Current Engagements

ypOne Enterprises Canada, Inc.

Page last updated: September 1, 2009

By Order of Court dated August 11, 2009, A. Farber & Partners Inc. was appointed Interim Receiver and Receiver Manager pursuant to section 47(1) of the BIA of the all assets, undertakings and properties of ypOne Enterprises Canada, Inc. (“ypOne Canada”). ypOne Canada publishes local business directories in 19 communities across Ontario under the name “The Phoneguide”. ypOne Canada had approximately 80 employees, comprised primarily of sales agents and sales managers and a small management team based in London, Ontario. The company was unprofitable for quite some time and efforts to seek a sale and/or refinancing of the businesses have taken place since June 2006. As a result of extensive negotiations, a sales agreement was entered into and signed on August 4, 2009 with Canpages Inc. for sale of substantially all of the assets of ypOne Canada  (hereinafter the “Sales Agreement”).

On August 11, 2009 the Sales Transaction was approved by the Court. The Sales Transaction was closed on August 11, 2009. The consideration from the Sales Transaction will, however, not be sufficient to fully satisfy the secured claims of the primary secured creditor Capital Source Finance LLC, (“CapitalSource”) in fact it is forecast that there will be a substantial shortfall in their overall loan position.

The purpose of this website is to provide information and documents to any interested persons regarding the receivership of ypOne Enterprises Canada Inc. The documents listed below are in pdf format and can be viewed and/or downloaded. Documentation will be sent to all creditors notifying them of the receivership and inviting them to file a proof of claim. However, it is not anticipated that there will be any proceeds at all for unsecured creditors as part of the claims process, given the substantial shortfall the primary secured creditor will face. However, it is intended that a claims process will be conducted to identify potential claims that may be in priority to the secured position of CapitalSource and other secured creditors.

Orders

• Order Appointing Interim Receiver, dated August 11, 2009
• Sale Approval and Vesting Order, dated August 11, 2009