OKR Group of Companies

CCAA

^{Page last updated: April 16, 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 April 15, 2025

In accordance with the Investor Sounding an information package (the “Investor Package”) has been emailed or mailed to Investors on April 14 & 15, 2025. A copy can be found under the creditor & investor communications tab.

The Monitor is requesting Investors input on the questions below no later than April 30, 2025.

1. Is the Restructuring Plan described in Appendix “B” of the Investor Package something you would like to hear more about and would be interested in voting on at a meeting of the Investors and creditors to be held in these CCAA Proceedings?
   
   Or
2. Do you have sufficient information to make the decision that you will not support the Restructuring Plan and the OKR Entities should be wound up in some fashion, with consideration to be given by the Monitor as to the most beneficial method to Investors without the requirement for Investors and creditors to vote on the Restructuring Plan?

Please provide your feedback to the Monitor via email (ca_okr_group@pwc.comOpens in a new window) including the total number of units and value of promissory notes that you are responding to and/or on behalf of and the name in which they are held.

Status of file as of April 11, 2025

The questions & answers from the OKR Entities stakeholder update held on March 26, 2025, has been posted under the creditor & investor communications tab.

Status of file as of April 2, 2025 

On April 2, 2025 the Court granted an Order approving:

• An extension of the stay of proceedings to June 9, 2025;
• Payment of a monthly work fee to Grey King of $30,000 (plus GST) per month commencing on the Filing Date;
• Empowering the Monitor to contact some, or all, of the investors (in the Monitors’ sole discretion) to canvass the investors’ interest in exploring the Applicants’ Restructuring Plan further (the “Investor Soundings”); and
• Empowering the Monitor to file a report on the Investor Soundings in order to determine whether the Company are likely to achieve the Required Majority in a creditor vote on the Companys’ Restructuring Plan.

A Copy of the Amended and Restated Initial Order will be posted once available under the Court Orders tab.

Status of file as of March 31, 2025 

A hearing has been scheduled for April 2, 2025 (the “Adjourned Comeback Hearing") to hear two applications as follows.  

An application filed by the Company on March 31, 2025, seeking an Amended and Restated Initial Order (the “ARIO”) providing the following relief: 

• An extension of the stay of Proceedings to May 9, 2025; 
  
• Payment of a monthly work fee to Grey King of $30,000 (plus GST) per month commencing on the Filing Date; and 
  
• Empowering the Monitor to contact some, or all, of the investors (in the Monitor’s sole discretion) to canvass the investors’ interest in exploring the Applicants’ Restructuring Plan further (the “Investor Soundings”); and 
  
• Empowering the Monitor to file the April 25 Report on the Investor Soundings in order to determine whether the Company are likely to achieve the Required Majority in a creditor vote on the Company’s Restructuring Plan.  
  

A cross application by the Opposing Investor Group, seeking the following relief: 

• Excluding Mr. Turnquist and Grey King from acting as CRO or taking any further fees pending final decision of this Court;  
  
• Empowering the Proposed Wind-Up Managers as if they were directors, trustee, as the case maybe, of the Applicants to work with the Monitor to facilitate an orderly wind-down and liquidation of the assets of the OKR Entities;  
  
• Directing that all steps to develop an ongoing plan to carry on business with any of the Applicants cease pending further order of this Court; and  
  
• Declaring that the Applicants’ counsel no longer benefits from the Administration Charge. 
  

The Monitor has prepared and filed its second report to the Court (the “Second Report”) which, amongst other things, provides information on both applications.  

The related court materials have been added to the Court Materials tab and the Second Report can be found under the Monitors Reports tab.

Status of file as of March 27, 2025

The OKR Entities hosted a call for investors on March 26, 2025.  A copy of the presentation to Investors has been added to the Creditor & Investor CommunicationsOpens in a new window tab.

Status of file as of March 17, 2025

On March 17, 2025 the Court granted an Order approving:

• An extension of the stay of proceedings to April 2, 2025;
• An increase in the Administration Charge to $350,000;
• Investigatory powers for the Monitor to enable it to complete its investigations including permitting the Monitor to image the Applicants electronic records to protect information for future investigations; and
• An adjournment of the balance of the Comeback Application to April 2, 2025.

The Monitor has posted its First Report to the Court (found under the Monitor's Reports tab), which speaks to the approvals granted alongside an update on the activities since the Filing Date. Court materials related to the hearing are available under the Court Materials tab.

A Copy of the Court Order will be posted once available under the Court Orders tab.

Status of file as of March 7, 2025

On March 7, 2025 (the "Filing  Date"), the OKR Group of Companies (collectively the “Company” or “the Petitioners”) sought and obtained an Initial Order of the Court of King’s Bench of Alberta (the “Court”) pursuant to the Companies’ Creditors Arrangement  Act (the “CCAA”).  Please refer to Court Order for the list of Companies the Order applies to.

PricewaterhouseCoopers Inc. LIT (“PwC”) was appointed as the Monitor.

As a result of the CCAA filing, there is a stay of proceedings in place until March 17, 2025, (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Petitioners.

Notice of the CCAA and the Monitor’s appointment will be emailed or mailed to all affected creditors shortly.

The initial application materials have been posted under the Court Materials tab. The Initial Order is or will be posted under the Court Orders tab as soon as its received from counsel.

The next court hearing will be held on Monday, March 17, 2025.

The Monitor will post regular status updates to this website and post future Monitor reports and court materials, as they become available during the CCAA proceedings.