On May 19, 2023, DecisionOne Corporation, a corporation formed under the laws of New Brunswick ("DecisionOne", the "Company" or the "Vendor"), filed a Notice of Intention to Make a Proposal (the “NOI”) under subsection 50.4(1) of the Bankruptcy and Insolvency Act (Canada) (the “BIA”). KPMG Inc. ("KPMG") consented to act as trustee under the proposal.
On June 5, 2023, the Court granted an order approving, among other things, (i) an asset purchase agreement dated May 22, 2023 between the Company and STC Lender LP (the "Stalking Horse Agreement"), for substantially all of the Company's assets and undertakings (the "Sale") and (ii) the sale and investment solicitation procedures governing the marketing and sale of the Vendor's business and assets (the "Sale Procedures"). In accordance with the Sale Procedures, the deadline for Qualified Bids to be submitted has been set for June 20, 2023, at 5:00 p.m EST (the "Bid Deadline"). The Company was granted an extension of the time to file a proposal to and including July 19, 2023.
On June 22, 2023 the transaction between DecisionOne Corporation and STC Lender LP closed pursuant to the Stalking Horse Agreement.
On July 20, 2023, DecisionOne was deemed to have made an assignment in bankruptcy pursuant to section 50.4(8)(a) of the Act as the proposal was not filed on July 19, 2023. The Proposal Trustee was appointed as the trustee-in-bankruptcy (the “Trustee”) of the Estate of the Bankrupt by the Official Receiver, subject to affirmation by the creditors of Trustee’s appointment or substitution of another Trustee by the creditors.
The First Meeting of Creditors of DecisionOne will be held by teleconference on the 3rd day of August, 2023 at 11:30 AM Eastern Time. Teleconferencing details are as follows:
Phone Conference ID: 871538129#, 647-794-1236.
