Great Lakes Specialty Meats of Canada Inc. and 2268204 Ontario Inc.


In Receivership

Page last updated: December 1, 2014

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 10, 2014, on the application of the Farm Credit Canada (“FCC”), an Order was granted by the Ontario Superior Court of Justice (In Bankruptcy) (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, as amended, that appointed PricewaterhouseCoopers Inc.(“PwC”) as receiver (the "Receiver") of all of the assets, undertakings and properties (the “Property”) of 2268204 Ontario Inc. and Great Lakes Specialty Meats of Canada Inc. (“GLSM”).

Any party with an interest in purchasing the business/assets of GLSM should contact Matt Bueeler of PwC at +1 416 815 5283.

Notice of the Receiver

It has come to the attention of the Receiver of GLSM that certain unauthorized third parties may be promoting the sale of pork products under the GLSM name. These unauthorized third parties are claiming to be certified to receive and send out payments on behalf of GLSM.

Be advised that neither GLSM nor the Receiver has engaged these unauthorized third parties to market products or collect payments for sales on behalf of GLSM.

Should you have any questions or concerns about the third party you are dealing with, please contact the Receiver or GLSM directly at the numbers below to verify the authenticity of the offer.

PricewaterhouseCoopers Inc. – Receiver
Holly Thompson - Telephone No. +1 416 941 8383, Extension 13185,
email holly.a.thompson@ca.pwc.com

Great Lakes Specialty Meats of Canada Inc. – Telephone No. +1 519 348 0099

In accordance with the provisions of the BIA, a Notice and Statement of the Receiver was mailed to all known creditors of GLSM on June 18, 2014.



Status of File at December 1, 2014

On November 25, 2014, the Court issued an order

  1. Approving the Second Report and the Receiver’s activities;
  2. Approving the Receiver’s Final R&D;
  3. Approving the settlement of the intercompany receivable owing from Tasty Chip to GLSM;
  4. Authorizing distributions to FCC and RBC;
  5. Authorizing the distribution to QMP subject to the completion of the assignment of the TD Bank Security to QMP;
  6. Approving the accounts of PwC and Miller Thomson and authorizing and directing the Receiver to pay all unpaid fees and disbursements of PwC and Miller Thomson; and
  7. Discharging the Receiver, subject to the Receiver completing its administration of the receivership proceedings and filing a certificate with the Court confirming that the Receiver has completed all of the necessary to complete the receivership proceedings.

Status of File at November 17, 2014

On November 14, 2014, the Receiver filed its Second Report to the Court to provide the Court with information with respect to:

  1. The Receiver’s activities from the date of the First Report to the date of the Second Report;
  2. The completion of the sale transaction with the Purchaser;
  3. The proposed settlement of the intercompany receivable owing from Tasty Chip (2008) Inc. (“Tasty Chip”) to GLSM;
  4. The Receiver’s cumulative statement of receipts and disbursements from the date of appointment to October 31, 2014 (the “Receiver’s Final R&D”);
  5. The Receiver’s estimate of the accrued and unpaid obligations, outstanding professional fees and forecast cost to be incurred until the completion of the Receivership;
  6. Priority payable amounts; and
  7. The Receiver’s review of the validity and enforceability of the security held by FCC, Royal Bank of Canada (“RBC”) and Quality Meat Packers Limited (“QMP”) in respect of the Property, and the opinion of the Receiver’s independent legal counsel, Miller Thomson LLP (“Miller Thomson”);

and to seek an order of the Court:

  1. Approving the Second Report and the Receiver’s activities;
  2. Approving the Receiver’s Final R&D;
  3. Approving the settlement of the intercompany receivable owing from Tasty Chip to GLSM;
  4. Authorizing distributions to FCC, RBC and QMP;
  5. Approving the accounts of PwC and Miller Thomson and authorizing and directing the Receiver to pay all unpaid fees and disbursements of PwC and Miller Thomson;
  6. Authorizing and directing the Receiver, without need for further order of the Court, to distribute any and all future net recoveries realized by the Receiver; and
  7. Discharging the Receiver, subject to the Receiver completing its administration of the receivership proceedings and filing a certificate with the Court confirming that the Receiver has completed all of the necessary to complete the receivership proceedings.

A motion will be heard on November 25, 2014.

Status of File at September 17, 2014

Pursuant to the Order of the Court dated September 2, 2014 (the "Approval and Vesting Order"), the Court approved the APS between the Receiver and Sofina Foods Inc. and provided for the vesting in the Purchaser of GLSM's right, title and interest in and to the Purchased Assets (as defined in the APS).

The Receiver’s Certificate (as defined in the Approval and Vesting Order) was delivered and an Application for Vesting Order in the form prescribed by the Land Titles Act and/or the Land Registration Reform Act was registered on September 17, 2014, at which time the sale of the Purchased Assets to Sofina Foods Inc. closed.

Status of File at September 10, 2014

On September 2, 2014, the Court granted an order approving, among other things:

  1. the Transaction contemplated by the APS and the APS, and authorizing the Receiver to complete the Transaction;
  2. the Receiver’s First Report and the activities of the Receiver;
  3. the sealing of the Confidential Appendices to the First Report until the completion of the Transaction or until further order of the Court; and
  4. the Receiver’s statement of receipts and disbursements from June 10, 2014 to August 19, 2014.

Status of File at August 25, 2014

On August 22, 2014, the Receiver filed its First Report to update the Court with respect to:

  1. The background to the proceedings and summary of the creditors of the Companies:
  2. The activities of the Receiver since the date of appointment;
  3. The results of the Receiver’s efforts to solicit offers for the Property (the “Sale Process”);
  4. An Agreement of Purchase and Sale dated August 18, 2014 (the “APS”) entered into by the Receiver and Sofina Foods Inc., (the “Purchaser”) for the sale of the Purchased Assets (as described in the First Report), subject to the Court’s approval; and
  5. The Receiver’s statement of receipts and disbursements from June 10, 2014 to August 19, 2014.

and to seek an order of the Court:

  1. Approving the transaction contemplated by the APS and authorizing the Receiver to complete the transaction;
  2. Temporarily sealing the un-redacted APS pending the completion of the Transaction;
  3. Approving the First Report and the activities of the Receiver; and
  4. Approving the Receivers statement of receipts and disbursements from June 10, 2014 to August 19, 2014.

A motion will be heard on September 2, 2014.



This Web site will be updated as information becomes available.

For more information, please contact: Barbara Foster, Telephone: +1 941 8383 ext 13404, or via Email.
 

Contact us

Barbara Foster

Tel: +1 416 941 8383 ext 13404
Email