Time sure flies... today is already March 7.
By law, SIO needs to submit a proposal to its creditors, offering to either repay their debt over a certain period of time, or repay it at a later date (or both) - that is, if they wish to avoid immediate bankruptcy. Typically, such proposals are over a 5 year period, although it is obviously preferrable to part with debt sooner.
After such a proposal is submitted, a meeting of creditors will be held within 21 days to vote on accepting or rejecting said proposal. To be accepted, the proposal needs the approval of 50% + 1 of the number of creditors AND two thirds (66,6%) of the money owed (and the approval of the court, but I'm guessing this is generally a given). For example, if all SIO creditors accepted the proposal except for Neulion, Big Picture Digital and Buena Vista, the proposal would still be rejected at these three owed amounts are more than 33,3% of the debt, therefore not meeting the two third approval requirement.
If SIO fails to submit that proposal today, or do submit a proposal that is later rejected, they are immediately declared bankrupt. A trustee in bankruptcy will be appointed to administer the bankruptcy.
Sources:
https://www.pwc.com/ca/en/services/insolvency-assignments/what-is-notice-of-intention-proposal.html
https://www.afarber.com/consumer-proposal/consumer-proposal-vs-division-1-proposal
https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br02052.html