Tentative Exit Timeline.

By Site Admin, 26 August, 2024

Thanks to Wallace for putting this together.

Date

Action

Aug 16

KSV releases draft Restructuring Term Sheet and Credit Bid Agreement of Purchase and Sale

Aug 21

KSA releases preliminary DIP fee for all properties; final figures to be released the week of Sep 3

Aug 23

KSV submits to court final Restructuring Term Sheet and Credit Bid Agreement of Purchase and Sale

Week of Aug 26

  • KSV sends out email to all lenders regarding property inspection
  • Only lenders that need an inspection are required to respond
  • Inspections are to be arranged by cities/regions
  • KSV assigns date/time (non-negotiable) for each property; front end loaded for first 2 days (Sep 9/10)
  • Inspection incurs extra charge for each property

Aug 30

Court approves and KSV releases final Restructuring Term Sheet and Credit Bid Agreement of Purchase and Sale

Sep 3

Credit Bid Starts

A few days before submitting Credit Bid

For lenders using registered funds for mortgage, submit Authorization to Take Proceedings form to notify Olympia Trust of credit bid and obtain approval

Week of Sep 3

  • Town Hall
  • Data Room set up to show details of how DIP fee is allocated for each property 

Week of Sep 9 &

Week of Sep 20

Inspection – exact date/time for each property to be assigned by KSV 

Sep 20

Credit Bid submission deadline for 1st mortgagee (date non-negotiable)

Sep 30

Credit Bid submission deadline for 2nd mortgagee

7 business days before issuance of Approval & Vesting Order

For lenders going Syndicate route, or have private investor lined up:

  • Notify the vendor the name of the assignee
  • Assignee, in writing, agrees to assume and be bound by the terms and conditions of Agreement of Purchase and Sale (the “Assumption Agreement” or Assignment to Agreement of Purchase and Sale)
  • Submit to the vendor a copy of the Assumption Agreement

Prior to Oct 30 

KSV files motion for Credit Bid Vesting Order

Prior to Oct 30 

KSV files motion for Exit Order

ASAP after granting of Vesting Order and Exit Order

Execute and close Credit Bid transaction on rolling basis 

 

Updated: