Janda Products Canada Limited o/a New Way Sales
Court-Appointed Interim Receiver of Janda Products Canada Limited o.a. NEW WAY SALES (“NWS”)
Business Opportunity:
Interim Receivership Appointment:
Pursuant to the Order of the Honourable Mr. Justice Marrocco dated May 4, 2009 (the "Receivership Order”), A. Farber & Partners Inc. was appointed as the Interim Receiver (the “Interim Receiver”) of all the current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situate of NWS (the “Property”) comprising the business of New Way Sales.
Creditors:
The Interim Receiver is not a “Receiver” as defined in the Bankruptcy and Insolvency Act, so no notices will be mailed to the creditors and there is currently no formal claims process. Should NWS be placed into bankruptcy, the Trustee will send a separate notice at that time, together with the requisite claims documentation. Based on current information, the Interim Receiver anticipates a shortfall to the secured creditors; accordingly, there will be no funds available for unsecured creditors.
Sale Process:
New Way Sales operates arcade services in over 150 movie theater lobbies and large destination entertainment centres as well as over 100 stand-alone arcade centres in
The Receiver is marketing the Property for sale on an expedited basis. The deadline for submission of offers is 5:00 p.m. EDT, May 25, 2009.
The Interim Receiver notes that it has accepted an offer that has been approved by the Court (the “Stalking Horse Offer”) for $4,750,000 due immediately upon closing. Accordingly, any potentially interested party will have to offer in excess of $4,750,000 pursuant to the terms and conditions set out below.
Parties interested in submitting an offer better than the Stalking Horse Offer should first read familiarize themselves with the Terms and Conditions of Sale noted below. If you are still interested, complete and sign the Confidentiality Agreement and return it by fax or by email to John Hendriks CA•CIRP at 416-496-3839 or jhendriks@farberfinancial.com.
Qualified interested parties will then be given a user name and password to access the Interim Receiver’s virtual data room with the Confidential Information (as defined in the Confidentiality Agreement) which the interested party can review for its due diligence. The Interim Receiver notes that neither the Interim Receiver, nor any of its officers, directors, advisers, agents or employees make any representation or warranty (express or implied) or shall have any responsibility or liability whatsoever or howsoever arising in respect of any Confidential Information or any other information supplied to you hereunder or of the accuracy or completeness thereof or of any other matter concerning NWS or that such information will remain unchanged. In particular, but without prejudice to the generality of the foregoing, any projected results for future periods or management accounts which may be contained in the information which you will receive are for indicative purposes only and, while they may represent the current estimates of the management of NWS, neither the Interim Receiver, nor its officers, directors, advisers, agents or employees warrant, or in any way accept liability for, their accuracy. You must make your own independent assessment of New Way Sales, and rely on your own judgment in reaching any conclusion.
Queries about New Way Sales may be directed to John Hendriks at 416-496-3701 or by email to jhendriks@farberfinancial.com.
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