Ontario · NOI
First Report of the Proposal Trustee, dated December 9, 2016
Court officer report · 9 December 2016
A plain-language read of this filing opens with a subscription.
What we verified from this filing11 verified
- courtSUPERIOR COURT OF JUSTICE
- court file no31-2195743
- commencement date2 December 2016
- appointeeA. Farber & Partners Inc.
- appointee roletrustee in the proposal
- secured creditorsnote: Amount before accruing interest and bank costs of enforcement; TD Bank continuing to provide operating line pending closing of APA · page: 10 · as of: 2016-12-08 · amount: 1000024 · debtor: Prosperity Foods Ltd. · creditor: TD Bank · currency: CAD · security: Security interest over the property, assets and undertakings of Prosperity, confirmed valid and enforceable per Independent Legal Opinion from Dale & Lessmann LLP
- unsecured creditorsnote: Document names no individual creditors and states no aggregate total; ten of the total (approx. 50% of total unsecured debt) key trade suppliers were contacted directly by the Company/Proposal Trustee · page: 12 · basis: Report states funds from purchase price are expected to be available to unsecured creditors; no aggregate figure given · debtor: Prosperity Foods Ltd. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- process resultsbids: 1 · note: informal marketing effort yielding a single non-binding offer · as of: 2016-12-09
- purchaserprice: note: Purchase price and comparison analysis are contained in sealed Confidential Exhibits · sealed: true · scope: the Purchased Assets including all of the Company's rights in Intellectual Property Licenses and Registrations, equipment, inventory and accounts receivable · status: proposed · name note: unnamed third-party company in the same industry, referred to as 'the Purchaser' · structure: assets · name source: operative · relationship: unstated · agreement date: 2016-12-01
- recovery outcomeentries: basis: estimated · quote: It is expected that some funds will be available to unsecured creditors if the APA is completed. · pct of: unstated · outcome: distribution · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · conditional on: if the APA is completed · claims qualifier: unstated · stated on: 2016-12-09 · table missing:
- sale outcometext: Proposal Trustee recommends the Court approve the APA selling the Purchased Assets to the Purchaser · scope: whole_business · status: pending_approval