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Aqua Greens Inc.

Receivership

Page last updated: June 27, 2022

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 February 16, 2022, pursuant to an order (the “Receivership Order”) of the Ontario Superior Court of Justice (Commercial List) (the “Court”), PricewaterhouseCoopers Inc., LIT (“PwC”) was appointed as receiver and manager (the “Receiver”), without security, of all of the assets, undertakings and properties of Aqua Greens Inc (the "Company"). The Receivership Order was granted pursuant to an application made by Farm Credit Canada (the "Applicant").

In accordance with the provisions of the BIA, a Notice and Statement of the Receiver (the “Notice”) will be sent to all known creditors of the Company. 

A copy of the Notice will be posted on the “Notices” page of this website. Further information on the receivership proceedings will be posted to this site as it is made available.

Status of File as of June 24, 2022

On June 24, 2022, the Court approved the sale of the Company's property as set out in the Receiver's motion materials dated June 2, 2022.  The Court also granted an order authorizing a distribution to certain creditors and the sealing of the confidential appendices to the Receiver's Second Report.  Further details are included in the endorsement of Justice Osborne of June 24, 2022.  The orders and endorsement are included in the Court Orders section of this site.

Status of File as of June 9, 2022

The hearing of the Receiver's motion of June 9, 2022 was adjourned to June 24, 2022.  Further details are included in the endorsement of Justice Gilmore dated June 9, 2022.

Status of File as of June 2, 2022

On June 2, 2022, the Receiver filed its motion with the Court for an order to, among other things:

a) approve a transaction for the Company's property;
b) authorize the Receiver to make certain distributions;
c) approve the activities of the Receiver;
d) approve the fees and disbursements of the Receiver and its counsel; and
e) discharge PwC as Receiver of the property of the Company, subject to the completion of certain remaining duties.

The motion will be heard on June 9, 2022

Status of File as of April 27, 2022

On April 27, 2022, the Receiver filed its motion with the Court for an order to, among other things, seek an increase in the Receiver's borrowing limit under the Receiver's Borrowing Charge (as defined in the Receivership Order).

The motion will be heard on May 3, 2022

Status of File as of April 7, 2022

On April 7, 2022, the Receiver commenced a sales process (the "Sales Process") to solicit interest in the opportunity to acquire all or substantially all of the Property, including in order to continue the operations of the Company in its current location. Further details regarding the Sales Process can be found using the "Sales Process" link provided above. 


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Corporate Advisory & Restructuring

Case Management Team, PwC Canada

Tel: 416-687-8640

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