A Canadian company is facing potential closure as a landlord seeks to sell the property it operates from. A court order issued in November 2024 obligates the sale of the property, free and clear of all encumbrances. The company has entered into a Memorandum of Understanding with its creditors, granting them the right to sell the company's assets. The sale is contingent on court approval and requires vacant possession of the property by March 6, 2025, potentially forcing the company to relocate.
”), an entity that is controlled by related parties of the Company, and operates its business from the Property.
Assuming that the Offer receives the required court approval and the Company cannot come to an agreement with the purchaser allowing the Company to continue operations on the Property, the Company will be required to source an alternative location from which to operate its business. Any such disruption in the Company’s operations would have a material and adverse effect on the Company. Moreover, the Company would need to acquire new assets to replace the Company’s Fixtures.
statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
FINANCIAL DISTRESS SALE ASSETS EVICTION COURT ORDER
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