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Priszm - Status Updates
| Stay Period Extension Granted | September 21, 2011 |
| Effective Sept 21, 2011, RSM Richter was appointed as Receiver and can be contacted at the following: Lana Bezner RSM Richter Inc. 200 King Street West, Suite 1100, Toronto, ON M5H 3T4 Tel: 416.932.6009 Fax: 416.932.6200 lbezner@rsmrichter.com www.rsmrichter.com . |
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| Stay Period Extension Granted | June 30, 2011 |
| The Stay Period extension has been granted until September 30, 2011 . | |
| Directors & Officers Claims Solicitation Process Granted | June 30, 2011 |
| See court order, notice material and claim forms under the D&O Claims Process section of this website | |
| June 1, 2011 | |
| On June 1, 2011, the Priszm Entities completed the sale of 200 restaurants located in Ontario and BC and 4 restaurants located in Quebec to Soul Restaurants Canada Inc. . | |
| May 30, 2011 | |
| On May 30, 2011, the Priszm Entities obtained an Order approving the sale of 204 restaurants to Soul Restaurants Canada Inc as described in the Monitor’s 2nd Report. The transaction is scheduled to close on May 31, 2011, subject to the satisfaction of the remaining conditions. . | |
| May 24, 2011 | |
| On May 24, 2011, the Priszm Entities filed a notice of motion seeking, among other things, the approval of the sale of 204 restaurants to Soul Restaurants Canada Inc. (“Soul”). On the same date, the Priszm Entities filed a notice of motion for an order pursuant to section 11.3 of the CCAA assigning to Soul those leases included in the sale for which landlord consent to assignment is required but has not yet been received. . | |
| April 29, 2011 | |
| On April 29, 2011, the Court granted an extension of the stay of proceedings up to and including June 30, 2011. . | |
| April 12, 2011 | |
| In September 2010, the Priszm Entities commenced a sales process in an effort to divest some of their restaurants. As a result of this sales process, there is a current Asset Purchase Agreement (the “APA”) for the sale of 231 restaurants in Ontario and British Columbia. The transaction under the APA remains subject to customary closing conditions, the obligation to obtain the consent of a required number of landlords and material contract counterparties to the assignment of such leases and contracts, and the consent of both the Franchisor and Prudential.
The Priszm entities are currently undergoing a sales process for their remaining restaurants and received a number of expressions of interest on March 22, 2011. The Priszm Entities are in the process of reviewing these offers and will be negotiating with the potential acquirers in order to maximize recovery for stakeholders and provide for a going concern solution for the business. . |
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| March 31, 2011 | |
| By Order of the Ontario Superior Court of Justice (the “Court”) dated March 31, 2011 (the “Initial Order”), Priszm Income Fund, Priszm Canadian Operating Trust, Priszm Inc. and Kit Finance Inc. (collectively, the “Applicants”) sought and obtained an Initial Order (the “Initial Order”) under the Companies’ Creditors Arrangement Act (the “CCAA”). The Initial Order also granted relief in respect of Priszm Limited Partnership (“Priszm LP”) (together with the Applicants, the “Priszm Entities”) and granted a stay of proceedings until April 29, 2011 or such later date as the Court may order. FTI Consulting Canada Inc. (“FTI”) was appointed as monitor (the “Monitor”) of the Priszm Entities. | |
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