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 June 11, 2012, pursuant to an application by Pinnacle Capital Resources Limited in its capacity as general partner of Red Ash Capital Partners II Limited Partnership ("Red Ash"), the Ontario Superior Court of Justice (Commercial List) (the "Court") granted an Order pursuant to section 243(1) of the Bankruptcy and Insolvency Act, R.S.C. 1985, c.B-3, as amended (the "BIA") appointing PricewaterhouseCoopers Inc. ("PwC") as receiver of all of the assets, undertakings and properties of respect of Kraus Inc., Kraus Canada Inc., and Strudex Fibres Limited and 538626 B.C. Ltd. (collectively the "Companies"). A copy of the Order can be found in the Court Orders section of this website.
On the same day, the Court authorized and approved the sale transaction contemplated by an asset purchase agreement between (the “Sale Agreement”) between the Receiver and Kraus Brands LP (the “Purchaser”), as described in the Interim Receiver and Proposed Receiver’s Second Report to the Court dated June 10, 2012, and vesting in the Purchaser the Purchased Assets (as defined in the Sale Agreement). A copy of Sale Approval and Vesting Order can be found in the Court Orders section of this website. A Copy of the Interim Receiver and Proposed Receiver’s Report can be found in the Reports section of this website.
On June 13, 2012, the corporate names of Kraus Inc., Kraus Canada Inc. and Strudex Fibres were changed as required by the Sale Agreement to 1743122 Ontario Inc., 3851168 Canada Inc. and 798862 Ontario Limited respectively.
For information on the bankruptcy proceedings, please visit our website at www.pwc.com/car-krausbankruptcy.
On November 9, 2012, the Court granted an order that:
The Court dismissed Equistar’s motion except for the portion relating to the unsealing of the Confidential Appendices which was adjourned to be brought back on, if so desired, on proper notice to Red Ash and the Receiver. A copy of the Order and the Endorsement of the Honourable Mr. Justice Pattillo is posted under the Court Orders tab.
On November 5, 2012, the motion was further adjourned to November 7, 2012.
On October 9, 2012, the Receiver filed its Fourth Report to the Court to:
A motion will be heard on October 16, 2012. On October 16, 2012, the motion was adjourned until November 5, 2012.
On June 11, 2012, pursuant to applications made by Pinnacle Capital Resources Limited, in its capacity as general partner of Red Ash Capital Partners II Limited Partnership, the Ontario Superior Court of Justice in Bankruptcy and Insolvency issued orders pursuant to the Bankruptcy and Insolvency Act, R.S.C. 1985, c B-3 as amended (the “BIA”) adjudging each of Kraus Inc., Kraus Canada Inc. and Strudex Fibres Limited (the “Companies”) bankrupt. All details on the bankruptcy is posted on the bankruptcy website at www.pwc.com/car-krausbankruptcy.
This Web site will be updated as information becomes available.