British Columbia · Receivership (court-appointed)
Second Report of the Receiver (March 9, 2023)
Court officer report · 9 March 2023
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What we verified from this filing4 verified
- process resultslois: 3 · ndas: 17 · note: 3 LOIs received from two different parties; only one (Offer A) was accompanied by proof of funds and considered valid. · as of: 2023-02-10 · solicited: 60 · qualified bids: 1
- purchaserprice: sealed: false · scope: an offer to purchase all of the assets · status: not_completed · name note: unnamed offeror under Offer A, all assets, LOI not proceeded with · structure: assets · name source: recital · relationship: unstated
- recovery outcomeentries: basis: liquidation_alternative · quote: In a liquidation scenario, the Receiver believes the first secured creditor, Waygar Capital Inc. will suffer a significant shortfall on their loan of approximately $9 million. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: Waygar Capital Inc. · creditor name: Waygar Capital Inc. · interim final: unstated · claims qualifier: unstated · shortfall amount: 9000000 · stated on: 2023-03-09 · table missing:
- sale outcometext: The SISP has not resulted in any going concern purchaser and the Receiver requests approval to conduct an orderly liquidation of the assets. · scope: whole_business · status: no_acceptable_bid