January 28, 2025

On January 28, 2025, Joriki TopCo Inc. (“Joriki TopCo”) and Joriki Inc. (“Joriki Canada”, and, collectively with Joriki TopCo, the "Applicants") made an application to the Ontario Superior Court of Justice (Commercial List) (the “Court”) and were granted: (i) an order (the “Initial Order”), which, among other things, provides for a stay of proceedings pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”); and (ii) the Auction and Liquidation Approval Order (Pickering Facility).

Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of the Applicants.

January 12, 2025

On January 12, 2025, Joriki USA Inc. (“Joriki USA”), Joriki Canada’s U.S. subsidiary, filed a petition under Chapter 7 of the United States Bankruptcy Code before the United States Bankruptcy Court for the District of Delaware. The Chapter 7 bankruptcy filing stays any proceedings against Joriki USA. Alfred T. Giuliano of Giuliano Miller & Co., LLC has been appointed bankruptcy trustee in the Chapter 7 case (the “Chapter 7 Trustee”). Further information on the Chapter 7 proceedings will be made available by the Chapter 7 Trustee on the Chapter 7 case website.

December 31, 2024

On December 31, 2024, Joriki Inc. (“Joriki Canada”) filed a Notice of Intention to Make a Proposal ("NOI") pursuant to Section 50.4(1) of the Bankruptcy and Insolvency Act (Canada), R.S.C. 1985, c. B-3 (the "BIA") and Alvarez & Marsal Canada Inc. ("A&M") was appointed as Proposal Trustee of the Company (the "Proposal Trustee"). Joriki Inc. filed an NOI to obtain a stay of proceedings to provide additional breathing room while it evaluates its strategic alternatives.

Please be advised that the Company is not bankrupt and has availed itself of a procedure whereby a company, with creditor and Court approval, restructures its financial affairs.

Copies of relevant material including any Orders of the Ontario Superior Court of Justice (Commercial List) and related motion materials will be posted to this website.

Should you require any further information with respect to this matter, please feel free to contact the Monitor directly at joriki@alvarezandmarsal.com or 1-844-304-2642.