Budget Waste Inc. - CCAA

Receivership Proceedings

On August 19, 2010, the Court of Queen’s Bench of Alberta (the “Court”) issued an Order appointing Hardie & Kelly Inc. as Receiver and Manager (the “Receiver”) of Budget Waste Inc. (“BWI” or the “Company”)

CCAA Proceedings

On March 4, 2009, BWI made an application for protection under the Companies’ Creditors Arrangement Act (“CCAA”) and an Initial Order was granted by the Court.  The Court appointed Hardie & Kelly Inc. as Monitor of BWI.

The Initial Order granted BWI certain relief including the imposition of an initial Stay of Proceedings (the “Stay”) against the Company and its assets through to April 3, 2009.  Several extensions of the Stay have been granted since that time, wherein the Court further extended the Stay to December 23, 2009 at which time the Company presented a Plan of Arrangement as discussed below.

The Company’s Plan of Arrangement as presented below and approved by the Court became effictive on March 23, 2010.

Contact for the Monitor:

Ron Hardie (403) 252-1766 or arhardie@insolvency.net
Gary Bobroff (403) 252-1766 or gbobroff@insolvency.net

Plan of Arrangement

The Company has prepared a Plan of Arrangement which the Court directed the Monitor to mail to creditors that have filed claims that have been accepted by the Company.  The Monitor mailed the Plan of Arrangement (the “Original Plan”) on January 8, 2010.  Subsequently the Company amended the Plan of Arrangement (“Amended Plan”) which was mailed to the same creditors on January 19, 2010.  The Amended Plan was subsequently amended prior to receiving the Final Sanction Order.  The Amended Plan, the Amendment to the Amended Plan, and the Original Plan and their related documents are detailed below.  These documents should be read in conjunction with the Monitor`s Reports.

Amended Plan of Arrangement

• Letter to Creditors – January 18, 2010
• Amended Plan of Arrangement – January 18, 2010
• Revised Pro-Forma Monthly Cash Payment Plan (Solicitor Trust Account)
• Revised Pro-Forma Weekly Cash Flow
• Amended Proxy and Voting Letter
• Amendment to the Amended Plan of Arrangement (Tenth Report of the Monitor, Appendix C)

Original Plan of Arrangement

• Letter to Creditors – January 8, 2010
• Notice of Meeting – January 8, 2010
• Original Plan of Arrangement – January 5, 2010
• Proxy and Voting Letter
• Ninth Report of the Monitor – December 22, 2009

Claims Process

The Court imposed deadline for filing a claim with the Monitor is August 25, 2009. Creditors wishing to file claims should print the documents below and follow the instructions contained therein.

• Letter to General Body of Creditors – August 4, 2009
• Notice to Creditors – August 4, 2009
• Notice of Claim and Instruction Sheet

Procedural matters in regard to the claims process and objections to Notices of Dispute issued by the Company are set out in the June 15, 2009 Order of the Court (the “Claims Order”) found below.

Court Filings

• Petition
• Affidavit of J. Can – March 4, 2009
• Affidavit of J. Can – March 9, 2009
• Affidavit of J. Can – April 2, 2009
• Affidavit of J. Can – May 13, 2009
• Affidavit of J. Can – June 11, 2009
• Affidavit of J. Can – July 20, 2009

Monitor’s Reports

• First Report of the Monitor – April 2, 2009
• Second Report of the Monitor – May 14, 2009
  • Variance Analysis
  • Cash Flow Forecast
  • List of Assets
• Third Report of the Monitor – June 12, 2009
• Fourth Report of the Monitor – July 12, 2009
• Fifth Report of the Monitor – August 13, 2009
• Sixth Report of the Monitor – October 15, 2009
• Seventh Report of the Monitor – December 9, 2009
• Eighth Report of the Monitor – December 17, 2009
• Ninth Report of the Monitor – December 22, 2009
• Tenth Report of the Monitor – February 3, 2010
  • Appendix A – January 8th Mailing To Creditors
  • Appendix B – January 18th Mailing To Creditors
  • Appendix C –  -Amendment to the Amended Plan of Arrangement
  • Appendix D Minutes of Meeting of  – Creditors January 29, 2010
• Eleventh Report of the Monitor – July 16, 2010
  • Appendix A
  • Appendix B
  • Appendix C
  • Appendix D
• Twelfth Report of the Monitor – July 21, 2010
• Thirteenth Report of the Monitor – August 16, 2010

Court Orders

• Initial Order – March 4, 2009
• DIP Order – March 10, 2009
• Amended Restated Initial Order – July 23, 2009
• Extension Order – April 3, 2009
• Extension Order – May 14, 2009
• Claims Order – June 14, 2009
• Extension Order – June 14, 2009
• Extension Order – August 14, 2009
• Extension Order – October 16, 2009
• Disclaimed Leases Order – November 26, 2009
• Plan of Arrangement and Creditor Meeting Order– December 23, 2009
• Final Sanction Order  – February 8, 2010