Nautilus Fitness Canada, Inc.

Nautilus Fitness Canada, Inc. has been in receivership since November 15, 2024, when the Ontario Superior Court of Justice (Commercial List) appointed KSV Restructuring Inc. as receiver on the company's own application under section 101 of the Courts of Justice Act, court file CV-24-00729624-00CL. The receiver reports no secured creditors registered in Ontario, Alberta, British Columbia, Manitoba or Quebec. Unsecured obligations carried a book value of approximately $4.685 million as at the date of the Receivership Order, principally accounts payable to foreign suppliers of $2,943,490 and $1,741,893 owed to related and associated companies; product liability and warranty exposure is unquantified. Assets include cash of US$1,526,201 and CAD$3,698,584 and a $5,977,781 receivable from BowFlex US, whose Chapter 11 proceeding is expected to yield no recovery on unsecured claims. Justice Kimmel's endorsement found that, based on known assets and liabilities, Nautilus is not insolvent. A claims procedure is in place, and the proceeding remains active.