1733073 Ontario Inc. (o/a Hotel Quinte)
Page last updated: March 2, 2012
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
On May 27, 2011, on the application of General Electric Canada Real Estate Finance Inc. and GE Canada Equipment Financing G.P./G.E. Canada SCNC (“GE”), an Order was granted by the Ontario Superior Court of Justice (Commercial List) (the “Court”), pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the “BIA”) and section 101 of the Courts of Justice Act, R.S.O. 1990, c.C-43, that appointed PricewaterhouseCoopers Inc. as receiver (the "Receiver") of all of the assets, undertakings and properties (the “Property”) of 1733073 Ontario Inc. (“1733073” or the “Company”).
In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was mailed to all known creditors of the Company on June 3, 2011.
Status of file as of March 2, 2012
On March 2, 2012, the Court issued an order approving the Fourth Report of the Receiver. The Court ordered that upon filing the Discharge Certificate, PwC will be released and discharged from any and all liability.
Status of file as of February 24, 2012
On February 23, 2012, the Receiver prepared its Fourth Report to the Court to provide the Court with information in respect of:
- the Receiver’s activities that are not directly related to the Sales Process since the date of the Supplemental Report including the various repairs and maintenance issues at Hotel Quinte;
- the sale of the Hotel Quinte;
- the Receiver’s statement of cash receipts and disbursements to February 22, 2012, including the Receiver’s estimate of accrued and unpaid obligations, to complete the administration of the Receivership proceedings; and
- the review of the Receiver’s independent legal counsel with respect to the validity, enforceability and priority of the security held by GE in respect of the property;
and seek an order approving the above and:
- authorizing and directing the Receiver to distribute the balance of funds held by the Receiver to GE and distribute to GE any and all future net recoveries realized by the Receiver until GE is paid in full;
- discharging the Receiver, subject to the Receiver completing its administration of the Receivership proceedings and certain remaining necessary to culminate the Receivership proceedings; and
- declaring that PwC is released and discharged from any and all liability as Receiver of the Company, effective upon filing the Discharge Certificate.
Status of file as of January 13, 2012
On January 13, 2012, the Court issued an Order approving the Third Report and the activities of the Receiver. The Court also issued an Order approving the Sale Transaction.
Status of file as of December 29, 2011
On December 28, 2011, the Receiver prepared its Third Report to provide the Court with information in respect of the Sales Process conducted by the Receiver, the amended and restated asset purchase agreement dated December 22, 2011 entered into by the Receiver and 2310561 Ontario Inc. (the “Amended APA”) with respect to the sale of the Hotel Quinte and to provide the Court with an update on the Receiver’s activities since the date of the Supplemental Report and the Receiver’s statement of cash receipts and disbursements for the period from May 27, 2011 to December 18, 2011 (the “Second R&D”); and to seek an order of the Court:
- ratifying the execution of the Amended APA by the Receiver;
- approving the Amended APA and the Sale Transaction;
- vesting the Company’s right, title and interest in and to the Purchased Assets in the Purchaser;
- authorizing and directing the Receiver, numc pro tunc, to redact from the Third Report certain commercially sensitive information relating to the Sale Transaction;
- sealing the unredacted version of the Third Report until after the closing of the Sale Transaction, or further order of this Court;
- approving the Receiver’s Third Report and the activities of the Receiver; and
- approving the Receiver’s Second R&D.
A motion will be heard on January 13, 2012.
Status of file as of October 5, 2011
The Bid Deadline to submit a binding offer for the purchaser of Hotel Quinte, has been extended to 5:00 p.m. Eastern Standard Time on Thursday, October 20, 2011.
Status of file as of October 4, 2011
On October 3, 2011, the Court issued an Order approving the First Report and the Supplemental Report and the activities and conduct of the Receiver.
Status of file as of August 5, 2011
At a court hearing on August 5, 2011, the Court issued an Order:
- approving a sales process as described in the Second Report of the Receiver;
- authorizing the Receiver to carry out the sales process, subject to any amendments or modifications considered to be appropriate by the Receiver;
- approving the Exclusive Sales Listing Agreement entered into between the Receiver and Cushman & Wakefield Ltd;
- amending the appointment order to increase the amount the Receiver is authorized to borrow under the Receiver's Borrowings Charge;
- approving the Receiver's Statements of Receipts and Disbursements for the period May 27, 2011 to July 17, 2011; and
- approving the Second Report of the Receiver and the activities and conduct of the Receiver reported therein.
A copy of the Court Order and the endorsement of Justice Wilton-Siegel can be found in the Motion Materials section of this website.
This Web site will be updated as information becomes available.