Update – November 29, 2023

On November 29, 2023, the Court granted an order terminating the CCAA Proceedings effective November 30, 2023 (the “Termination Order”). Please find a copy of the order here. In accordance with the Termination Order, 1077  Holdings Co-operative was subsequently assigned into bankruptcy on November 29, 2023. The First Meeting of Creditors will be held virtually on January 3, 2024 at 11:00AM P.T. Please contact the Trustee should you wish to attend the meeting. The Trustee’s contact information and further details can be found here.

Update – October 31, 2023

On October 31, 2023, in accordance with the Distribution Order granted by the Court on March 29, 2022, the Monitor made a third and final distribution to all Claimants and Employee Claimants holding Accepted Claims in the amount of 5.6% of their Accepted Claim, net of any tax withholdings, statutory deduction and/or any EI overpayments and an additional “top-up” for WEPP for those eligible Employee Claimants (as described in the Distribution Order), where applicable. If you do not receive payment by November 15, 2023, please contact the Monitor.

Update – November 28, 2022

On November 28, 2022, in accordance with the Distribution Order granted by the Court on March 29, 2022, the Monitor made a second interim distribution to all Claimants and Employee Claimants holding Accepted Claims in the amount of 14% of their Accepted Claim, net of any tax withholdings, statutory deduction and/or any EI overpayments, where applicable. If you do not receive payment by December 12, 2022, please contact the Monitor.

Update – May 31, 2022

On May 31, 2022, in accordance with the Distribution Order granted by the Court on March 29, 2022, the Monitor made an interim distribution to all Claimants and Employee Claimants holding Accepted Claims in the amount of 75% of their Accepted Claim, net of any tax withholdings, statutory deduction and/or any EI overpayments, where applicable. If you do not receive payment by June 14, 2022, please contact the Monitor.

September 14, 2020

On September 14, 2020, 1077 Holdings Co-operative (formerly, Mountain Equipment Co-operative) and 1314625 Ontario Limited (collectively, “1077” or the “Petitioners”), were granted an initial order (the “Initial Order”) by the Supreme Court of British Columbia (the “Court”) to commence proceedings (the “CCAA Proceedings”) under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended. Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) in the CCAA Proceedings.

The Initial Order granted a stay of proceedings (the “Stay Period”) until and including September 24, 2020 and has subsequently been extended to January 20, 2021. During the Stay Period no action, suit or proceedings in any court or tribunal against or in respect of 1077 or the Monitor, or affecting the business or property of 1077, shall be commenced or continued.

On October 2, 2020, the Court granted an amended and restated initial order and sale approval vesting order approving the sale transaction (the “Sale Transaction”) contemplated by the asset purchase and sale agreement between 1077 and 1264686 B.C. Ltd. dated September 11, 2020. On October 30, 2020, the Sale Transaction closed which effectively transferred substantially all of the assets and business operations of 1077 to 1266524 B.C. Ltd. (subsequently renamed MEC Mountain Equipment Company Ltd. or referred hereinafter as the “Purchaser”), an assignee of 1264686 B.C. Ltd.

The Monitor was granted enhanced powers for the remainder of the CCAA Proceedings pursuant to the Enhanced Monitor’s Powers Order granted by the Court on November 27, 2020. On December 4, 2020, the Court granted a Claims Process Order approving a claims process for creditors (the “Claims Process”), which commenced on December 11, 2020. Further information regarding the Claims Process is made available here.

The AGM has been postponed pending the outcome of the Claims Process, final settlement of the net working capital proceeds from the Sale Transaction with the Purchaser, and other matters relating the CCAA Proceedings generally. The Monitor will seek advice and directions from the Court on this matter in due course pursuant to the Enhanced Monitor’s Powers Order granted on November 27, 2020, if appropriate.

For information relating to former employees, please visit the Employee Communications page.