Ontario · Proposal
Proposal Trustee’s Second Report to Court January 17, 2022 (incl appendices)
Court officer report · 17 January 2022
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 Company's primary asset, a parcel of real property, was listed and marketed for sale under a court-supervised process, and the report seeks approval of a sale transaction to a purchaser with proceeds to repay the DIP facility and address secured claims; the Company otherwise remains in proposal proceedings under a Holding Proposal.
- process resultsbids: 2 · note: Two offers received during the week of December 25, 2021 · as of: 2021-12-25
- professional feesnote: Comprised of fees of $59,002.00, disbursements of $269.19, and HST of $7,705.26 · party: Proposal Trustee (Grant Thornton Limited) · amount: 66976.45 · period: July 9, 2021 to December 31, 2021 · currency: CAD
- purchaserWolverton Road Holdings Ltd; price: note: Offer 1's purchase price was reportedly about 12% better than the Sale Transaction but not accepted · sealed: true · currency: CAD · scope: the Real Property · status: not_completed · name note: unsuccessful competing offer, referred to as 'Offer 1' · structure: real_property · name source: recital · relationship: unstated
- report date17 January 2022
- report noSecond Report
- sale advisorCBRE
- sale outcometext: Sale Transaction accepted and Approval and Vesting Order sought for sale of the Real Property · scope: parcel · status: pending_approval