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Blendforce - Status Updates

November 09, 2017

On November 9, 2017 the Court granted three orders. 1) An approval and vesting Order approving the sale and vesting of Blendforce's assets to Pure Environmental ("Pure Sale") and authorizing the Receiver to make various distributions to secured/priority creditors ("Approved Distributions"). 2) A discharge Order allowing the Receiver to be discharged upon closing the Pure Sale, making the Approved Distributions, assigning Blenforce into bankruptcy and completing minor administrative tasks. 3) A bankruptcy order authorizing the Receiver to assign Blendforce into bankruptcy, the Bankruptcy, once initiated, will be used to facilitate a claims process for the remaining creditors of Blendforce.

August 18, 2017

On August 18, 2017 an order was granted appointing FTI Consulting Canada Inc. as receiver and manager ("Receiver") over the assets and undertakings of Blendforce Energy Services Inc. ("Blendforce"). The Receiver's intention is to market and sell the property for the benefit of the Blendforce creditors. The sales and marketing process will be undertaken in a manner consistent with the sale and investment solicitation procedures ("SISP") outlined in Exhibit M of the Affidavit of Doug Bailey filed August 16, 2017 ("Bailey Affidavit"). The Bailey Affidavit can be found in the Motion Materials section of this website. The SISP contemplates a stalking horse bid from Razor Energy Corp. The terms of the stalking horse bid are outlined in the an asset purchase agreement ("Razor APA") attached as Exhibit N to the Bailey Affidavit. The SISP and the Razor APA were both approved by Order of the Court granted on August 18, 2017.

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