Wabush Mines, May 26, 2021
May 26, 2021
Further to the CCAA parties’ stay extension motion that proceeded before the Superior Court of Québec on May 21, 2021, the stay of proceedings has now been extended to November 30, 2021. Please click here to view the court order.
The motion for an expansion of the Monitor’s powers, to allow it to obtain additional information regarding Twin Falls Power Corporation Limited (“Twin Falls”), will be heard on June 3, 2021. Twin Falls is a joint venture formed by Wabush Iron, Wabush Resources, and others. The CCAA parties are seeking the wind up of Twin Falls and the distribution of the proceeds to Twin Falls’ shareholders, including Wabush. Due to difficulty in obtaining information from the representatives of Twin Falls, which the CCAA parties argue is necessary to ensure that a fair and reasonable value can be realized from Twin Falls, the CCAA parties have brought this motion for an expansion of the Monitor’s powers to obtain further information.
The motion for the winding up and dissolution of Twin Falls will be heard on August 6, 2021. We will continue to post updates here regarding the upcoming motions.
In addition, we are advised by the Monitor that the second interim distribution was made earlier this week. Payments were made to eligible retirees on their claims against the CCAA parties. If you have any questions with respect to the distribution, please contact us at: 1-800-965-6636 or firstname.lastname@example.org.