Salerno Plastic Film and Bags (Canada) Inc., Salerno Plastic Film and Bags (USA) Inc. and Salerno Property Inc.

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Receivership

Page last updated: July 14, 2011

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.


Status of file as at July 12, 2011

On July, 2011, the Receiver issued a ''First Interim Report'' in accordance with Section 246(2) of the Bankruptcy and Insolvency Act.

Status of file as at March 30, 2011

On March 30, 2011, the Receiver issued a certificate attesting the completion of the sale transaction regarding the assets of the Debtors on March 29, 2011.

Status of file as at March 29, 2011

On March 29, 2011, the sale of the assets of the Debtors was completed pursuant to the Asset Purchase Agreement dated March 4, 2011.

Status of file as at March 18, 2011

On March 18, 2011, a motion was presented to obtain the approval from the Court to complete the sale transaction regarding the assets of the Debtors. On the same day, an order was issued authorizing the contemplated sale.

Status of file as at December 6, 2010

On December 6, 2010, PricewaterhouseCoopers Inc. (“PwC”) was appointed Receiver in respect of the properties of Salerno Plastic Film and Bags (Canada) Inc., Salerno Canada Property Inc. and Salerno Plastic Film and Bags (USA) Inc. (collectively the “Debtors”). Also, on December 6, 2010, PwC filed a Motion for Emergency and Final Relief seeking recognition of the Canadian proceedings in the United States.

Status of file as at December 15, 2010

On December 15, 2010, the Receiver sent to all known creditors the Notice and Statement of the Receiver to which was attached a Creditors List as well as a notice informing them of the procedure instituted in accordance with the Chapter 15 of the United States Bankruptcy Court.


This Web site will be updated as information becomes available.

For more information, please contact: Christian Martineau, Telephone: +1 514 205 5680, Fax: +1 514 205 5694.