Olympus Food (Canada) Inc.
- Proceeding
- NOIsection 50.4(9) of the Bankruptcy and Insolvency Act
- File
- 25-2642858
Olympus Food (Canada) Inc. filed a notice of intention to make a proposal on May 22, 2020, and its proceedings remain active in the Court of King's Bench of Alberta under court file no. 25-2642858, with an application under section 50.4(9) of the Bankruptcy and Insolvency Act filed September 30, 2020. The creditor listing attached to the notice of intention shows disclaimed leases behind the four largest landlord claims, aside from Hi-Flyer: Ontrea Inc. c/o Gowling WLG at $1,389,460.22, Les Galeries de la Capitale Inc. at $1,302,715.87, Les Galeries d'Anjou at $1,158,292.57 and Projects Hamel-Soumande at $1,017,647.65, each of which may be reduced under section 65.2(4). Related party Hi-Flyer Food (Canada) Inc. is listed at $11,529,848.20 and is considering options relating to its unsecured claim to improve recoveries to other creditors. Kentucky Fried Chicken Canada Company is listed at $590,822.20.
A claims procedure has been established — see the order for deadlines.
Per the Order (Claims Solicitation Process Order), filed June 29, 2020 dated 29 June 2020.
Application (BIA Proposal Approval), filed November 24, 2020 — Application / notice of application
The officer filed report no. Report of Proposal Trustee on Proposal. Olympus has ceased operating its restaurant stores (all sold or closed prior to December 31, 2019), no longer has any employees, and continues to be managed by staff of related company Hi-Flyer while working through the proposal and claims process.
Source: Report of Trustee on Proposal, dated November 24, 2020
Amended application (set aside disclaimer), set for October 14, 2020 — Application / notice of application
Application (Approval of settlement agreement), filed October 13, 2020 — Application / notice of application
The officer filed report no. Fourth Report. Olympus has no ongoing operations or employees since late 2019, having sold most KFC franchise locations to FMI, and continues to be managed remotely by Hi-Flyer while attempting to formulate a proposal to creditors.
Source: Fourth report of the proposal trustee, September 30, 2020
Application (Extension of Time), filed September 30, 2020 — Application / notice of application
Application (Further extension of time to file a proposal) (unfiled) — Application / notice of application
Application (Set aside Carrefour Laval disclaimer) (unfiled) — Application / notice of application
The officer filed report no. Third Report. Olympus no longer has active operations or employees (former KFC franchise restaurants were sold or ceased operating in 2019), and is being managed from Calgary by staff of a related company while working through a claims solicitation process toward a proposal.
Source: Third Report of the Proposal Trustee, August 20, 2020 (unfiled)
The officer filed report no. Second Report. Olympus is not operating stores (having previously sold locations to FMI) and is focused on resolving uncertain landlord claims via a proposed claims process before it can formulate a viable proposal; management continues restructuring efforts including a potential amalgamation with Hi-Flyer.
Source: Second Report of Proposal Trustee - 16Jun20 - Olympus
Undated filings2 — no date appears on the document · show
Debtor
Olympus Food (Canada) Inc.
Proposal trustee
BDO
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Unsecured | HI-FLYER FOOD (CANADA) INC.as of NOI filing date — Related party (owed by Olympus; company managed by Hi-Flyer staff). Hi-Flyer is considering options relating to its unsecured claim to improve recoveries to other creditors; prose in report approximates this at $11.5 million. — debtor: Olympus Food (Canada) Inc. | $11.5M | First Report of Proposal Trustee - Olympus Food - 22May20 |
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured | |||
| Unsecured |
182 more claims in 1 class The stack holds Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: paid in full. CF Landlords a distribution.Under the planApplication (BIA Proposal Approval), filed November 24, 2020 · 24 Nov 2020
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Landlord | CF Landlords | asserted | cumulative | Estimatedper the proposal trustee | Report of Trustee on Proposal · 24 Nov 2020 |
| Unsecured | Affected Creditors with Proven Claims of $1,500 or less | — | paid in full | Under the planper the proposal trustee | Application (BIA Proposal Approval), filed November 24, 2020 · 24 Nov 2020 |
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.
3 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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See all plansCash on hand
$154K
As at 4 Nov 2020Report of Trustee on Proposal, dated November 24, 2020
| Date | Document | File |
|---|---|---|
| Brief - Olympus Proposal Approval, dated December 2, 2020 | PDF · Subscribers | |
Letter to Justice Macleod, December 2, 2020
| PDF · Subscribers | |
Voting letter
| PDF · Subscribers | |
Application (BIA Proposal Approval), filed November 24, 2020
| PDF · Subscribers | |
Report of Trustee on Proposal, dated November 24, 2020
| PDF · Subscribers | |
Creditors package on Olympus Proposal, November 4, 2020
| PDF · Subscribers | |
Proxy
| PDF · Subscribers | |
| Amended application (set aside disclaimer), set for October 14, 2020 | PDF · Subscribers | |
| Affidavit of Noli Tingzon, sworn October 13, 2020 | PDF · Subscribers | |
| Application (Approval of settlement agreement), filed October 13, 2020 | PDF · Subscribers | |
| Affidavit of Noli Tingzon, sworn September 30, 2020 | PDF · Subscribers | |
Application (Extension of Time), filed September 30, 2020
| PDF · Subscribers | |
Fourth report of the proposal trustee, September 30, 2020
| PDF · Subscribers | |
| Affidavit of C.Vezina, sworn August 28, 2020 | PDF · Subscribers | |
Order (extension of time to file a proposal), filed August 27, 2020
| PDF · Subscribers | |
| Application (Further extension of time to file a proposal) (unfiled) | PDF · Subscribers | |
| Application (Set aside Carrefour Laval disclaimer) (unfiled) | PDF · Subscribers | |
| Affidavit of Noli Tingzon, sworn August 20, 2020 (unfiled) | PDF · Subscribers | |
Third Report of the Proposal Trustee, August 20, 2020 (unfiled)
| PDF · Subscribers | |
| Claims Process Cover Letter | PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Order (Claims Solicitation Process Order), filed June 29, 2020
| PDF · Subscribers | |
Order (extension of time to file a proposal), filed June 29, 2020
| PDF · Subscribers | |
| Application (Extension of Time Claims Bar Process) | PDF · Subscribers | |
| 2020 06 16 Letter to Service List | PDF · Subscribers | |
| Affidavit of Noli Tingzon, sworn June 16, 2020 | PDF · Subscribers | |
Second Report of Proposal Trustee - 16Jun20 - Olympus
| PDF · Subscribers | |
Order (Extension of Time to file a Proposal), signed by Justice A.D. Grosse and filed May 29, 2020
| PDF · Subscribers | |
Application (Extension of Time), filed May 25, 2020
| PDF · Subscribers | |
| Affidavit of Noli Tingzon, executed May 22, 2020, filed May 25, 2020 | PDF · Subscribers | |
First Report of Proposal Trustee - Olympus Food - 22May20
| PDF · Subscribers | |
Certificate for the Notice of Intention
| PDF · Subscribers | |
Notice of Intention Creditors Package
| PDF · Subscribers | |
| Notice of Intention to Make a Proposal | PDF · Subscribers | |
| Instructions for Completing a Proof of Claim | PDF · Subscribers | |
| Proof of Claim Form | 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., “Olympus Food (Canada) Inc.” (NOI), Court of King's Bench of Alberta. Retrieved 5 November 2026, https://proceedings.ca/case/olympus-food-canada-inc