Fiberfil Engineered Plastics Inc.
Last Updated: March 23, 2010
Court-Appointed Interim Receiver and Bankruptcy Trustee of 1676826 Ontario Inc. (formerly operating as Fiberfil Engineered Plastics Inc.) (“Fiberfil”)
Interim Receivership Appointment:
Pursuant to the Order of the Honourable Mr. Justice Wilton-Siegel dated July 24, 2009 (the "Appointment Order”), A. Farber & Partners Inc. was appointed as the Interim Receiver (the “Interim Receiver”) of all of the assets, undertakings and properties of Fiberfil (the “Property”) for the purpose of marketing and selling the Property.
Sale Process:
As part of its Court ordered mandate, the Interim Receiver marketed and sold the Property in a "stalking horse" bid process wherein an auction resulted in a sale price of $5,950,000, being 98% higher than the stalking horse bid. The Court issued the attached Approval and Vesting Order dated September 2, 2009 in that regard. This Order also approved a distribution of funds to the secured creditors. After paying the secured creditors in full, the Interim Receiver still has approximately $1,100,000 on hand.
The sale transactions closed on September 3, 2009. As a condition of closing, Fiberfil changed its name to 1676826 Ontario Inc.
Creditors:
On March 8, 2010, Fiberfil made an assignment in bankruptcy wherein A. Farber & Partners Inc. was appointed trustee (the "Trustee").
The Receiver will apply to Court to seek approval to transfer the remaining funds to the Trustee for distribution to the unsecured creditors pursuant to the provisions of the Bankruptcy and Insolvency Act.
Creditors can obtain a copy of the Notice to Creditors package by clicking on the link below.
Queries about Fiberfil may be directed to Peter Crawley at 416-496-3507 or by email to pcrawley@farberfinancial.com.
Orders
