On February 22, 2012, Arctic Glacier Income Fund (“AGIF”), Arctic Glacier Inc., Arctic Glacier International Inc. and its subsidiaries (collectively, “Arctic Glacier” or the “Applicants”) commenced proceedings under the Companies’ Creditors Arrangement Act (“CCAA”) and were granted an order (the “Initial Order”) of the Court of the Queen’s Bench (Winnipeg Centre) (the “Court”).

The Initial Order, among other things, imposed a stay of proceedings against the creditors of Arctic Glacier. Pursuant to the Initial Order, Alvarez & Marsal Canada Inc. (“A&M”) was appointed Monitor of the business and financial affairs of Arctic Glacier.

On February 23, 2012, the Monitor commenced ancillary proceedings in the United States Bankruptcy Court for the District of Delaware (the “U.S. Court”) under Chapter 15 of the United States Bankruptcy Code. On March 16, 2012, U.S. Court granted an order, among other things, recognizing the CCAA proceedings as foreign main proceedings and appointing A&M as the foreign representative of the Applicants, and giving effect to the Initial Order in the United States.

A sale transaction for substantially all of the business and assets of the Applicants was approved by the Court, recognized by the U.S. Court and subsequently completed on July 27, 2012. The business formerly operated by the Applicants continues to be carried on by the Purchaser. The Monitor is holding the proceeds of the sale transaction for distribution. On September 5, 2012, the Court issued an order approving a claims process (the “Claims Process”) to be administered by the Monitor. The order also provided a Claims Bar Date of October 31, 2012.

The Monitor’s Fifteenth Report to Court (May 14, 2014) provides detailed information in respect of the CCAA Plan of Compromise or Arrangement (the “Plan”), the purpose of which is to: permit the settlement and/or determination of all Affected Claims in accordance with orders issued by the Court; provide for the distribution of funds sufficient to satisfy Proven Claims in full, plus any applicable interest; provide for the distribution of any surplus of funds to Unitholders of AGIF; and effect the wind-up and dissolution of certain of the Applicants. To facilitate distributions to creditors and Unitholders, the proposed Plan provides for certain reserves to be set aside to deal with unresolved Claims and the remaining administration of the estate. The Monitor’s Seventeenth Report (August 26, 2014) describes certain amendments to the Plan, and provides information in support of the Applicants’ motion for an order sanctioning and approving the Plan.

On September 5, 2014, the Court issued an order (the “Sanction Order”) sanctioning the Plan, and on September 16, 2014, an order was issued by the U.S. Court recognizing the Sanction Order.

The Plan was successfully implemented on January 22, 2015 (the “Plan Implementation Date”). On that date, distributions were made from the Affected Creditors’ Distribution Cash Pool to Affected Creditors and from the Unitholders’ Distribution Cash Pool to the Transfer Agent for distribution to Registered Unitholders as of December 18, 2014 (the “Initial Distribution Record Date”).

The Monitor continues to work to implement the Post-Plan Implementation Date Transactions. The Stay Period currently expires on March 22, 2019. The Monitor expects to file its next report prior to the next court hearing scheduled for March 12, 2019.