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RECENT FILINGS
- Gymboree Group, a San Francisco, California-based chain of specialty retail stores for children’s apparel with operations across the US, Canada and Australia filed for bankruptcy under Chapter 11 in the United States Bankruptcy Court on January 17. Concurrently, Gymboree ("Gymboree Canada" or the "Company") filed an NOI on January 17, listing $9.4M of liabilities, including $8.9M of liabilities that are owed to entities that are subsidiaries of the Gymboree Group. The Company operates 49 retail stores in Alberta, British Columbia, Manitoba, Nova Scotia and Ontario. A group of agents including Great American, Tiger, Gordon Brothers, and Hilco (the "Agents") will be leading liquidation efforts across the US and Canada. KPMG is the proposal trustee. Counsel is Norton Rose Fulbright for the Company, Osler for the proposal trustee and Cassels Brock for the Agents.
- 2433552 Ontario, carrying on business as GreenTerra Homes, filed for bankruptcy on January 11, listing $5.0MM in liabilities. The company commenced operations in 2017 as a custom builder of steel frame modular homes, metal buildings, sheds and related prefab kits. The company operated from a 110,000 sq. ft. plant located in Trenton, Ontario, which is owned by a related corporation. Albert Gelman is the bankruptcy trustee.
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Sponsored by Bentham IMF
Click HERE for recent articles and a podcast on litigation funding for insolvency matters.
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- Pizza Salvatore, a Thetford Mines, Quebec-based pizza restaurant franchise with more than 12 restaurants in operation in Quebec, filed for bankruptcy on January 17, listing $761.0M in liabilities. Raymond Chabot is the bankruptcy trustee.
- International Herbs (B.C.), a Surrey, British Columbia-based producer and distributor of fresh herb products to retail grocers across Canada with operations in British Columbia and Ontario, filed for bankruptcy on January 9, listing $5.3MM in liabilities, including $571.7M to BMO and $604.4M to Coastal Fresh Farms. The Bowra Group is the bankruptcy trustee.
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Sponsored by Accord Financial
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ASSETS FOR SALE
- PwC, in its capacity as receiver of 1905393 Alberta Ltd. pursuant to an order granted by the Court of Queen’s Bench of Alberta, has retained Colliers International to solicit offers to purchase the property described as 11702 99 Avenue, Grande Prairie, Alberta, consisting of one operating hotel and one new hotel in a state of substantial completion. Offering a total of 232 rooms, these two hotels provide the local market with top-tier accommodations offering full services, underground parking, banquet space, fitness and spa amenities, and convenient airport, hospital, and highway access. Further details can be found HERE.
- BDO Canada Limited, in its capacity as court-appointed receiver of Burry's Shipyard, is soliciting offers for the purchase of the company's assets on an "as is, where is" basis. Burry's Shipyard is a Clarenville, Newfoundland-based company that specializes in machining, fabrication, maintenance and the general refit work for vessels under 650 tonnes. The deadline for the submission of binding offers is 2:00 p.m. (NDT) on March 1, 2019. Further details can be found HERE.
- BDO Canada Limited, in its capacity as receiver of JFT Enterprises Ltd., is soliciting offers for the purchase of the assets of JFT, a manufacturing and metal fabrication business with land and buildings located in Long Harbour, Newfoundland and Labrador. The deadline for offers is 4:00 p.m. (NL) on March 8, 2019. Further details can be found HERE.
- The Bowra Group, in its capacity as bankruptcy trustee of JTL Industries Ltd., is seeking offers to purchase the assets of the company, including various corporate vehicles, welding machines, fuel tanks and warehouse equipment. Some inventory of grain bins and oil tanks may be available for the sales process, subject to prior sales. The deadline for offers is 4:00 p.m. (MT) on January 18, 2019. Further details can be found HERE.
- MNP, in its capacity as receiver of 502489 B.C. Ltd. operating as Tru North Trucking (the “Company”), is soliciting offers for the sale of all of the Company’s personal property, consisting of a fleet of tractors and trailers, pick up trucks, Caterpillar equipment, office trailers, contents of mechanics workshop, and more. The Company, based in Fort Nelson, British Columba operated a trucking business in British Columbia and Alberta. Further details can be found HERE. Viewing of the assets is by appointment only between January 21, 2019 and January 25, 2019. The deadline for offers is February 4, 2019. If you are interested in learning more about this opportunity, please email Patty Wood.
- Need to promote a distressed asset sale? Email us!
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Sponsored by Maynards
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INSOLVENCY STORIES IN THE NEWS
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Sponsored by A.D. Hennick & Associates Inc.
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UPCOMING EVENTS
- IWIRC Montreal, IWIRC Ontario and IWIRC Western Canada are hosting an Afternoon Tea event on January 31 in Montreal. Further details can be found HERE.
- ACG BC will be hosting its monthly Lunch Meeting on January 29. There will be a discussion on two trending topics on cybersecurity: cyber due diligence in the M&A context, and incident response when a breach occurs. Further details can be found HERE.
- CBA will be hosting an event entitled "Looming Crisis Breakfast Speaker Series Part 1: United States-Mexico-Canada Agreement" on January 22 at the OBA Conference Centre in Toronto. Further details can be found HERE.
- IWIRC Western Canada will be hosting a Breakfast at Cucina Market Bistro Calgary on February 8. Further details can be found HERE.
- ACG Toronto will be hosting a seminar entitled "The New 'United States-Mexico-Canada Agreement — 'The Implications and Opportunities for Inbound Investing in Canada'" on January 23. Further details can be found HERE.
- TMA Toronto is hosting a NextGen New Year Social on January 24 at 3 Brewers Adelaide. Further details can be found HERE.
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ACG Toronto will be hosting a Private Equity Breakfast Seminar on January 31. Further details can be found HERE.
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IWIRC Ontario will be hosting a workshop entitled "How Do You Show up in the Boardroom?" on January 22 in Toronto. Further details can be found HERE.
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ACG Toronto will be hosting a New Years Social on January 29 at Hendriks Restaurant & Bar. Further details can be found HERE.
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16th Annual Review of Insolvency Law Conference will be held on January 31-February 1 in Montreal. Registration is now open. Further details can be found HERE.
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OBA will be hosting a 4-part event entitled "Insight from Murray Klein Award Winners" on March 6 (Part 3), and April 8 (Part 4). Speakers will discuss precedent-setting cases in which they were involved, as well as new concepts and practices in Canadian insolvency and restructuring law. Further details can be found HERE.
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ACG Calgary will be hosting a Middle Market Growth Conference & Ski Day on February 7. Early bird registration will open soon. Further details can be found HERE.
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Sponsored by UBERbase
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FROM THE EDITOR
Our goal is to keep you current on everything that is happening in our market in one easy-to-read email per week.
- Insolvency Insider's Monday email is proudly written by Janice To. Henry Louis is the editor of the Insolvency Insider publications.
- Catch up on any emails you missed by visiting our archives!
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- Have a story or event to share? Email us!
- Feedback and suggestions on how we can improve our format or content are also always welcome!
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Have a great week!
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