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RECENT FILINGS
- Waterway Houseboats, a Sicamous, British Columbia-based houseboat vacation business, was placed in receivership on June 11 on application by CIBC. A 2012 flood caused significant damage to the company's waterfront property and forced it to borrow heavily to repair its marina and upgrade its fleet. Two months after the flood, the company sued the province, the local district and neighbouring landowners. The case went to trial earlier this year and on April 16, the court issued its judgment. Although successful, the quantum of damages awarded was far less than what was needed and expected by the company. Alvarez & Marsal was appointed receiver. Counsel is Blakes for the applicant and Gowling WLG for the receiver.
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Holistic Blend, a Mississauga, Ontario-based manufacturer of natural organic pet food and pet health care products, was placed in receivership on June 12 on application by Bridging Income Fund, owed approximately $2.4MM. Despite routinely being unable to fund payroll, rent and production, the company maintained the support of Bridging for several years with promises of significant sales growth. Recently, however, it has become evident that this growth is not materializing, and the latest balance sheets and income statements show that the company is insolvent on a balance sheet and cash flow basis. On May 14, the company advised Bridging that it would stop selling pet food and focus on pet health supplements only. Having lost faith in the company's ability to manage its business, Bridging subsequently demanded repayment. BMO, owed $807.0M by the company, also did so shortly thereafter. KSV was appointed receiver. Counsel is Chaitons for the applicant, MacDonald Sager Manis for the company and Aird & Berlis for the receiver.
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- Petrocapita Oil and Gas, a Calgary, Alberta-based oil and gas exploration company with operations in Alberta and Saskatchewan, was placed in receivership on June 11 on application by Safeway Holdings, owed approximately $8.1MM. The company attempted to sell its assets informally earlier in the year with the assistance of Sayer Energy Advisors but was unsuccessful, and it has admitted that it cannot repay the amounts due and owing to Safeway. Hudson & Company was appointed receiver. Counsel is Burnet, Duckworth & Palmer for the applicant, Bennett Jones for the company and Dentons for the receiver.
- Paserium Corporation, owner of a series of condominium units in a mixed retail/commercial/residential project in Calgary, Alberta, was placed in receivership on June 13 on application by RBC, owed approximately $7.4MM. After a series of defaults in 2018, RBC intended to proceed by way of a foreclosure proceeding but soon realized that this alone would be insufficient to adequately protect the bank's security. Shortly after listing the properties for sale, RBC learned that the condominium was facing significant building repair issues. Additionally, one of the condo units that Paserium owns has been subdivided into approximately 70 rooms and is operated by Paserium as a business centre with shared office services and staff. RBC therefore decided that it would be best to appoint a receiver that could serve on the condo board and evaluate, and potentially operate, the business centre while the units were marketed for sale. Grant Thornton was appointed receiver. BLG is counsel for the applicant.
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Sponsored by Accord Financial
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DOCUMENT LIBRARY UPDATES
- Have you subscribed to our new Document Library service yet? If not, you've missed out on last Thursday's subscribers-only email where we discussed:
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the ethical wall procedures recently put in place on a cross-border file to address conflict of interest concerns; and
- Critical Supplier relief in BIA proposal proceedings.
- Make sure your group is subscribed so you're aware of all the important case updates and legal issues developing.
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Check out our website for further details on the Document Library, including pricing. When you're ready, send us an email to get your group subscribed!
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ASSETS FOR SALE
- MNP Ltd. in its capacity as Receiver of 68476 Newfoundland & Labrador Incorporated, is requesting parties who may be interested in purchasing an eight-unit mixed use building to respond to this request. Offers to Purchase can be submitted to the Receiver up to Friday, June 28th, 2019 at 5:00 PM. To obtain information pertaining to the assets and the process for submitting offers, please contact Seamus Boyle at MNP Ltd. by phone at (902) 407-3234 or email at seamus.boyle@mnp.ca.
- BDO Canada Limited (“BDO”), in its capacity as receiver, is soliciting offers to purchase the assets of Gander Automated Car Wash. The deadline for offers is 4:00 p.m. (Newfoundland time) on June 24. Further details can be found HERE.
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James Williams & Associates Inc., in its capacity as court-appointed receiver of 2481854 Ontario Inc., has engaged Colliers International to solicit offers to purchase an Ultramar-branded gas station at 3172 Highway 35 / 115 South, Clarington, Ontario. Interested parties are invited to contact Rob Walkowiak of Colliers International at rob.walkowiak@colliers.com.
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The Fuller Landau Group Inc. (“FLG”), in its capacity as court-appointed receiver of Amsen Quarry Limited., pursuant to the Order of Justice Chiapetta of the Ontario Superior Court of Justice made on May 29, 2019, is soliciting offers for the purchase of real property located at 136 the Bury Road, South Bruce Peninsula, ON (the “Amsen Quarry”) which is being offered for sale on an “as is, where is” and no recourse basis. The Amsen Quarry operated as a dimensional stone quarry and consists of approximately 98.032 acres of land and is licensed under the Aggregate Resources Act by the Ontario Ministry of Resources. The License has an annual tonnage limit of 100,000 tonnes and covers 40.5 hectares (100 acres). The deadline for the submission of offers is 5 p.m (EDT) on Friday July 12, 2019. Further details can be found HERE.
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EY, in its capacity as Monitor of the Canada North Group of Companies (“CNC”), is currently seeking proposals to liquidate or offers to purchase CNC’s remaining assets located at its former HML camp site. Assets include camp dorms, storage tanks, electrical equipment, well sites and other camp related assets. The deadline for submission of proposals/offers is currently set for July 4, 2019. Further details can be found HERE.
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msi Spergel inc. (GRIP), solely in its capacity as Trustee in Bankruptcy (the “Trustee”) of the estate of Classic Glass & Mirror Ltd. (the “Company”), is soliciting offers to purchase the Company’s right, title and interest, if any, in certain assets (the “Assets”), which are being offered for sale on an “as is, where is” and no recourse basis. The deadline for the submission of offers is 2:00 p.m. EDT on June 27, 2019. Further details can be found by clicking HERE.
- Powell Associates Ltd. (GRIP), in its capacity as receiver of Zengo Inc., is selling by tender Canadian & US patents, equipment, inventory & parts for production of RuptureSealTM; an industrial, marine, or RV leak stopping device based in Charlottetown, Prince Edward Island. Tender bids must be received by no later than 1:00 pm on July 12, 2019. To obtain more information, please contact Paul Moffett or click HERE.
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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
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ACG is hosting their 2019 Annual General Meeting on June 17 in Toronto, which will include a guest speaker and networking cocktail reception. Further details can be found HERE.
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IWIRC is hosting an afternoon cruise, which includes lunch, on June 18 in Toronto. Further details can be found HERE.
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CFA Canada is hosting a Lunch and Learn, with the Director and Senior Economist of BMO Financial Group, Sal Guatieri, on June 25 in Toronto. Further details can be found HERE.
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TMA NextGen is hosting a Patio and Charity Event in Toronto on June 25. Further details can be found HERE.
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ACG is hosting a Lunch Meeting on June 25 in Vancouver. Further details can be found HERE.
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ACG is hosting a Leadership Luncheon Panel on June 26 in Toronto. The host will be Michael LeBlanc. Further details can be found HERE.
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ACG is hosting a Young ACG and RMA YP Summer Social on June 27 in Vancouver. Further details can be found HERE.
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TMA is hosting a Summer Cocktail event in Montreal on July 3. Further details can be found HERE.
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ACG is hosting a Young Professionals Summer Social on July 10 in Toronto. Further details can be found HERE.
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ACG is hosting a Business Leaders Golf Tournament on August 13 in Vancouver. Further details can be found HERE.
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CAIRP is hosting its 2019 Annual Conference, in celebration of its 40th anniversary, from August 13 to August 15 in Quebec City. Further details can be found HERE.
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IWIRC is hosting a presentation and discussion on Bill C-97, with IWIRC's 2019 Woman of the Year in Restructuring, Dr. Janis Sarra, on August 16 in Snug Cove, Bowen Island. Further details can be found HERE.
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CAIRP is hosting its 2019 Insolvency and Restructuring Exchange on September 26 in Toronto. Further details can be found HERE.
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IWIRC on the Vine (IOTV) is hosting their 2nd Annual IWIRC on the Vine Conference in Kelowna, British Columbia on September 27-29, 2019. IWIRC is committed to the connection, promotion, and growth of women in insolvency and restructuring professions worldwide. IOTV is a regional conference bringing together bankruptcy and restructuring attorneys, bankers, financial advisors and other professionals. Further details can be found HERE.
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Click HERE to learn more about our Special Situation Finance Group
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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 Zachary Demers. Henry Louis is the editor of the Insolvency Insider publications.
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Have a great week!
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