WYNIT Distribution, LLC and six affiliates, including Canadian local debtor WD Navarre Canada, ULC, are the subject of active CCAA recognition proceedings in the Ontario Superior Court of Justice, commenced September 21, 2017 under court file CV-17-582329-00CL, with KSV Kofman Inc. as Information Officer. The group's US petitions were filed September 8, 2017, when approximately US$76 million was outstanding to the Prepetition Senior Lenders, secured over all of the debtors' assets, including the Canadian assets, under the Ontario PPSA; Chaitons LLP confirmed that security valid and perfected. Interim DIP advances of US$3.5 million, authorised by the Interim DIP Order, were increased to US$8 million by a Second Interim DIP Order dated September 27, 2017, under a DIP facility committed up to $15 million and secured by a super-priority DIP Lender's Charge in both the United States and Canada.
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The officer filed report no. Sixth Report. The report notes that over the course of the Chapter 11 proceedings the Debtors liquidated substantially all of their assets (inventory and accounts receivable) and have now ceased business operations, with the case converting from Chapter 11 to Chapter 7 and a Chapter 7 trustee appointed to wind up remaining matters.
Opened the Ontario recognition proceeding under the CCAA on WYNIT Distribution, LLC's application, appointing KSV Kofman Inc. as Information Officer for the seven-debtor group.
Application filed in the Ontario Superior Court of Justice, commencing the proceedings against WYNIT Distribution, LLC and the affiliated respondent entities under file CV-17-582329-00CL.
Prepetition Senior Lenders (syndicate under Prepetition Credit Facility)as of date of filing of the petitions (September 8, 2017) — Security over all of the Debtors' assets, including all assets of the Local Debtor, registered under Ontario PPSA; independent security opinion obtained by Chaitons LLP confirming valid and perfected security interest — Approximately $76 million outstanding as at petition date; DIP Facility roll-up applies repayments first against this facility; security opinion confirmed valid and perfected (not merely pending) — debtor: All Debtors, including WD Navarre Canada, ULC (Local Debtor); WYNIT Holdings, Inc. as guarantor
$76M USD
First Report of the Information Officer dated September 29, 2017
4
Secured
DIP Lenders (Wells Fargo Bank, N.A. as Agent, JPMorgan Chase Bank, N.A., SunTrust Robinson Humphrey, Inc., SunTrust Bank) · in 3 casesas of Interim DIP Order (September 13/14, 2017); increased to $8 million under Second Interim DIP Order dated September 27, 2017 — Super-priority DIP Lender's Charge in both US and Canada; DIP Facility commitment up to $15 million (facility limit, not balance); interim advances increased from $3.5 million to $8 million per Second Interim DIP Order — Post-filing financing (DIP), not pre-filing debt; included here for completeness of secured stack disclosed in document but represents postpetition, not pre-filing, capital structure — debtor: US Borrowers and WD Navarre Canada, ULC (Canadian Borro
$3.5M USD
First Report of the Information Officer dated September 29, 2017
4
Secured
Fitbit, Inc.Registered secured creditor under Ontario Personal Property Security Act (PPSA); blanket/all-property registrant — Only other secured creditor registered under PPSA besides Prepetition Senior Lenders; amount not stated; represented at First Day Motions hearing with input into Interim DIP Order — debtor: WD Navarre Canada, ULC (Local Debtor)
—
First Report of the Information Officer dated September 29, 2017
8
Unsecured
Top 20 unsecured creditors (aggregate as understood by Proposed Information Officer)as of September 18, 2017 (date of Pre-filing Report) — Document names no individual creditors; figure described as preliminary/approximate ('understands...approximately'); Debtors' Canadian creditor composition not fully finalized as of report date — debtor: WD Navarre Canada, ULC (Local Debtor)
$11M USD
First Report of the Information Officer dated September 29, 2017
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“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
GBH Wynit, LLCStalking horseany assets located in Canada sold by the Agent pursuant to the Sale Agreement (the "Canadian Assets") · asset sale · agreement 16 Oct 2017
Sereno Ventures, LLCall of the Sellers' right, title and interest in and to the assets located in Canada and being sold pursuant to the Sale Agreement (the "Canadian Assets") · asset sale · agreement 9 Nov 2017
$1.7MOrder recognizes U.S. sale order; global agreement price of $1,700,000 stated in U.S. Sale Order for Encore Assets (see Schedule B).
Sixth Report of the Information Officer dated January 18, 2018
Operational summaryThe report notes that over the course of the Chapter 11 proceedings the Debtors liquidated substantially all of their assets (inventory and accounts receivable) and have now ceased business operations, with the case converting from Chapter 11 to Chapter 7 and a Chapter 7 trustee appointed to wind up remaining matters.
Fifth Report of the Information Officer dated December 1, 2017
Closing confirmedClosed · 23 Oct 2017 · GBH Wynit, LLC; Closed · 13 Nov 2017 · Sereno Ventures, LLC
Process results50 solicited · 12 NDAs · 9 bids · as of 16 Nov 2017
PurchaserGBH Wynit, LLC · Owned Inventory and other assets, excluding the Encore Assets and the Remaining Inventory · asset sale · $48M · closed; Sereno Ventures, LLC · Encore's business and assets ('Encore Assets') · asset sale · $1.7M · closed; GBH Wynit, LLC · Remaining Inventory (excluding Remaining Inventory subject to the Settlement Agreements) · auction · not completed
Sale advisorConway MacKenzie, Inc. (financial advisor)
First Report of the Information Officer dated September 29, 2017
Secured creditorsNote: Only other secured creditor registered under PPSA besides Prepetition Senior Lenders; amount not stated; represented at First Day Motions hearing with input into Interim DIP Order · Page: 18 · Debtor: WD Navarre Canada, ULC (Local Debtor) · Creditor: Fitbit, Inc. · Security: Registered secured creditor under Ontario Personal Property Security Act (PPSA); blanket/all-property registrant
Unsecured creditors$11M USD · Note: Document names no individual creditors; figure described as preliminary/approximate ('understands...approximately'); Debtors' Canadian creditor composition not fully finalized as of report date · Page: 14 · As of: September 18, 2017 (date of Pre-filing Report) · Basis: Proposed Information Officer's understanding based on limited information received on Canadian creditor composition; Debtors still working to provide additional details · Debtor: WD Navarre Canada, ULC (Local Debtor) · Creditor: Top 20 unsecured creditors (aggregate as understood by Proposed Information Officer)
Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/wynit-distribution-llc-wd-navarre-canada-ulc-wd-navarre-distribution-llc-wd-enco
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