On August 7, 2013, an Order was made by the Honourable Mr. Justice Newbould pursuant to Section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and Section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43, as amended appointing B. Riley Farber Inc. (“B. Riley Farber“) as Receiver, without security, of all the assets, undertakings and properties of Kanata Chemical Technologies Inc. (“Kanata“). A copy of the Court Order and Endorsement, both dated August 7, 2013, are posted below.
B. Riley Farber was discharged as Receiver pursuant to a Discharge Certificate dated April 22, 2014.
B. Riley Farber is offering for sale its right, title and interest in the property, assets and undertakings of Kanata (the “Assets“). The Receiver has obtained court approval of a “stalking horse” sales process which includes the approval of an initial offer (the “Stalking Horse APA“). A copy of the Court Order dated August 26, 2013, approving the Stalking Horse Sales Process, the Stalking Horse APA and the Bidding Procedure is posted above.
The Stalking Horse APA serves as the initial offer against which all other offers will be compared during the sales process. The Bidding Procedure provides further information about the sales process. Should other qualified offers be presented during the sales process there may be an ensuing auction to arrive at a final accepted offer. If no further offers are received, the Receiver will proceed to close the Stalking Horse APA. The approved Bid Deadline is 4:00 p.m. EDT on Friday, September 27, 2013.
Prospective bidders are invited to complete the Confidentiality Agreement posted below and provide same to Farber. Once the prospective bidder is determined to be a Qualified Bidder, said bidder will be permitted access to a secure data room containing a confidential information memorandum and related documents and to conduct due diligence.
A “Qualified Bidder” is a potential bidder that B. Riley Farber determines is likely (based on financial information submitted by the bidder, the availability of financing, experience and other considerations deemed relevant by Farber) to be able to consummate a sale if selected as the successful bidder.
No qualified bids were received. Accordingly, the Receiver sought approval to accept the Stalking Horse bid. On October 9, 2013, the assets were sold pursuant to a Vesting Order.
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Court Orders and Endorsements
- Order of Justice Newbould dated August 7, 2013 appointing B. Riley Farber as Receiver
- Endorsement of Justice Newbould dated August 7, 2013
- Order of Justice Pattillo approving the Sales Process dated August 26, 2013
- Endorsement of Justice Pattillo approving the Sales Process dated August 26, 2013
- Approval and Vesting Order of Justice Morawetz dated October, 2013