Innova Global Limited

Receivership

Page last updated: July 18, 2019

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 as of June 24, 2019: 

PricewaterhouseCoopers Inc. LIT (the “Receiver”) was appointed as Receiver-Manager over the assets of Innova Global Inc. and related Innova entitles, including Innova Consolidated Fabricators, (collectively the “Innova Entities”, or “Innova”) pursuant to an order from the Alberta Court of Queen’s Bench dated April 1, 2019 (the “Receivership Order”). On April 18, 2019, the United States Bankruptcy Court for the Northern District of Oklahoma, Case No. 19-10653, entered an Order Granting Petition For Recognition As Foreign Main Proceeding Pursuant To Sections 1515 And 1517 Of The United States Bankruptcy Code And Related Relief (“Recognition Order”) recognizing the Receiver as foreign representative under Chapter 15 of the United States Bankruptcy Code. Copies of the various orders can be found on our website at www.pwc.com/ca/innova. 

The Receiver is in the process of selling certain CFI assets, as more clearly identified in document uploaded under "Notices" on this website titled "Sale of CFI Assets- Asset Listing- June 24, 2019". The Receiver expects to move forward with a stalking horse bid of USD $632,317 for the Purchased Assets, located on or within the Braden CFI Facility at 17 St. Mark Street, Auburn Massachusetts (the "Premises"). The stalking horse bid will include entering into an occupancy agreement of the Premises with the landlord, requiring that rent of of $27,341.58 be paid for July and August, 2019, and that all assets be removed from the Premises prior to August 30, 2019. The sale is anticipated to close with approval from the United States Bankruptcy Court by July 15, 2019. 

If you are interested in further information about the bid process and agreements with respect to these assets, please contact Liam Murphy at Liam.D.Murphy@PwC.com


This Web site will be updated as information becomes available.

For more information, please contact: Philipp Krosanke, telephone: +1 403 509 7382, Email.

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Philipp Krosanke

Senior Associate, PwC Canada

Tel: +1 403 509 7382

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