing will be posted here as it becomes available.

If you have any questions, please email the Proposal Trustee at ca_maritimefuels@pwc.com

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