The Deal Register
Database › Restructuring and insolvency › Wayland Group Corp., 2751609 Ontario Inc.and Nanoleaf Technologies…

Restructuring and insolvency

Wayland Group Corp., 2751609 Ontario Inc.and Nanoleaf Technologies Inc. (Maricann Inc. was also a party in…

Lane
Restructuring and insolvency
Announced
07 Sep 2023
Province
Ontario
Industry
Technology
Status
Closed
Latest event
Sale process launched
What the filing says
As outlined in the 10th Report of the Monitor (dated May 4, 2021), the Applicants require an extension of the Stay Period to November 30, 2021 to provide the Monitor with additional time to, among other things (all terms as defined in the 10th Report of the Monitor): a) Collect additional Conditional Payments pursuant to the SPA; b) Collect income tax credits payable to Wayland and Residual Co. for HST payments made to the CRA; c) Implement a process to preserve and potentially govern the production of documents in the Monitor's possession which may be relevant to the Litigation;
Court file number
CV-19-00632079-00CL
Judicial district
Ontario Superior Court of JusticeDistrict of Toronto
Proceeding opened
02 Dec 2019
Credits
PricewaterhouseCoopers Inc. (court officer)
DIP facility
$10.05 million (DIP facility)“Authorized the Applicants to borrow under a debtor-in possession credit facility, (as amended the " Amended DIP Facility ") with The House of Turlock Ltd., (the " DIP Lender") up to a maximum amount of $10.05 million ;”
stay expiry
2020-01-31“The Initial Order, among other things: Approved a stay of proceedings up to and including January 31, 2020 (" Stay Period "), which applies against the Applicants and its Non-Filing Affiliates (as defined in the affidavit of Mathew MacLeod sworn December 2, 2019) and their property and business;”
stay expiry
2020-05-14“On December 1, 2020, the Court issued an order (the "Stay Extension Order"), extending the stay of proceeding in favour of the Applicants and the Stay Period to and including May 14, 2020 and that the DIP Charge, the KERP Charge and the Payables Charge are discharged.”
stay expiry
2021-11-30“On May 11, 2021, the Court issued an order extending the stay of proceedings in favour of the Applicants and the Stay Period to and including November 30, 2021.”
Source

Compiled from public filings, court documents, exchange bulletins and issuer releases. Figures are as disclosed and are not independently verified.

Not financial, investment, legal or tax advice, and not an offer to buy or sell any security. Verify everything before you transact.

The Deal Register · Archive · Subscribe