On July 17, 2020, Wire IE (Canada) Inc. (the “Company”) filed a Notice of Intention to Make a Proposal (the “NOI”) under Section 50.4 of the Bankruptcy and Insolvency Act,¸ R.S.C 1985, c. B-3, as amended (the “BIA”) and A. Farber & Partners Inc. was appointed as trustee under the NOI.
The NOI filing provides for a stay of proceedings against the Company, pursuant to s. 69(1) of the BIA, subject to certain limitations, while the Company formulates a restructuring plan and attempts to develop a viable proposal for its creditors.
The Ontario Superior Court of Justice (Commercial List) (the “Court”) has issued several orders in respect of these NOI proceedings, which are posted below. Among other things, the Court has ordered that the time within which the Company is to make a proposal has been extended to December 29, 2020.
The Court, by Order of Justice Gilmore dated July 27, 2020, has approved, among other things, a “stalking horse” asset purchase agreement (the “Stalking Horse APA”). Details on the Stalking Horse Sale Process, the Stalking Horse APA, and Acknowledgement of the Sale Procedure are posted below.
Please note in accordance with paragraph 11 of the Stalking Horse Sale Process, the Proposal Trustee determined that an extension of the Phase I Bid Deadline was appropriate and commercially reasonable therefore the Phase I Bid Deadline was extended to 5:00 p.m. (Toronto time) on August 31, 2020. No change was made to the Phase II Bid Deadline. The Phase II Bid Deadline remained 5:00 p.m. (Toronto time) on September 8, 2020.
The Court, by Order of Justice Hainey dated September 22, 2020 (the “Order”), has approved among other things:
- the Stalking Horse Agreement dated July 20, 2020 between Wire IE (Canada) Inc., as vendor and Crown Capital Private Credit Fund, LP on behalf of an entity to be formed, as purchaser, as amended as the Winning Bid in the Sale Process; and,
- vesting title in and to the purchased assets described in the Stalking Horse Agreement in WireIE Inc. free and clear of any claims, liens and encumbrances, except for permitted encumbrances.
A copy of the Order is posted below.
On December 30, 2020 the Company was deemed bankrupt after it failed to make a proposal by the court-ordered deadline and Farber was appointed as Bankruptcy Trustee.
The First Meeting of Creditors will be held via ZOOM on Wednesday, January 20, 2021, at 11:00 a.m. (EST). To join the meeting, please use the below access details:
Meeting ID: 843 7142 2181
A copy of the bankruptcy creditors package is posted below.
Employee or Creditor Inquiries
For employee or creditor inquiries, please contact:
Associate | Restructuring
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 & Endorsements
- Order of Justice Gilmore – July 27, 2020
- Order of Justice Hainey – September 22, 2020
- Order of Justice Koehnen – November 12, 2020
- Motion Record, returnable July 27, 2020
- Factum of Wire IE (Canada) Inc., returnable July 27, 2020
- Motion Record, returnable September 22, 2020
- Motion Record, returnable November 12, 2020
- First Report of the Proposal Trustee – July 23, 2020
- Second Report of the Proposal Trustee – September 17, 2020
- Third Report of the Proposal Trustee – November 9, 2020
Sale Process Materials
- Stalking Horse Asset Purchase Agreement
- Stalking Horse Sale Process
- Acknowledgement of Sale Procedure