August 20, 2009 - In the Matter of the Bankruptcy of Tri-Graphic Printing (Ottawa) Limited (“Tri- Graphic”)
Effective August 20, 2009, Tri-Graphic filed an assignment in bankruptcy and Deloitte & Touche Inc. was appointed Trustee of its estate. On the same date, the Court approved a sale of the majority of Tri-Graphic’s assets to a wholly owned subsidiary of Imprimerie Solisco Inc. (the “Purchaser”).
By way of background, Tri-Graphic was a high quality printing company based in Ottawa. One of its main specialties was the printing and binding of books. Due to financial difficulties, Tri-Graphic had originally filed a proposal to its creditors in early 2005 pursuant to the Bankruptcy and Insolvency Act. This proposal was accepted by Tri-Graphic’s creditors and approved by the Court. Tri-Graphic had continued to carry on its business and meet its proposal obligations up until June 30, 2009.
As a result of the recent economic downturn, Tri-Graphic’s business had fallen off and it could no longer afford to make the monthly payments due under its proposal, nor could it continue operating past August 2009. The company had been attempting to sell its business as a going concern for some time. A potential purchaser had been located but was only interested in acquiring the assets of Tri-Graphic and carrying on the business free and clear of any existing liabilities. Tri-Graphic could not complete the sale itself as the value of its assets was less than the amount owed to its creditors.
Since the proposed sale to the Purchaser would yield a significantly higher return for the creditors than a normal bankruptcy liquidation sale, and allow the majority of Tri-Graphic’s business to continue on (with the existing employees), the Trustee applied to Court to immediately complete the sale that had been negotiated between the various parties. Time was of the essence in order to prevent a shut-down of the business which would diminish the value of its assets.
Creditor and general inquiries may be directed to Mazal Ly of Deloitte & Touche Inc. at 613-751-5321.
Letter to Creditors - August 20, 2009
Notice of Bankruptcy and Statement of Affairs
Certificate of Appointment
Motion Record, re: Sale of Assets - August 20, 2009
Court Order - August 20, 2009