Ontario · NOI
Fourth Report of the Proposal Trustee - June 5 2019
Court officer report · 5 June 2019
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 filing7 verified
- operational summarySatin has scaled back production, reducing its workforce from 45 to 15 employees while continuing to sell remaining inventory, and is proceeding with a going-concern sale of substantially all its assets to a related-party purchaser who will assume the company's secured debt to CIBC.
- process resultsbids: 0 · note: no offers were received from the Interested Parties by the extended bid deadline · as of: 2019-05-15
- purchaser2340125 Ontario Inc.
- recovery outcomeentries: basis: unstated · quote: Unfortunately, the Sale Process has determined that there is insufficient value in the Company's assets to allow for any distributions to unsecured creditors, whose claims approximate $23.3 million. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · claims amount: 23300000 · interim final: unstated · claims qualifier: estimated · table missing:
- report date5 June 2019
- report noFourth Report
- sale outcometext: Sale of substantially all assets to related party approved, pending closing · scope: whole_business · status: approved