Orchid International Ontario Division Inc

Orchid International Ontario Division Inc.'s Ontario insolvency proceedings are closed. General Motors Corporation holds first-ranking security over all of Orchid's property, assets and undertaking, having purchased the loans and security from FCC, LLC d/b/a First Capital under an Assignment and Assumption Agreement dated December 22, 2009; First Capital kept an undivided, last-out subordinated interest under a Subordinated Participation Agreement dated December 23, 2009. GM funded operating losses through borrowing certificates of USD 949,244 and CAD 113,387 as at the date of the First Report, February 19, 2010, secured by a fixed and specific first charge on Orchid's assets. Other secured claimants include Venture Steel Inc., PPSA equipment financiers, and Reinrichmar Holdings Limited, controlled by former shareholder Rick Reininger and subordinated to First Capital and GM under a March 2, 2007 agreement. Export Development Canada's tooling security was partly discharged after GM funded payment; no equity was found in tooling manufactured for Eberspaecher North America Inc.