December 27, 2021
Stone Investment Group Limited and certain related entities, a group of Toronto, Ontario-based wealth management companies, obtained a preliminary interim order under the CBCA on December 27. The order grants a stay of proceedings in respect of, among other things, events of default under the Corporation's 9.0% senior secured debentures, including the failure to make payment of all principal and interest owing under the debentures due on December 28, 2021 (the "Maturity Date"). On December 22, 2021, the company announced that the offer period for its fully-funded, all-cash offer to purchase its debentures for $800 per debenture (the "Cash Offer"), had been further extended to expire on December 28, 2021. The company intends to effect certain fundamental changes pursuant to a CBCA arrangement which, if approved, is expected to include the completion of the transaction contemplated by the Cash Offer and certain supplements and amendments to the debentures, including an extension to the Maturity Date. Counsel is Bennett Jones for the companies, Miller Thomson for the Indenture Trustee, Blakes for IC Capital Corporation, Cassels for Pivot Financial Limited Partnership.