One Ocean Expeditions Inc.

Proposal

^{Page last updated: April 19, 2022}

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 at April 19, 2022

Below is a summary of the Proposal proceedings for One Ocean Expeditions Inc ("OOE").

On April 17, 2020, OOE filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) and PricewaterhouseCoopers Inc. LIT (“PwC”) was named as trustee under the NOI (the “Trustee”). As a result of the NOI filing, all creditors are stayed from commencing or continuing any proceedings against the Company.

The Company filed its Proposal with the Office of the Superintendent of Bankruptcy on August 13, 2020.  On September 2, 2020, the Company amended its Proposal and a copy can be found here https://www.pwc.com/ca/en/car/one-ocean-expeditions-inc/assets/one-ocean-expeditions-inc-028_100620.pdf

On September 25, 2020, at the reconvened meeting of creditors, the creditors approved the Proposal provided by OOE with a few changes as referenced on our website.  The Court approved the Proposal on October 21, 2020.

In May 2021, OOE defaulted in its Proposal as it failed to provide the Trustee funding for Dividend Election Pool as referenced in the Proposal.  In response to a request made by OOE, the Inspectors (appointed at creditor meeting) pursuant to section 62.1 of the BIA waived the default until July 30, 2021, to allow OOE more time to carry out the terms of the Proposal.  

As OOE failed to carry out the terms of the Proposal by July 30, 2021, PwC as Trustee issued a Form 43 - Notice of Default in the Performing of a Proposal to creditors on September 8, 2021. https://www.pwc.com/ca/en/car/one-ocean-expeditions-inc/assets/one-ocean-expeditions-inc-035_100921.pdf

As a result of the failure of OOE's Proposal, PwC as Trustee will be applying to Court for its discharge from these proceedings. The Trustee intends to apply for a discharge without annulling the proposal.  Form 43 did afford the Trustee the option to proceed to Court to annul the proposal, however the Trustee will not be able to do so considering the circumstances and the estimated nil recovery from assets available under a bankruptcy as previously reported to creditors.  (https://www.pwc.com/ca/en/car/one-ocean-expeditions-inc/assets/one-ocean-expeditions-inc-023_091620.pdf).  Creditors may take proceedings to annul the proposal and place OOE in bankruptcy at their own expense.

Information regarding the Trustee's application for discharge will be posted to the Trustee's website, as it becomes available.

Status of file as at June 2, 2021

On October 21, 2020 the Court issued an order sanctioning and approving the Second Amended and Restated Proposal (the “Proposal”) of One Ocean Expeditions Inc. (“OOE”), and the Effective Date, as defined in the Proposal, fell on November 1, 2020 following the expiry of the relevant 10-day appeal period.

The first Dividend Election Pool installment was due to be paid by OOE to the Trustee by May 1, 2021. OOE was unable to fund the payment by May 1, 2021 and as a result, was in default of the Proposal.

In response to a request made by OOE, the Inspectors pursuant to section 62.1 of the Bankruptcy and Insolvency Act have waived the default until July 30, 2021, to allow OOE more time to carry out the terms of the Proposal.

The first Dividend Election Pool installment is now due to be paid by OOE to the Trustee by July 30, 2021. The second Dividend Election Pool installment remains due November 1, 2021. Pursuant to the Proposal, after receipt of any installment of the Dividend Election Pool, the Trustee shall, from time to time in its discretion, pay from the Dividend Election Pool.

Status of file as at October 22, 2020

On October 21, 2020 the Court issued an order (the “Sanction Order”) sanctioning and approving the Second Amended and Restated Proposal of One Ocean Expeditions Inc. (the “Proposal”). The Proposal is hereby sanctioned and approved and all associated steps, compromises, settlements etc. effected are approved, binding and effective in accordance with the provisions of the Proposal.

A copy of the Sanction Order can be found under Court Documents and Orders.

Status of file as at October 5, 2020

The first meeting of creditors was reconvened on Friday the 25th of September 2020. During the reconvened meeting the following was resolved;

• To amend the Proposal to change the term from 'Discount Election Creditor' to 'Prepaid Election Creditor'. As such where the Proposal previously referred to 'Discount' now refers to 'Prepaid'; 
• To amend the Proposal to include a third option which Unsecured Creditors may elect, being 50% of their claim as a 'Prepaid Election Creditor' and the remaining 50% of their claim being a 'Dividend Election Creditor'. Unsecured Creditors have until November 13, 2020 to complete their election choice. A new Prepaid Election form is included in the Second Amended and Restated Proposal; and 
• To approve the Proposal, subject to Court approval and adjudication of outstanding claims. 

The hearing of the application for the Court's approval of the Proposal is set for Wednesday, October 21, 2020 at 9.00 AM (PDT). 

A copy of the Second Amended and Restated Proposal may be found in 'Proposal'.

Status of file as at September 18, 2020 

The first meeting of creditors for the Proposal of One Ocean Expeditions Inc. was held on September 3, 2020. The meeting was adjourned, pursuant to section 52 of the Bankruptcy and Insolvency Act. The first meeting of creditors will be reconvened at 10am (PDT), on Friday the 25th of September 2020. Registration will be open 45 minutes prior to the meeting. 

The Trustees update regarding the further investigation of the historical financial affairs of One Ocean Expeditions Inc., as requested by Creditors, will be discussed at the reconvened meeting. Only questions pertaining to the investigation of the historical financial affairs of One Ocean Expeditions Inc., will be entertained during the reconvened meeting. 

The meeting will be held using the Zoom (desktop) platform and any vote shall take place using google forms. All creditors who intend on attending the meeting are encouraged to read the virtual creditor meeting protocol, amended for the reconvened meeting, included in the 'Creditor Communications' tab above. The Chair will not have the capacity to answer questions concerning the technology during the Meeting.

Creditors who wish to attend the meeting, must file a Proof of Claim form, Proxy form (if applicable), and provide confirmation of their intention to attend the meeting, with the Trustee before Wednesday, September 23, 2020 at 5:00PM (PDT).

Status of file as at September 10, 2020

The Company filed its Proposal with the Office of the Superintendent of Bankruptcy on August 13, 2020. On September 2, 2020, the Company amended its Proposal, a copy of which, along with a tracked changes version, may be found in ‘Proposal’.

Status of file as at September 9, 2020 

The first meeting of creditors for the Proposal of One Ocean Expeditions Inc. was held on September 3, 2020. The meeting was adjourned, pursuant to section 52 of the Bankruptcy and Insolvency Act, by way of a resolution passed by a majority of creditors who attended the meeting. The meeting was adjourned at the request of creditors, for the Trustee to carry out further investigation of the historical financial affairs of the Company. 

A notice will be issued to creditors to reconvene the meeting in due course. The meeting is anticipated to be held in late September, subject to the Trustee having sufficient time to obtain and examine the historical financial records of the Company.

Status of file as at August 17, 2020 

On August 13, 2020, One Ocean Expeditions Inc. filed its Proposal with the Office of the Superintendent of Bankruptcy. A copy of the ‘Notice of Proposal’ can be found under Proposal. 

Copies of the Notice of Proposal, Proposal, Trustee’s Report on the Proposal, Meeting details, Proof of Claim form, General Proxy and Voting Letter were mailed to all creditors of the Company on August 21, 2020. A copy of these documents which form the Notice of Proposal may be found in 'Creditor Communications'.

Status of file as at June 29, 2020 

On June 29, 2020 the Court issued an order (the "Second Extension Order") which extended the time One Ocean Expeditions Inc. has to file a proposal to August 13, 2020. 

A copy of the Second Extension Order can be found under Court Documents and Orders.

Status of file as at June 24, 2020 

One Ocean Expeditions Inc. filed notices with the Supreme Court of British Columbia June 23, 2020 for a court hearing to be scheduled for Monday, June 29, 2020 during which One Ocean Expeditions Inc. will be seeking an extension of the time it has to file a proposal from June 29, 2020 to August 13, 2020. 

The Trustee has completed a report to the Court which may be found under Trustee Reports.

Status of file as at May 14, 2020 

On May 14, 2020 the Court issued an order (the "Stay Extension Order") which extended the time One Ocean Expeditions Inc. has to file a proposal to June 29, 2020. 

A copy of the Stay Extension Order can be found under Court Documents and Orders.

Status of file as at May 12, 2020

One Ocean Expeditions Inc. filed notices with the Supreme Court of British Columbia today for a court hearing to be scheduled for Thursday, May 15, 2020 during which One Ocean Expeditions Inc. will be seeking an extension of the time it has to file a proposal from May 15, 2020 to June 29, 2020.

The Trustee has completed a report to the Court which may be found under Trustee Reports.

Status of file as at April 21, 2020 

On April 17, 2020, One Ocean Expeditions Inc. (the "Company") filed a Notice of Intention to Make a Proposal (“NOI”) pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (“BIA”) and PricewaterhouseCoopers Inc. LIT (“PwC”) was named as trustee under the NOI (the “Trustee”). 

As a result of the NOI filing, all creditors are stayed from commencing or continuing any proceedings against the Company until May 16, 2020, (the “Initial Stay”), subject to any extensions of the Initial Stay that the Court might grant upon application by the Company. 

Notice of the NOI and the Trustee’s appointment will be mailed to all affected creditors of the Company before April 22, 2020. 

More information will be posted to this website, as soon as it becomes available.