Bankruptcy
Gyroscopic Inc. (“Gyroscopic“) filed an assignment in bankruptcy on September 22, 2023, and Baigel Corp., Licensed Insolvency Trustee (“Baigel“), was appointed as trustee of the estate of the bankrupt by the Official Receiver.
Receivership
On February 26, 2024, the Ontario Superior Court of Justice (Commercial List) (the “Court“) issued an order (the “Receivership Order“) providing for, among other things, the appointment of Baigel as receiver (in such capacity, the “Receiver“) of all the assets, properties, and undertakings (the “Property“) of Gyroscopic, pursuant to section 243(1) of the Bankruptcy and Insolvency Act (the “BIA“) and section 101 of the Courts of Justice Act. The application for the appointment of the Receiver was made by BACI Gyroscopic GP Inc., in its capacity as general partner of BACI Gyroscopic Limited Partnership (in such capacity, the “Applicant“).
The Sale Process
Also on February 26, 2024, the Court issued an Order (the “Sale Process and Stalking Horse Approval Order“) that provided for, among other things, the approval of (1) a marketing and sale process (the “Sale Process“) for the Property of Gyroscopic, and (2) a stalking horse asset purchase agreement (the “Stalking Horse APA“) between the Receiver and BACI Gyroscopic GP Inc. (in such capacity, the “Stalking Horse Bidder“). The Sale Process, and bidding procedures thereof, is more fully described in the Pre-Filing Report of the proposed Receiver, dated February 21, 2024. A copy of the bidding procedures memorandum is included in the Sale Process and Stalking Horse Approval Order as Schedule “A”.
Parties interested in making inquiries or participating in the Sale Process may contact the Receiver to obtain a non-disclosure agreement and other details regarding the Sale Process and the Property for sale. Please note that the final date for submission of bids is 5:00 p.m. (Toronto time) on 2 April 2024.
Creditor/Stakeholder and Sale Process Inquiries
Inquiries of creditors and stakeholders and parties interested in the Sale Process may be directed to the attention of the following:
Mr. William Gertler, MBA, CIRP
Corporate Estate Associate
Tel: +1 (416) 224-4350 ext. 220
Email: gertler@baigel.ca
Please be advised that all documents posted below are for information purposes to stakeholders and do not constitute advice.
Court Orders and Endorsements
- Receivership Order – 26 February 2024
- Sale Process and Stalking Horse Approval Order – 26 February 2024
- Counsel Slip and Endorsement of Justice Conway – 26 February 2024
Application and Motion Materials
- Application Record – Applicant – 21 February 2024
- Factum – Applicant – 22 February 2024
- Abbreviated Book of Authorities – Applicant – 22 February 2024
- Pre-Filing Report of the Proposed Receiver – Receiver – 21 February 2024