FTI Consulting, Inc. / FirstOnSite Restoration G.P.

On April 21st, 2016, FirstOnSite G.P. Inc. sought and obtained an initial order (as amended from time to time, the “Initial Order”) from the Ontario Superior Court of Justice (the “Court”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”). The Initial Order provides, among other things, a stay of proceedings until May 20th, 2016 (the “Stay Period”) which may be extended by the Court from time to time. The protections and authorizations provided by the Initial Order were also extended to FirstOnSite Restoration L.P. (together with FirstOnSite G.P. Inc., “FirstOnSite”). Pursuant to the Initial Order, FTI Consulting Canada Inc. was appointed monitor (the “Monitor”) of FirstOnSite.

On May 9, 2016, the Court granted an Approval and Vesting Order, among other things, approving the sale transaction (the "Transaction") contemplated under the Asset Purchase Agreement ("APA") made and entered into between FirstOnSite Restoration L.P. by its general partner FirstOnSite G.P. Inc. (in such capacity, the "Vendor") and 3297167 Nova Scotia Limited (in such capacity, the "Purchaser") for the sale of the Purchased Assets (as defined in the APA), and vesting the Purchased Assets in the Purchaser free and clear of all Encumbrances other than Permitted Encumbrances (each as defined in the APA). The Court also extended the stay of proceedings under the Initial Order to May 31, 2016. The Transaction closed on June 1, 2016.

On May 19, 2016, the Court granted (i) a Stay Extension Order, extending the stay of proceedings granted pursuant to the Initial Order to June 27, 2016, (ii) a Distribution Order, authorizing certain distributions from the net sale proceeds of the Transaction contemplated by the APA; and (iii) an Assignment Order, assigning the rights and obligations of the Vendor under certain agreements to the Purchaser.

On June 27, 2016, the Court granted (i) a Stay Extension Order, extending the stay of proceedings granted pursuant to the Initial Order to October 31, 2016 and (ii) an Order approving the CRO Agreement between Oriole Partners Ltd. and FirstOnSite and appointing Oriole Partners Ltd. as Chief Restructuring Officer (“CRO”) of FirstOnSite.

On January 25, 2017, the Court granted (i) a Stay Extension Order, extending the stay of proceedings granted pursuant to the Initial Order to the CCAA Termination Date, and (ii) an Order discharging the Monitor and CRO effective as of the CCAA Termination Date (as defined in the Order).

On August 24, 2017 Former Restoration Limited Partnership (formerly named FirstOnSite Restoration Limited Partnership) and 2123125 Ontario Inc. (formerly named FirstOnSite G.P. Inc.) filed assignments pursuant to section 49(1) of the Bankruptcy and Insolvency Act ( R.S.C. , 1985, c. B-3). FTI Consulting Canada Inc., was appointed as trustee of the estates of the bankrupts by the Official Receiver; subject to affirmation by the creditors at the First Meeting of Creditors which will be held on September 11th, 2017 at 10 o'clock am at the office of FTI Consulting Canada Inc., located at TD Waterhouse Tower, 79 Wellington St. West, Suite 2010, Toronto, Ontario, M5K 1G8.

For additional information please contact the Monitor:
Phone: 416 649 8108
Toll Free: 1 844-709-6730
Fax: 416 649 8101
Email: [email protected]