On June 15, 2018, 1760184 Ontario Ltd. (the “Company”) filed a Notice of Intention to Make a Proposal (“NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”), and B. Riley Farber Inc. (“B. Riley Farber”) was appointed as proposal trustee in the Company’s NOI proceedings (in such capacity, the “Proposal Trustee”). A copy of the Certificate of Filing of a Notice of Intention to Make a Proposal is posted below.
The Company made a motion to a Judge of the Superior Court of Justice (in Bankruptcy and Insolvency) on Friday, June 15, 2018 to be heard on June 21, 2018 for an Order approving, among other things, the following:
- Approving an asset purchase agreement (the “Stalking Horse Agreement”) between the Company and Rampart Steel Treating Ltd. (the “Stalking Horse Purchaser”) for the sale of substantially all of the Company’s assets (the “Property”), which will act as a stalking horse bid in the Sales Process (defined below);
- Approving the terms of a sales process (the “Sales Process”) to obtain the highest and/or best bid for the sale of the Property;
- Granting the D&O Charge (defined in the motion materials posted below) in the amount of $50,000;
- Granting the Administration Charge (defined in the motion materials posted below) in the amount of $100,000; and
- Extending the stay of proceedings granted with the filing of the NOI to August 29, 2018.
This Order was granted on June 21, 2018 and a copy can be found herein.
The Proposal Trustee conducted the Sale Process. No competing bids were received. Accordingly, the Court issued an approval and vesting order in favour of the Stalking Horse Purchaser on July 27, 2018.
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The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
Court Orders and Endorsements
- Endorsement of Justice McEwen dated June 21, 2018
- Order of Justice McEwen dated June 21, 2018
- Endorsement of Justice Pattillo dated July 27, 2018
- Order of Justice Pattillo dated July 27, 2018
- First Report of the Proposal Trustee – June 18, 2018
- Second Report of the Proposal Trustee – July 23, 2018