Just Solutions Inc. announces Restructuring Stalking Horse Bid and Sales Process

SASKATOON, SK, April 27, 2022 /CNW/ - Just Solutions Inc.  ("JSI" or the "Company") announces that it commenced restructuring proceedings under section 50.4(1) of the Bankruptcy and Insolvency Act (Canada) (the "BIA") by the filing of a Notice of Intention to Make a Proposal on April 18, 2022. Alvarez and Marsal Canada Inc. ("A&M") was named as the Proposal Trustee.  On April 22, 2022, the Company obtained an Order from the Court of Queen's Bench for Saskatchewan (the "Court") that (a) extended the time in which the Company may file a proposal to July 2, 2022; (b) authorized the Company to borrow up to $225,000 from Forage Subordinated Debt Limited Partnership II (the "Proposal Sponsor") to fund ongoing operations; and (c) approved a sale and investment solicitation process (the "SISP") in accordance with certain terms and conditions relating thereto (the "SISP Procedures") and the use of the Company's stalking horse proposal (the "Stalking Horse Bid")  as a "stalking horse bid" in the SISP in order to establish the baseline consideration for the Company's business and assets. 

Interested parties are invited to participate in the SISP and submit a superior proposal (each a "Superior Offer") to the Stalking Horse Bid. If no Superior Offer is submitted to the Company  in accordance with the SISP, the Stalking Horse Bid shall be declared the Successful Bid at the conclusion of the SISP and, if the transaction contemplated in the Stalking Horse Bid is subsequently approved by the Court, the Proposal Sponsor and any creditors who have claims accepted that rank pari passu with the claims of the Proposal Sponsor will become the sole shareholders of Company, which will continue its business and operations as a going concern. The SISP is intended to secure the highest or otherwise best offer for the Company's business and assets, for the benefit of all stakeholders.

In order to participate in the SISP and obtain access to a virtual data room, all interested parties must comply with the terms and conditions set forth in the SISP Procedures, a copy of which is attached to the SISP Order and is also available on A&M's website at https://www.alvarezandmarsal.com/justsolutions. Parties interested in participating in the SISP must submit non-binding indications of interest on or before 5:00 pm (Mountain Time) on May 13, 2022 and make final bids on or before 5:00 pm (Saskatoon Time) on May 23, 2022

SOURCE Just Solutions Inc.

please contact A&M: Alvarez & Marsal Canada Inc., Bow Valley Square 4, Suite 1110, 250 6th Ave SW, Calgary, AB T2P 3H7, Contact: Bryan Krol, Director, Email: [email protected], Phone: [phone]