On August 6, 2024, the Ontario Superior Court of Justice (Commercial List) (the "Court") issued an order (the "Initial Order") pursuant to the Companies' Creditors Arrangement Act ("CCAA"). The Initial Order provided for certain relief, including a stay of proceedings against 1000370759 Ontario Inc. and Galaxie Brands Corporation (collectively, the “Debtors”) and ordered that KPMG Inc. be appointed as Court-appointed monitor of the Debtors (in such capacity, the “Monitor”).
Background
Sale and investment solicitation process
On August 15, 2024, the Court granted an order, which among other things, approved (i) a sale and investment solicitation process (the "SISP") and (ii) a stalking horse subscription agreement dated August 15, 2024 (the "Stalking Horse Agreement"). Copies of the Bidding Procedures in connection with the SISP, and the Stalking Horse Agreement can be found within the Sale and investment solicitation process section below. Pursuant to the Bidding Procedures, the deadline by which all interested buyers must submit bids to the Monitor in connection with the SISP was September 24, 2024 at 5:00pm EST.
On November 28, 2024, the Court granted an order, which among other things, an Approval and Vesting Order for the Transaction.
On December 9, 2024, the Monitor filed it's Monitor's Certificate with the Court and the transaction was closed. A copy of the Monitor's Certificate can be found below.
Contact
KPMG Inc.
Phone: 514-840-2311
reclamation@kpmg.ca
kpmg.com/ca/9249206
kpmg.com/ca/9249206-fr
Court materials
Orders
Sale and investment solicitation process
Service list
Bankruptcy proceedings
1001069328 Ontario Inc. (1001069328, the "Bankrupt") filed an assignment on the 8th day of April, 2025 and KPMG Inc. was appointed as Trustee of the Estate of the Bankrupt by the official receiver. The First Meeting of Creditors of the Debtor was be held virtually on the 29th day of April 2025 at 11:00 AM (Eastern Standard Time).
