Ontario · Receivership (court-appointed)
First report of the Receiver dated
Court officer report · 23 May 2023
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What we verified from this filing7 verified
- operational summaryThe Receiver took control of the Companies' operating Popeye's and Denny's restaurant locations, retained an experienced Popeye's franchisee (DHS) to manage the Operating Popeye's, and is continuing to operate the Denny's locations with existing management, while preparing a sale process for the franchise businesses and other property.
- purchaserMuhammad Saleem
- recovery outcomeentries: basis: estimated · quote: Based on the Receiver's initial review of the potential realizations from the Companies' assets and operations, CWB will likely suffer a significant shortfall on its security. · pct of: unstated · outcome: shortfall · class key: secured · stated by: receiver · class label: CWB · creditor name: Canadian Western Bank · interim final: unstated · related party: false · claims qualifier: unstated · stated on: 2023-05-23 · table missing:
- report date23 May 2023
- report noFirst Report
- sale advisorMNP LLP
- sale outcometext: The Receiver recommends that the Court approve the 421 APA, as amended, and approve the Sale Process for the remaining Property. · scope: parcel · status: pending_approval