On May 16, 2022, the Freshlocal Group obtained an initial order from the Supreme Court of British Columbia granting Freshlocal Group creditor protection under the CCAA.
On July 19, 2022, the Court approved Ernst & Young as the monitor to undertake a sales and investment solicitation process (SISP) for the sale of the Freshlocal Group’s business.
On October 18, 2022, the Court granted an order for the purchase and sale of certain Freshlocal Group entities by way of a reverse-vesting order to sell the business as a going concern and preserve tax losses. The sale transaction transferred substantially all of the assets and operations of the Freshlocal Group to the purchasers, 1381582 B.C. Ltd. and Third Eye Capital Corporation. As part of this reverse vesting order, all unwanted assets and liabilities were vested into a “ResidualCo”, a special purpose entity to be incorporated by the monitor.
The CCAA proceeding concluded on June 27, 2023.