On August 25, 2023, Griffon Partners Operation Corp., Griffon Partners Holding Corp., Griffon Partners Capital Management Ltd., Spicelo Limited, Stellion Limited, 2437799 Alberta Ltd., 2437801 Alberta Ltd., and 2437815 Alberta Ltd. (collectively, the “Companies”) filed Notices of Intention to Make a Proposal (NOIs) under the Bankruptcy and Insolvency Act (Canada), RSC 1985, c B-3. Alvarez & Marsal Canada Inc. (A&M) was appointed as the Proposal Trustee.

The Court of King’s Bench of Alberta granted an Order on September 22, 2023, extending the stay of proceedings under the NOI Proceedings to November 8, 2023. Subsequent orders extended the stay further on October 18, 2023, November 8, 2023, December 15, 2023, and February 6, 2024, ultimately extending it to February 8, 2024.

On February 7, 2024, the Debtors received two Orders—the Initial Order and the Amended and Restated Initial Order—under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36, as amended. These Orders transitioned the NOI Proceedings to be continued under the CCAA, appointing A&M as the Monitor of the Companies' business and financial affairs. The Amended and Restated Order also extended the stay of proceedings to March 6, 2024, with potential for further extensions by the Court.