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 March 14, 2011, on a motion made by GE Canada Finance Holding Company (“GE Canada”), an order (the “Receivership 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") appointing PricewaterhouseCoopers Inc. as receiver (the "Receiver") of the following property and assets of Voyageur Maritime Trading Inc. (“Voyageur”):
On October 25, 2011, the Court issued an Order approving the activities and fees of the Receiver and its legal counsel and discharging and releasing PricewaterhouseCoopers Inc. as Receiver of Voyageur.
On October 12, 2011, the Receiver prepared its Third Report to provide the Court with an update of the Receiver’s activities since the date of the Second Report, and to seek an Order: (i) approving the activities of the Receiver including the Receiver’s Statement of Receipts and Disbursements; (ii) approving the fees and disbursements of the Receiver and that of its legal counsel; and, (iii) ordering that PwC be released and discharged from any and all liability provided that PwC shall remain Receiver for the performance of duties incidental to the completion of the Receivership Proceedings. A motion will be heard on October 25, 2011.
In its capacity as court appointed broker in the Federal Sale Process (as defined below), Marcon International Inc. entered into a conditional asset purchase agreement (“APA”) with Rand Logistics, Inc. (the “Purchaser”) for the sale of the Ship. On July 15, 2011 the APA was approved by Order of Prothonotary Aalto of the Federal Court (the “Sale Approval Order”). On July 21, 2011, the Ship was sold to Lower Lakes Towing Inc. (“Lower Lakes”) as a designated subsidiary of the Purchaser, as set out in the Sale Approval Order. Accordingly, pursuant to paragraph 3(h) of the Receivership Order, the Receiver released possession of the Ship, and the other Property included in the APA that was in the Receiver’s possession, to Lower Lakes.
On May 31, 2011 a motion was heard before the Court for an order to amend the Receivership Order to allow access to the Ship to any party (including but not limited to film crews) for any purpose provided that sufficient insurance or other safeguards are in place to protect the Property and such access will not negatively impact the sale process, on terms acceptable to the Receiver, in consultation with the Applicant. An Order was granted on May 31, 2011.
On April 7, 2011, the Receiver prepared its Second Report to the Court to seek an Order (a) approving the Receiver’s request to increase the limit on borrowings by the Receiver as provided in the Receivership Order from $250,000 to $500,000; and (b) approving the First and Second Reports of the Receiver, including the Receiver’s statement of receipts and disbursements, and the receiver’s activities.
On April 4, 2011, by order of the Federal Court (Court File No. T-416-11) a federal sales process (the “Federal Sales Process”) was approved for the vessel named “Maritime Trader” along with all assets of Voyageur ordinarily located on the Maritime Trader or required for its operation but removed there from wherever located, and all other assets of Voyageur otherwise related to or used in connection with the Maritime Trader. The Federal Sales Process will be administered by Marcon International, Inc.
As provided in the Receivership Order, the Receiver's duties relate primarily to preserving and safeguarding the Maritime Trader, accordingly the Receiver will not be directly involved and will not be updating this website with further information relating to the Federal Sales Process. For further information relating to the Federal Sales Process, please see the information below:
Brian K. Peterson, Broker
Marcon International, Inc.
Telephone: (360) 678-8880
On March 24, 2011, the Receiver prepared and mailed to all known creditors, its Notice and Statement of the Receiver, pursuant to the provisions of the BIA. A copy of the Notice has been posted under the Receiver’s Reports tab.
On March 18, 2011 the Receiver prepared its first report to Court requesting that the Court grant an Order directing WestPier Marine & Industrial Supply Inc. (“WestPier”) to complete with the terms of the Receivership Order, including among other things, granting the Receiver access to certain Property of the Company stored with WestPier.
A motion will be held on March 18, 2011.
On March 17, 2011, the Court approved an Order that the Receivership Order will be continued and extended until further order of the Court.
On March 17, 2011, a motion will be heard for an Order that the Receivership Order will not expire on March 17, 2011 but is continued and extended until further order of the court.
This Web site will be updated as information becomes available.