January 31, 2020

Pursuant to an Order of the Court dated December 20, 2019, the Court approved the agreement of purchase and sale among the Applicants and the Canadian Buyer.  The transaction closed on January 31, 2020.  For additional information see the relevant court materials and the Third Report of the Monitor.

Following the closing of the transaction, the Applicants’ legal names were changed to Old CLHC Company, Old CBHC Company, Old CBCLSC Company, Old CBSFC Company, Old 616CL Limited and Old KCRFL Limited.

November 22, 2019

On November 22, 2019, Clover Leaf Holdings Company, Connors Bros. Clover Leaf Seafoods Company, K.C.R. Fisheries Ltd., 6162410 Canada Limited, Connors Bros. Holding Company and Connors Bros. Seafoods Company (together, “Clover Leaf” or the “Applicants”) commenced court-supervised restructuring proceedings under the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”).

On the same day, the Ontario Superior Court of Justice (Commercial List) (the “Court”) granted an order (the “Initial Order”), which among other things, provides for a stay of proceedings until December 2, 2019 (the “Stay Period”). The Stay Period may be extended by the Court from time to time.

Also pursuant to the Initial Order, Alvarez & Marsal Canada Inc. was appointed as monitor (the “Monitor”) of the business and financial affairs of the Applicants.