Newfoundland and Labrador · Bankruptcy
Trustee's Preliminary Report dated October 30, 2024.pdf
Court officer report · 30 October 2024
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What we verified from this filing9 verified
- operational summaryThe Company ceased operations in July 2024 and has no ongoing business; the Trustee is securing the property, collecting minor receivables, and running a court-approved sales process backstopped by a stalking horse bid for the real property.
- professional feesnote: Approximate, from acting as Proposal Trustee and Trustee in Bankruptcy · party: Grant Thornton Limited (Proposal Trustee/Trustee) · amount: 26000 · currency: CAD
- purchaserprice: note: minimum Qualified Bid threshold; purchase price must exceed the Stalking Horse Agreement cash price by a stated superior offer amount plus expense reimbursement of $50,000 · basis: cash · amount: 400000 · sealed: false · currency: CAD · scope: the Business and/or the Assets of the Company · status: proposed · name note: Stalking Horse Bidder under the Stalking Horse Asset Purchase Agreement, unnamed in provided text · structure: assets · name source: recital · relationship: stalking_horse
- recovery outcomeentries: basis: estimated · quote: The Stalking Horse Bid would result in no recovery to unsecured creditors, or creditors subordinate to Sobeys. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors, or creditors subordinate to Sobeys · interim final: unstated · conditional on: Should the Stalking Horse Bid be identified as the Successful Bidder and approved by the Court · claims qualifier: unstated · table missing:
- report date30 October 2024
- report noPreliminary Report
- sale advisorGrant Thornton Limited
- sale outcometext: Sales Process concurrent with bankruptcy, with a previously executed stalking horse asset purchase agreement · scope: whole_business · status: process_approved
- stalking horsestate: stated · currency: CAD