By Order dated February 23, 2011, GlassRatner Inc. (“B. Riley Farber”) was appointed National Receiver (the “Receiver“), without security, of all assets, undertakings and properties of Pridamor Toronto Inc., D.D.D. Label Tech (West) Inc., Intercoat Canada Ltd. and Les Solutions Code-X Inc. (the “Debtors” or the “Companies”) acquired for, or used in relation to, a business carried on by the Debtors, including all proceeds thereof.
On February 16, 2011, Media Plus West Inc. and Enviro-Cote, Inc. entered into a Voluntary Surrender Agreement with the group’s primary secured lender.
The Debtors operated as a vertically integrated manufacturer and distributor of pressure sensitive labels.
Status Update
The Receiver of the Companies offered for sale all of the Companies’ current and future assets, undertakings and property of every nature and kind whatsoever (the “Assets“). The Receiver also entertained offers for the assets, undertakings and property of Media Plus West Inc. and Enviro-Cote, Inc. on behalf of the primary secured lender. THE BID DEADLINE FOR OFFERS WAS 4:00 p.m. ON MARCH 17, 2011.
By Order of the Honourable Mr. Justice Morawetz dated April 6, 2011, the Receiver was authorized to enter into an auction services agreement with Danbury Industrial. The Receiver also entered into an asset purchase agreement to sell the assets of D.D.D. Label Tech (West) Inc. to Sunwest Print Corporation.
By Order of the Honourable Madame Justice Mesbur dated June 9, 2011, the Receiver was authorized to distribute funds to the Companies’ primary secured lender, Comerica Bank. This order also authorized the Receiver to make such further distributions as realization funds permit.
Creditor enquiries
For creditor enquiries, please contact:
Gary Lifman
T: 437.294.4619
E: glifman@glassratner.com
The case updates and court filed documents on this website are for information purposes only and you should consult your financial or legal adviser if you have any questions or concerns about your rights or obligations. Additional updates on the status of these proceedings may become available in the future.
Documents
Court Orders & Endorsements