Ontario · Receivership (court-appointed)
First Supplemental Report of the Receiver
Court officer report · 26 March 2025
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 filing10 verified
- cash on handnote: Total cash on hand as at time of report, prior to proposed Interim Distribution · amount: 20300000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Transaction · outcome: completed · effective: 2025-03-17 · purchaser: Taro Pharmaceuticals Inc. · date basis: stated · approval order date: 2025-01-29
- operational summaryThe receivership sold Antibe's shares to Taro Pharmaceuticals under the court-approved Transaction, which closed March 17, 2025, and the Receiver has continued adjudicating claims and terminated its final remaining employee.
- professional feesnote: approximately · party: Receiver (FTI Consulting Canada Inc.) and its counsel, TGF · amount: 149000 · period: January 1, 2025 to March 24, 2025 · currency: CAD
- purchaserTaro Pharmaceuticals Inc.
- receipts cumulativenote: Includes CAD$4.075 million from Transaction plus previously collected deposit of $425 thousand and earned interest income; period ends March 24, 2025 · since: January 1, 2025 · amount: 4200000 · currency: CAD
- recovery outcomeentries: basis: actual · quote: Pursuant to the Ancillary Order issued by the Honourable Justice Osborne on January 29, 2025, the Nuance Distribution was paid in full to Nuance in priority to the Claims of unsecured creditors. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: receiver · class label: Nuance Pharma Ltd. (Nuance Distribution) · creditor name: Nuance Pharma Ltd. · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: With respect to the Proven Claims, the proposed Interim Distribution represents a recovery of 100% for the preferred unsecured Proven Claims of $2 thousand, and a recovery of approximately 42% for the unsecured Proven Claims of $42.4 million as outlined in the table below: · pct of: proven_claims · outcome: distribution · pct low: 100 · pct high: 100 · class key: preferred · stated by: receiver · class label: preferred unsecured Proven Claims · claims amount: 2000 · interim final: interim · claims qualifier: proven; basis: estimated · quote: With respect to the Proven Claims, the proposed Interim Distribution represents a recovery of 100% for the preferred unsecured Proven Claims of $2 thousand, and a recovery of approximately 42% for the unsecured Proven Claims of $42.4 million as outlined in the table below: · pct of: proven_claims · outcome: distribution · pct low: 42 · pct high: 42 · class key: unsecured · stated by: receiver · class label: unsecured Proven Claims · claims amount: 42400000 · interim final: interim · claims qualifier: proven · stated on: 2025-01-29 · table missing:
- report date26 March 2025
- report noFirst Supplemental Report
- sale outcometext: the Transaction closed successfully on March 17, 2025 · scope: whole_business · status: closed