Arctic Beverages Limited
Follow- Proceeding
- NOIBANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED
- File
- BK 14-01-03408
Arctic Beverages Limited, now 3965521 Manitoba Limited, filed a notice of intention to make a proposal under subsection 50.4(1) of the Bankruptcy and Insolvency Act on March 19, 2014, with PricewaterhouseCoopers Inc. as trustee under Manitoba court file 21-1849943. The company's business assets have been sold, with proceeds distributed by the Court, and it states that no secured claims remain and that it has no preferred, certain employee or certain CRA claims outstanding. Its statement of affairs estimates realizations of $760,723, comprising cash of $616,730, GST refunds of $53,993 and intercompany dividends of $90,000. Liabilities are dominated by an intercompany obligation of $7,077,120 to parent Tribal Councils Investment Group of Manitoba, which the proposal would see withdrawn or postponed in part so TCIG shares equally with other unsecured creditors, estimated at $1,000,000. A former employee asserts an unassessed claim of approximately $350,000 arising from a 2013 termination. The proceeding is active.
Notice of Motion to Approve the Proposal Filed on August 8, 2014 — Application / notice of application
The court granted an approval and vesting order for the sale to 6898662 Beverages LP, by its General Partner, 6898662 Manitoba Ltd. Closing terms, as extracted: Vesting is effective upon delivery of the Proposal Trustee's Certificate to the Purchaser, confirming receipt of the Purchase Price, satisfaction or waiver of Closing conditions, and completion of the Transaction to the Trustee's satisfaction. Sealed: Financial Advisor's Third Confidential Report sealed and kept confidential, accessible only on further order; a redacted copy to be filed after Closing.
Source: Amended and Restated Sale Approval and Vesting Order
The court granted an approval and vesting order for the sale to 6898662 Beverages LP, by its General Partner, 6898662 Manitoba Ltd. Closing terms, as extracted: Vesting is effective upon delivery of the Proposal Trustee's certificate to the Purchaser. Sealed: Financial Advisor's Third Confidential Report to be sealed and kept confidential; a redacted copy to be filed and posted after Closing.
Source: Sale Approval and Vesting Order
Notice of Motion (Sale Approval) returnable May 12, 2014 — Application / notice of application
Notice of Intention and Certificate of Filing on March 19, 2014 was filed. Court file 21-1849943.
Source: Notice of Intention and Certificate of Filing on March 19, 2014
Debtor
Arctic Beverages Limited
Proposal trustee
PwC
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Martin | Court of King's Bench of Manitoba | 7 orders, Apr 2014 – Sep 2014 | 8 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteePwC | MacPHERSON LESLIE & TYERMAN LLP | 8 Aug 2014 | Application · 8 Aug 2014 |
| CreditorCBCRAIRecycIe Everywhere | McCarthy Tétrault LLP | 8 Aug 2014 | Application · 8 Aug 2014 |
| CreditorExchange Income Corporation | Taylor McCaffrey LLP | 8 Aug 2014 | Application · 8 Aug 2014 |
| CreditorRoyal Bank of Canada | Fillmore Riley LLP | 8 Aug 2014 | Application · 8 Aug 2014 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | Tribal Councils Investment Group of Manitoba (TCIG) - parent / intercompanyas of May 31, 2014 (balance per Interco Ledger, after allocation of sale proceeds) — Related-party claim; subject to possible challenge under BIA ss. 95, 96 and postponement under s. 137(1). Proposal para 5(d) has the Company arranging for TCIG to withdraw or postpone a portion of its claim to equal other proven unsecured claims (50-50 sharing). Estimated realization table treats TCIG claim at $1,000,000 post-reduction (Statement of Estimated Realizations, accepted-proposal scenario). Not a proof of claim filed. — debtor: 3965521 Manitoba Limited (formerly Arctic Beverages Limited) | $7.08M | Trustee Report on Proposal - Final |
| Unsecured |
1 more claim in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plans2 transactions · 2 closed — Court-supervised sale process resulted in a going concern sale of the Company's business to a new group unrelated to TCIG; net proceeds distributed per the June 23, 2014 Amended and Restated Sale Approval and Vesting Order; business no longer operating.Trustee Report on Proposal - Final · 8 Aug 2014
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 6898662 Beverages LP, by its General Partner, 6898662 Manitoba Ltd.the Vendors' right, title and interest in and to the assets described in the Asset Purchase Agreement (the "Purchased Assets"), including real property in Flin Flon, Thompson and The Pas and the Vendors' undertaking and assets used in the business as a going concern, save Excluded Assets · asset sale · agreement 5 May 2014 | Subscribers | Closed12 May 2014 | Trustee Third Report |
| report describes a going concern sale of the business to "a new group, unrelated to TCIG"; purchaser not namedthe Company's business, as a going concern · asset sale | Subscribers | Closeddate not stated | Trustee Report on Proposal - Final |
Unsecured creditors: a distribution.Under the plan · sanctionedTrustee Report on Proposal - Final · 8 Aug 2014
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Preferred | — | — | paid in full | Under the plansanctionedper the debtor | 3965521 Manitoba Limited (Formerly Arctic Beverages Limited) Proposal · 8 Aug 2014 |
| Unsecured | — | — | vs. in a bankruptcyconditional | Under the plansanctionedper the proposal trustee | Trustee Report on Proposal - Final · 8 Aug 2014 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
2 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Order Approving Proposal
| PDF · Subscribers | |
3965521 Manitoba Limited (Formerly Arctic Beverages Limited) Proposal
| PDF · Subscribers | |
Notice of Motion to Approve the Proposal Filed on August 8, 2014
| PDF · Subscribers | |
Trustee Report on Proposal - Final
| PDF · Subscribers | |
Court Order re Name Change to 3965521 Manitoba Limited
| PDF · Subscribers | |
| Notice of Motion - Extension of Time | PDF · Subscribers | |
Order Extending Time to File a Proposal
| PDF · Subscribers | |
Amended and Restated Sale Approval and Vesting Order
| PDF · Subscribers | |
Trustee Third Report
| PDF · Subscribers | |
| Full Notice of Motion May 12 2014 - Sale Approval | PDF · Subscribers | |
| Notice of Motion (Sale Approval) returnable May 12, 2014 | PDF · Subscribers | |
Sale Approval and Vesting Order
| PDF · Subscribers | |
| Supplemental Affidavit of Harold Bonazew May 11, 2014 | PDF · Subscribers | |
| Affidavit of Harold Bonazew May 9 re: sale approval | PDF · Subscribers | |
| Confidential Third Report | PDF · Subscribers | |
Trustee Second Report
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
ABL Notice of Motion for Extension of Time
| PDF · Subscribers | |
Order Extending Time to File a Proposal - ABL
| PDF · Subscribers | |
| Affidavit of Harold Bonazew - Extension Motion Affidavit | PDF · Subscribers | |
| Affidavit of Harold Bonazew - Extension Motion Affidavit Exhibits A-E | PDF · Subscribers | |
| Affidavit of Harold Bonazew - Extension Motion Affidavit Exhibits F-I | PDF · Subscribers | |
| Affidavit of Harold Bonazew - Extension Motion Affidavit Exhibits J-N | PDF · Subscribers | |
| Trustee First Report | PDF · Subscribers | |
| NOI Mailing to Creditors on March 26, 2014 | PDF · Subscribers | |
NOI Documents Filed with OSB on March 19, 2014
| PDF · Subscribers | |
Notice of Intention and Certificate of Filing on March 19, 2014
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Arctic Beverages Limited” (NOI), Court of King's Bench of Manitoba. Retrieved 16 October 2026, https://proceedings.ca/case/arctic-beverages-limited