FormerXBC Inc XEBEQ

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

[ZouZS3]

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. 

[dalesio_98]

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   https://www.insolvencies.deloitte.ca/en-ca/Documents/Xebec/Xebec%20-%20Order%20Approving%20Noticing

[dalesio_98]

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

[Grenfalf]

Is there anything positive for shareholders on this sale or does it spell the end of this company and my investment?

[Pleaseandthanku]

This post has been removed in accordance with Community Policy

[Grenfalf]

Moving this to top, hard to believe this group has nothing to say

[Possibleidiot01]

Until the details come out , it's impossible to say . Old saying , prepare for the worst and if it doesn't happen , be happy.

[dalesio_98]

  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

[Grenfalf]

I'll take a stab at translating what all this means.  A key part of xbc will soon be sold to pay the creditors.  The transaction will very likely take place and by Feb 7th it can be concluded that what's left of the company has no value.  The winners are the bank, lawyers, accountants, and executive who have turned this company into dust while receiving high salaries.