Arctic Beverages Sask Limited
Follow- Proceeding
- NOIBANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED
- File
- 19254
Arctic Beverages Sask 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. The proceedings in Saskatchewan remain active. Exchange Income Corporation holds existing security over the company and is also the interim lender under a DIP term sheet dated March 19, 2014, carrying a DIP Lender's Charge on all present and after-acquired property of ABLS and a cumulative borrowing limit of $1,500,000 shared with ABL. Royal Bank of Canada holds security in the accounts receivable and inventory of ABLS, ahead of the DIP charge up to a value of $1,500,000; an order contemplates RBC being repaid in full on a sale. The DIP lender is treated as unaffected by any proposal or plan.
The officer filed report no. Third Report. The sale transaction closed May 12, 2014 and operations transitioned to the purchaser, who hired substantially all employees. The Company is completing post-closing matters, secured creditors have largely been paid from sale proceeds, and surplus funds are expected for ABL's unsecured creditors, with the trustee seeking an extension to August 8, 2014 to file a proposal.
Source: Trustee Third Report
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 payment of the Purchase Price, satisfaction or waiver of the section 8 closing conditions, and completion of the Transaction to the Proposal Trustee's satisfaction. Sealed: The Financial Advisor's Third Confidential Report is sealed and kept confidential until further order; a redacted copy is to be filed and posted 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. Closing terms, as extracted: Vesting of the Purchased Assets 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, with 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
The officer filed report no. Second Report. The company has maintained substantially normalized operations, including supply to customers and purchases from key suppliers, while pursuing a court-approved going-concern sale of its business.
Source: Trustee Second Report
The officer filed report no. Third Report. The Companies are in a sale process under NOI proposal proceedings; the Financial Advisor recommends court approval of the 6898662 Beverages LP bid as best realization, expected to preserve about 69 jobs. The Companies have limited liquidity left under the DIP loan facility.
Source: Confidential Third Report
The officer filed report no. First Report. The Companies continue to operate under NOI protection with interim (DIP) financing from EIC. Management has stabilized operations, with a more normalized supply of customers and purchases from key suppliers, while an accelerated going-concern sale process is pursued.
Source: Trustee First Report
Notice of Intention and Certificate of Filing on March 19, 2014 was filed.
Source: Notice of Intention and Certificate of Filing on March 19, 2014
Debtor
Arctic Beverages Sask Limited
Proposal trustee
PwC
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Royal Bank of Canada · in 574 casesExisting security interests in accounts receivable and inventory of ABLS; DIP Lender's Charge ranks in priority to RBC's security only in excess of a value of $1,500,000 (a priority threshold, not a balance) — Indebtedness of ABL and ABLS to RBC referenced (incl. operating credit limit and re-advances) but no balance stated; order contemplates RBC being repaid in full in a sale — debtor: Arctic Beverages Sask Limited | — | ABSL Notice of Motion for Extension of Time |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
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Sale closed — The Transaction was approved by the May 12, 2014 Sale Approval and Vesting Order and closed May 12, 2014, with operations transitioning to the Purchaser.Trustee Third Report · 23 Jun 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, including real property in Flin Flon, Thompson and The Pas and the Vendors' undertaking and assets used in the business as a going concern · asset sale · agreement 5 May 2014 | Subscribers | Closed12 May 2014 | Trustee Third Report |
Cumulative receipts
$2.34M
As at 8 May 2014Trustee Second Report
Cumulative disbursements
As at
Cash on hand
As at
2 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Court Order re Name Change to 6349537 Manitoba Limited
| 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 | |
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 | |
| Notice of Motion (Sale Approval) returnable May 12, 2014 | PDF · Subscribers | |
Confidential Third Report
| PDF · Subscribers | |
Trustee Second Report
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
ABSL Notice of Motion for Extension of Time
| PDF · Subscribers | |
Order Extending Time to File a Proposal - ABSL
| PDF · Subscribers | |
| Affidavit of Harold Bonazew, dated April 15, 2014 | PDF · Subscribers | |
| Affidavit of Harold Bonazew, dated April 15, 2014 - Exhibits A-E | PDF · Subscribers | |
| Affidavit of Harold Bonazew, dated April 15, 2014 - Exhibits F-I | PDF · Subscribers | |
| Affidavit of Harold Bonazew, dated April 15, 2014 - Exhibits J-N | PDF · Subscribers | |
Trustee First Report
| PDF · Subscribers | |
| NOI Mailing to Creditors on March 26, 2014 | PDF · Subscribers | |
NOI Documents Filed with the OSB 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 Sask Limited” (NOI), Court of King's Bench for Saskatchewan. Retrieved 16 October 2026, https://proceedings.ca/case/arctic-beverages-sask-limited