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NEFCO Furniture Ltd.

BANKRUPTCY

Winnipeg, April 29, 2009 – On April 29, 2009, by Order of the Manitoba Court of Queen’s Bench, Deloitte & Touche Inc. was appointed Trustee of the Estate of NEFCO Furniture Ltd., in Bankruptcy.

The first meeting of creditors of NEFCO will be held on June 4, 2009 at 10:00 a.m. at the Conference Centre, Main Floor, 360 Main Street, Winnipeg MB.  To be entitled to vote at the meeting, a creditor must lodge with the trustee, before the meeting, a proof of claim and, where necessary, a proxy. 

The following Bankruptcy documents are attached:
Notice of Bankruptcy
Statement of Affairs
List of Creditors
Proof of Claim Form

As there are secured creditors totaling approximately $4.4 million, it is unlikely that there will be funds available for distribution to unsecured creditors.

EMPLOYEES

Employee creditors will receive a separate mailing from the Trustee within the next 45 days, advising of the eligibility to make a claim for unpaid severance and termination pay under the federal  Wage Earner Protection Program

INTERIM RECEIVERSHIP

Winnipeg, December 15, 2008 – On December 15, 2008, by Order of the Manitoba Court of Queen’s Bench, Deloitte & Touche Inc. was appointed Interim Receiver (the “Receiver”) of the assets, undertakings and properties of Nefco Furniture Ltd. (“Nefco”).  Nefco had operated furniture stores in Winnipeg and Calgary under the Penthouse, Thomasville, Leather Express and Furniture Galleria names.

The Receiver has contacted all customers where the specific goods were appropriated to the customer and had been paid for in full.  All other customer transactions where only a deposit was made, or where the furniture was not specifically appropriated, were not completed by the Receiver; the claims of these customers rank as unsecured creditors of NEFCO.

On March 4, 2009, by Order of the Manitoba Court of Queen’s Bench, the Receiver sold the remaining NEFCO inventory to Davidson’s Furniture Galleries Ltd. O/A La-Z-Boy Furniture.  There will not be sufficient funds to satisfy the claims of the secured creditors and accordingly it is unlikely that there will be funds available for distribution to unsecured creditors.

Court Documents
Initial Order
Order Approving Sale
Distribution Order
Court Order Discharging Interim Receiver

Reports
First Report of the Interim Receiver 
Second Report of the Interim Receiver

Statutory Documents - Interim Receivership
Form 18 - Notice of Application for Taxation of Accounts and Discharge of Interim Receiver

Other Information
Summary of Legal Bills