VBI Group
FollowClosed
- Proceeding
- CCAACCAA
- Court
- Ontario Superior Court of Justice · Commercial List
- File
- CV-24-00724693-00CL
OverviewSummary updated
VBI Group entered protection under the Companies' Creditors Arrangement Act on July 30, 2024, when the Ontario Superior Court of Justice granted an initial order in Court File No. CV-24-00724693-00CL. The record of the proceeding carries no further filings or milestones beyond that commencement, and the matter is now recorded as closed. Creditors seeking detail on what occurred between the initial order and the closing of the file will not find it in the record as it stands.
Proceedings AIAsk this case — answers cite the filings
Case updates52 dated entries
49 earlier updates, back to 30 July 2024 — subscribers.
Parties
Debtor
VBI Group
Monitor
EY
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Penny | Ontario Superior Court of Justice | 7 orders, Oct 2024 – Jan 2025 | 179 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 5 orders, Jul 2024 – Sep 2024 | 182 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorEY | McCarthy Tétrault LLP | 2 Aug 2024 | Service list · 2 Aug 2024 |
| ApplicantVBI Group | Stikeman Elliott LLP · Haynes and Boone, LLP | 30 Jul 2024 | Service list · 2 Aug 2024 |
| CreditorAmerisourceBergen Drug Corporation | Klehr Harrison Harvey Branzburg LLP | 2 Aug 2024 | Service list · 2 Aug 2024 |
| CreditorBrii Biosciences Limited | Blake, Cassels & Graydon LLP · Cooley LLP | 2 Aug 2024 | Service list · 11 Oct 2024 |
| CreditorK2 HealthVentures LLC | McMillan LLP | 2 Aug 2024 | Service list · 2 Aug 2024 |
| CreditorValneva SE | General/Legal Notices | 2 Aug 2024 | Service list · 2 Aug 2024 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | K2 HealthVentures LLC (as Collateral Agent and Lender) and Ankura Trust Company, LLC (as Collateral Trustee)Loan and Guaranty Agreement dated May 22, 2020, as amended (First–Fourth Amendments); security interest in substantially all assets (First/Second Amendment) and in all intellectual property (Third Amendment); covenant (Fourth Amendment) to maintain minimum cash in collateral accounts — Principal amount of term loan was $50,000,000; $55,699,000 including exit fees, as of December 31, 2023 (per VBI's FY2023 Form 10-K). Described in the affidavit as one of the Applicants' 'primary secured creditors' and as VBI Group's 'first-ranking secured creditor'; also acting as DIP Lender in these CCAA proce · as of 31 Dec 2023 | $55.7M USD | Application record |
RecoveriesAs stated in the filings
Unsecured creditors: no distribution.EstimatedPreliminary Administration Report of the Trustee · 10 Mar 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | — | no distribution | Estimatedper the trustee | Preliminary Administration Report of the Trustee · 10 Mar 2025 |
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.
Fees and ratesAs stated in the filings
4 engagements · 2 firms — latest: McCarthy Tétrault LLP, to 4 Oct 2024Motion for the CCAA Termination Order · 29 Jan 2025
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Ernst & Young Inc.Monitorperiod 2 of 2 | 20 Jul – 2 Aug 2024 | — | ••• | not stated | Motion for the CCAA Termination Order · 29 Jan 2025 |
| Ernst & Young Inc.Monitorperiod 1 of 2 | the Fee Period | ••• | ••• | •••21 people | Motion for the CCAA Termination Order · 29 Jan 2025 |
| McCarthy Tétrault LLPCounsel to the monitorperiod 2 of 2 | to 4 Oct 2024 | ••• | ••• | •••8 people | Motion for the CCAA Termination Order · 29 Jan 2025 |
| McCarthy Tétrault LLPCounsel to the monitorperiod 1 of 2 | the Fee Period | ••• | ••• | •••22 people | Motion for the CCAA Termination Order · 29 Jan 2025 |
Estate financialsReported figures — never derived
The debtor’s own statement of its total assets and liabilities at filing is in the record — Subscribers
Documents
52 filings
| Date | Document | File |
|---|---|---|
| Monitor's Termination Certificate | Trustee site | |
Preliminary Administration Report of the Trustee
| PDF · Subscribers | |
| Notice of bankruptcy and first meeting of creditors | PDF · Subscribers | |
CCAA Termination Order
| PDF · Subscribers | |
Endorsement of Justice Penny of the CCAA Termination Order
| PDF · Subscribers | |
Factum of the Monitor (re: CCAA Termination Order)
| PDF · Subscribers | |
| Sixth Report of the Monitor | PDF · Subscribers | |
Motion for the CCAA Termination Order
| PDF · Subscribers | |
Stay Extension to January 31, 2025 and Third DIP Amendment Order
| PDF · Subscribers | |
| Factum of the Applicants (re: Order for Stay Extension and Third DIP Amendment) | PDF · Subscribers | |
| Fifth Report of the Monitor | PDF · Subscribers | |
| Motion for Stay Extension and Third DIP Amendment (Returnable November 27, 2024) | PDF · Subscribers | |
Reasons of Justice Penny
| PDF · Subscribers | |
| Approval and Reverse Vesting Order | PDF · Subscribers | |
Endorsement of Justice Penny
| PDF · Subscribers | |
Order for Amendment of ARIO (Amended and Restated Initial Order)
| PDF · Subscribers | |
Affidavit of Service of Philip Yang
| PDF · Subscribers | |
| Factum of the Applicants (Re: Approval and Reverse Vesting Order and ARIO Amending Order) | PDF · Subscribers | |
Fourth Report of the Monitor
| PDF · Subscribers | |
| Supplemental Report to the Fourth Report of the Monitor | PDF · Subscribers | |
SciVac – Israel Court Decision (Stay Extension and Second DIP Amendment)
| PDF · Subscribers | |
| Motion Record for Approval and Reverse Vesting Order and ARIO Amending Order (Returnable October 31, 2024) | PDF · Subscribers | |
Endorsement re : Stay Extension and Second DIP Amendment Order
| PDF · Subscribers | |
Stay Extension (up to and including November 29, 2024) and Second DIP Amendment Order
| PDF · Subscribers | |
| Factum of the Applicants (Re: Order for Stay Extension and Second DIP Amendment) | PDF · Subscribers | |
| Third Report of the Monitor | PDF · Subscribers | |
| Motion for Stay Extension and Second DIP Amendment (Returnable October 16, 2024) | PDF · Subscribers | |
Service List as of October 11, 2024
| PDF · Subscribers | |
SciVac – Israel Court Decision (Stay Extension and DIP Amendment)
| PDF · Subscribers | |
Endorsement re : Stay Extension and DIP Amendment Order
| PDF · Subscribers | |
Stay Extension (up to and including October 18, 2024) and DIP Amendment Order
| PDF · Subscribers | |
| Second Report of the Monitor | PDF · Subscribers | |
| Motion for Stay Extension and DIP Amendment Order (returnable September 20, 2024) | PDF · Subscribers | |
SciVac - Israel Court Decision
| PDF · Subscribers | |
| Notice to Creditors – SciVac Ltd | PDF · Subscribers | |
Amended and Restated Initial Order
| PDF · Subscribers | |
Endorsement Amended and Restated Initial Order and Solicitation Order
| PDF · Subscribers | |
Sollicitation Order
| PDF · Subscribers | |
| First Report of the Monitor | PDF · Subscribers | |
| Factum and Book of Authorities of the VBI Group - Part 1 of 2 | PDF · Subscribers | |
| Factum and Book of Authorities of the VBI Group - Part 2 of 2 | PDF · Subscribers | |
| Israel Court Decision | PDF · Subscribers | |
| Notice to Creditors | PDF · Subscribers | |
| Motion Record - Amended and Restated Initial Order and Solicitation Order - Returnable August 9, 2024 | PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Endorsement
| PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
| List of creditors | PDF · Subscribers | |
| Affidavit of Philip Yang, including a Revised DIP Facility Term Sheet and a Revised Draft Initial Order (respectively Exhibit Q and Tab 3 of the original Application Record), sworn on July 29, 2024 | PDF · Subscribers | |
Application record
| PDF · Subscribers | |
| Factum of the Applicants | PDF · Subscribers | |
Report of the Proposed Monitor
| 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., “VBI Group” (CCAA), Ontario Superior Court of Justice · Commercial List. Retrieved 20 September 2026, https://proceedings.ca/case/vbi-group