Court Sets Discovery Air Timeline
The Ontario Superior Court of Justice on April 4, 2018, ruled that Discovery Air, headquartered in Toronto, ON, must complete any transactions under its earlier assigned creditor protection, under the Companies' Creditors Arrangement Act (CCAA), no later than July 31, 2018.
Also on April 4, the court granted an order approving an extension of Discovery's stay of proceedings to and including June 29, 2018. Discovery Air, which is the parent company of Air Tindi (ATL), Discovery Mining Services (DMS), and Great Slave Helicopters (GSH), first received creditor protection back in March 2017.
At the time of the March court ruling, Clairvest, described as Discovery Air’s largest creditor, agreed through the court to provide funding to the company during the CCAA proceedings pursuant to an approved debtor-in-possession financing facility.
The court on April 4 approved the sale of the company’s three subsidiaries based in Yellowknife, N.W.T. in an effort to preserve the businesses, as well as its remaining minority interest in its former defence business. An April 10, 2018, report by the CBC indicates Discovery Air’s subsidiaries owe the N.W.T. government approximately $50,000 in airport and landing fees, despite the fact that Discover Air paid off a $34 million loan provided by the government in 2009.
Interested parties must submit qualified bids by no later than May 21, 2018, for the shares of the former defence business with any auction to take place on May 31, 2018; and no later than June 4, 2018, for any of the shares or assets of GSH, ATL and/or DMS with any auctions to take place on June 14, 2018.
Discovery Air, through its subsidiaries, is described as specialty aviation business with operations in the medevac equipped aircraft services, air charter services, helicopter operations and transport and logistics support sectors.
Discovery Air Inc. on April 4 stated it had more than 140 aircraft and employed more than 850 flight crew, maintainers and support staff. Founded in 2004, the company is described as specialty aviation business with operations in the medevac equipped aircraft services, air charter services, helicopter operations and transport and logistics support sectors.
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