Timeline, important dates, etc. from receiver's reportThanks for the link to the receiver's first report. In it we find some important info.
It appears as if the receiver wants everything tied up before December 31, 2016.
Important dates (from item 43)
September 12 to 22, 2016 — prepare virtual data room, etc.; September 23, 2016 — Formally launch sales process; September 26 to November 3, 2016 — work with interested parties towards submitting bids, etc.; November 4, 2016 @ 5:00pm — Phase I bid deadline for non-binding letters of intent; October 31 to November 29, 2016 — negotiate formal binding purchase and sale agreement or restructuring proposal with interested parties, assist with final due diligence; November 30, 2016 — Phase Il bid deadline to submit binding offers or restructuring proposals with deposit; and December 2016 — seek Court approval and close transaction or sanction the restructuring proposal. ____
As ManTheBull stated, the ad hoc committee did contact the Receiver. Their involvement is stated as follows:
34. The Receiver advises that during the course of the selection of a financial advisor, the Receiver was contacted by Bennett Jones LLP, the legal counsel an ad hoc group of convertible debenture holders (the "Ad Hoc Group") who expressed certain concerns and views regarding retention of a financial advisor and on any sales process. The Receiver was further contacted by Bennett Jones LLP on September 9, 2016 requesting the Receiver to include one further financial advisor in the request for proposals. The Receiver contacted Bennett Jones LLP on September 12, 2016 advising that it was not prepared to contact the additional party given that proposals had already been requested, received and reviewed from four qualified advisors and at the time of the request on September 9, 2016, the Receiver was already in discussions regarding fee structures and proposed timelines.
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This report was primaril to get court approval for Peters & Co and CIBC to act as the advisors overseeing the sale/restructuring proccess, and approval of the process being put into place.