The Morris Group, comprised of Morris Industries, Morris Sales and Services, and Contour Realty Inc., have been granted an order extending the stay of proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”).
The extension was granted until March 27, 2020, and means the company can continue to operate in an effort to restructure and get the company’s finances in order.
In addition, the court also approved the Morris Group’s request for implementation of sales and investment solicitation process, implementation of a claims process, and for debtor in possession/interim financing.
A claims process was established to find out the amount of creditor claims against the companies as of January 8, 2020, which is the date of the initial order. According to a news release, all filed and admitted claims will be considered under a potential plan of compromise and/or arrangement which the Morris Group may present to its creditors and stakeholders.
That being said, all claims must be filed on or before March 2, 2020.
The Morris Group has been able to secure interim financing from Bank of Montreal in the amount of $5.7 million.