Datec Coating Corporation (“DCC”) is in the business of developing and manufacturing custom heating, coating and thermal solutions for customers across Canada and the United States.
On October 4, 2024, DCC filed a Notice of Intention to Make a Proposal to its creditors pursuant to subsection 50.4 (1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”) and Dodick Landau Inc. was named Proposal Trustee. Pursuant to the provisions of subsection 69 (1) of the BIA a stay of proceedings has been initiated and all proceedings against DCC are stayed as of the date of filing of the NOI.
A motion brought by DCC was heard on October 23, 2024 at which the Court approved a stay extension, approval of a DIP Term Sheet, DIP Lender’s Charge and approval of a stalking horse sales process.
Documents
Certificate for the Notice of Intention – October 4, 2024
Applicant Motion Record – October 21, 2024
Factum of the Applicant – October 21, 2024
First Report to Court of the Proposal Trustee – October 22, 2024