Despite an apparent flurry of last minute activity, the sale of the assets of 4358376 Canada Inc. has been approved and will go ahead as planned.
In a notice to stakeholders dated today (Dec. 4, 2013), Grant Thornton Limited provides an update on the receivership of 4358376 Canada Inc. and the sale of its assets.
\”Please be advised that on Nov. 4, 2013, the Ontario Superior Court of Justice (the Court) appointed Grant Thornton Limited as the receiver over all of the assets, undertaking and property of 4358376 Canada Inc. (the Company),\” the statement reads, going on to say:
\”Subsequent to the issuance of the receivership court order, the Court made an order, approving the sale of essentially all of the assets and property of the Company and vesting such with the purchaser, 8635919 Canada Inc. (the Purchaser).\”
And it emphasized that:
\”The sale transaction between the receiver and the Purchaser closed and was completed on Nov. 4, 2013.\”
Before continuing:
\”The sale price of the Company\’s assets was less than the total indebtedness to Elleway Acquisitions Limited, the Company\’s primary secured lender. As a result, the receiver does not expect there to be any recovery or distributions to the Company\’s unsecured creditors or direct and indirect equity holders from the Company\’s assets through the receivership proceedings.\”
The statement was signed: Grant Thornton Limited in its capacity as court appointed receiver of 4358376 Canada Inc. and not in its personal or corporate capacity.
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