FormerXBC Inc XEBEQ

RE:RE:RE:New report is out Jan 9 - Sale of US assets approved

[dalesio_98]

dalesio_98 wrote: K. The Bidding Procedures set February 7, 2023, as the “Outside Date” by which a transaction must close.

L. Should the Canadian Court enter a CCAA Sale Order, the Foreign Representative intends on promptly filing a motion with this Court (a “U.S. Sale Motion”) seeking, among other things: (a) approval of the sale(s) pursuant to section 363 of the Bankruptcy Code, to the extent such sale(s) contemplates the sale of assets located in the United States; and (b) recognition and enforcement of such CCAA Sale Order.

M. The Debtors will have a need to close a sale on an expedited timeframe following entry of a CCAA Sale Order.

 

Excerpt from page 3:

Order (A) Approving Noticing Procedures for Debtors' Motion for (I) Approval of the Sale of Debtors' Assets; and (II) Recognition and Enforcement of Canadian Court Order Approving the Sale; (B) Setting a Sale Hearing; and (C) Granting Related Relief dated January 9, 2023

G. On September 29, 2022, the Canadian Court entered the Bidding Procedures Order the “CCAA Bidding Procedures Order”) in the Canadian Proceeding, thereby approving, among other things, the Bidding Procedures.

H. The Debtors, with the assistance of the Monitor and the Financial Advisor, and under the oversight of the Canadian Court, are currently conducting a sale process in accordance with the Bidding Procedures.

I. In accordance with the Bidding Procedures, the Foreign Representative anticipates that Successful Bid(s) will be selected by no later than January 13, 2023, at 5:00 p.m. (prevailing Eastern time), and the parties will then have until January 27, 2023, to complete definitive sale documentation.

J. Following the selection of a Successful Bid(s), during the week of January 30, 2023, the Foreign Representative anticipates the Debtor will seek an order from the Canadian Court approving the Successful Bid(s) and authorizing the Debtors to consummate the transactions therein, whereby parties wishing to oppose the entry of an order approving the sale(s) of the Debtors’ Assets (each, a “CCAA Sale Order”) will have the opportunity to object and be heard.

K. The Bidding Procedures set February 7, 2023, as the “Outside Date” by which a transaction must close.

https://www.insolvencies.deloitte.ca/en-ca/Documents/Xebec/Xebec%20-%20Order%20Approving%20Noticing%20Procedures%20DI%2065%20%28time-stamped%29%20%2810896630x7AB84%29.pdf