British Columbia · Receivership (court-appointed)
Third Report of the Receiver (April 6, 2023)
Court officer report · 6 April 2023
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing8 verified
- operational summaryThe SISP did not produce a going-concern sale, so the Receiver is liquidating the Companies' equipment through an agent (Gordon Brothers/New Mill Capital) under a $1,255,000 USD net minimum guarantee, subject to Court approval. A significant shortfall to the first secured creditor is expected, with no recovery for unsecured creditors.
- process resultsbids: 4 · note: Four auctioneer proposals/offers plus additional interested parties who toured the premises · as of: 2023-04-06 · solicited: 4
- purchaserGordon Brothers Canada ULC and New Mill Capital Holdings, LLC
- recovery outcomeentries: basis: estimated · quote: It is anticipated that Waygar will suffer a significant shortfall on their secured loan. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Waygar · creditor name: Waygar Capital Inc. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: There is not expected to be any recovery to the unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2023-04-06 · table missing:
- report date6 April 2023
- report noThird Report
- sale advisorGordon Brothers Canada ULC and New Mill Capital Holdings, LLC
- sale outcometext: Receiver requests Court approval of the Agent's Offer for liquidation of equipment following an unsuccessful going-concern SISP · scope: liquidation · status: pending_approval