Wisp Internet Services Inc. (“Wisp”) sells high-speed internet services to rural Ontario residents. On August 29, 2019, Wisp 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 Wisp are stayed as of the date of filing of the NOI. On September 27, 2019, the Court granted an extension to the stay of proceedings to November 12, 2019 providing Wisp with additional time to formulate its proposal to its creditors.
Wisp continues to operate its business in the normal course providing ongoing internet service to its customers. If a customer is having any technical difficulties accessing its internet it should call Wisp’s customer service line for assistance.
During this extension period, on October 10, 2019, Wisp convened an informal creditor information meeting. At this meeting the Proposal Trustee provided further information about the Proposal process to the creditors, Wisp provided draft terms of its proposal, obtained feedback from the creditors present and responded to creditors’ questions.
On November 12, 2019, Dodick Landau Inc., in its capacity as Proposal Trustee of Wisp, filed with the Official Receiver a proposal in the name, and on behalf, of Wisp. By November 19, 2019 the Proposal Trustee mailed to all known creditors a copy of the Proposal, the Trustee’s Report on the Proposal, a blank proof of claim form with instructions, a form of proxy and a voting letter. These documents are now available for download on this website.
On November 29, 2019, Dodick Landau Inc., in its capacity as Proposal Trustee of Wisp, filed with the Official Receiver an Amended Proposal in the name, and on behalf of Wisp. Wisp’s Amended Proposal includes enhancements to its original Proposal which it agreed to add following receipt of feedback from a number of its creditors.
A meeting of the creditors to consider and vote on the Proposal was held on December 3, 2019 at 11:00 am at the Tyrone Community Centre, 2716 Concession Road 7, Tyrone, Ontario. One additional revision was approved at the meeting of the creditors. At the meeting the creditors voted in favour of the revised Amended Proposal. Approximately 75% in value, and 74% in number, of creditors voting voted in favour of the revised Amended Proposal.
On January 28, 2020 an application was made to the Court to approve the revised Amended Proposal of Wisp which was approved by the creditors of Wisp on December 3, 2019. At the January 28, 2020 hearing the Court approved the revised Amended Proposal.
All creditors who have not yet submitted a proof of claim to the office of the Proposal Trustee may still do so. Please direct all correspondence to the attention of Ms. Brenda McKnight, either by email ([email protected]), fax (416-649-7725) or regular mail (Dodick Landau Inc., 4646 Dufferin St., Suite 6, Toronto, ON, M3H 5S4).