Toronto-based GrowthWorks Canadian Fund Ltd. says it did not receive an acceptable offer in its sales process, leaving it in discussions with creditors about how to maximize the value of its assets.<\/p>\n
The fund, which was granted creditor protection last year, issued a status update on its sales process, indicating that it didn’t receive any acceptable bids during its two-stage sales process. There were six possible suitors participating in the process, and it received two proposals, it says.<\/p>\n
However, neither bid was adequate, it notes, as they didn’t provide enough cash to cover its obligations to secured creditor, Roseway Capital. “Following discussions between the fund, its advisors, FTI Consulting Canada Inc. in its capacity as court-appointed monitor and Roseway and its advisors, neither proposal was accepted,” it reports.<\/p>\n
As a result, the fund says that it is in discussion with Roseway, their respective advisors, and the monitor, “to formulate an appropriate asset management and realization plan, with a view to maximizing the return on the fund’s portfolio investments for the benefit of its stakeholders.”<\/p>\n
In the meantime, it has obtained an extension from the Ontario Superior Court of Justice, extending a stay of proceedings and certain creditor claims to April 10. The previous order was slated to expire March 7.<\/p>\n
The fund also notes that it is still in default of its continuous disclosure obligations, as it has yet to file its audited annual financial statements and fund performance report for the year ended August 31, 2013. It says that it still intends to file the required financials and other continuous disclosure documents as soon as it is “commercially reasonable”, or as required by the court under its bankruptcy proceedings.<\/p>\n","protected":false},"excerpt":{"rendered":"
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