Ontario · CCAA
a) a brief overview of Stantive's business; b) information with respect to the transaction (the "Sale Transaction") contemplated by the asset purchase agreement (the "Asset Purchase Agreement") between Stantive and Bridgeline Digital, Inc. or its permitted assignee or nominee (the "Purchaser") dated February 8, 2019; c) information with respect to the distribution of a portion of the sale proceeds to certain stakeholders more fully described herein; d) information with respect to the Claims Solicitation Process (as defined herein) and the proposed claims adjudication process (the "Claims Adjudication Process'); and e) Stantive's request for an extension of the stay of proceedings until June 25, 2019
Court officer report · 20 March 2019
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 filing9 verified
- cash on handnote: Remaining funds held by the Monitor after the initial distributions from the sale proceeds; the report also lists a residual US$483.27 in the USD column. Stantive's own cash on hand at closing is separately expected to be deposited into the Monitor's trust account (amount not stated). · amount: 1634541.39 · currency: CAD
- closing confirmedscope: substantially all the assets of Stantive · outcome: completed · effective: 2019-03-13 · purchaser: Bridgeline Digital, Inc. · date basis: stated
- operational summaryStantive was an enterprise software provider (OrchestraCMS) that sold substantially all its assets to Bridgeline Digital on March 13, 2019 and is now winding down, with remaining proceeds earmarked for professional fees, post-closing obligations and secured and unsecured creditors.
- purchaserBridgeline Digital, Inc.; 2671682 Ontario Inc.
- receipts cumulativenote: Total purchase price per the APA including incremental amounts under the First Amending Agreement and landlord cure costs, equivalent to US$5,176,818.39 received by the Monitor on closing at an assumed 1.3332 exchange rate; the Purchaser agreed to true-up exchange rate differences. · since: closing of the Sale Transaction on March 13, 2019 · amount: 6901734.28 · currency: CAD
- report date20 March 2019
- report noFirst Report of the Monitor
- sale outcometext: Sale Transaction completed · scope: whole_business · status: closed
- stalking horse2671682 Ontario Inc.