FTI Consulting Canada, in its capacity as court-appointed monitor of Chesswood Group Limited, Case Funding, Chesswood Holdings, Chesswood US Acquisitionco, Pawnee Leasing, Lease-Win Limited, Windset Capital, Tandem Finance, Chesswood Capital Management, Chesswood Capital Management USA, Rifco National Auto Finance Corporation, Rifco, Waypoint Investment Partners and 1000390232 Ontario (collectively, the CCAA Parties) pursuant to the Companies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the CCAA), is conducting a sale and investment solicitation process (the SISP) in respect of certain of the CCAA Parties. The SISP is intended to solicit interest in, and opportunities for: (i) one or more sales or partial sales of all, substantially all, or certain portions of their assets or business operations; and/or (ii) an investment in, restructuring, recapitalization, refinancing or other form of reorganization of the applicable CCAA Parties or their business operations, or any combination thereof.
On Oct. 29, 2024, the Ontario Superior Court of Justice issued an Initial Order pursuant to the CCAA in respect of the CCAA Parties, which was thereafter amended and restated. The CCAA Proceedings have been recognized as foreign main proceedings pursuant to a final order of the U.S. Bankruptcy Court for the district of Delaware under Chapter 15 of Title 11 of the United States Code.
The SISP and related bidding procedures were approved by the court pursuant to a SISP Approval Order dated Dec. 19, 2024, made in the CCAA Proceedings. The SISP and related bidding procedures set forth the manner in which interested parties may be provided with an opportunity to participate in the SISP and submit offers, including receipt of a process summary describing the opportunity and access to a virtual data-room following execution of a non-disclosure agreement acceptable to the FTI Consulting as monitor. All interested parties are encouraged to submit offers based on any form of opportunity that they may elect to advance pursuant to the SISP.
Interested parties who wish to submit a bid in the SISP must deliver an executed NDA in accordance with the SISP. Final binding offers are due by no later than 5:00 pm (prevailing Eastern Time) on Jan. 20, 2025, unless extended in accordance with the terms of the SISP. Interested parties should refer to the SISP for information pertaining to other important deadlines and processes thereunder.
Those who are interested in participating in the SISP can contact Dean Mullett at Dean.Mullett@fticonsulting.com.
Copies of the Initial Order, the amended and restated Initial Order, the SISP Approval Order, the SISP, and related materials may be obtained from the website of the Monitor at: https://cfcanada.fticonsulting.com/Chesswood/.
