skyservice airlines inc. - fti consultingcfcanada.fticonsulting.com/skyservice/docs/seventh... ·...
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Court File No. CV-10-8647-00CL Skyservice Airlines Inc. SEVENTH REPORT OF THE RECEIVER September 30, 2010
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Court File No. CV-10-8647-00CL
ONTARIO SUPERIOR COURT OF JUSTICE
(COMMERCIAL LIST)
IN THE MATTER OF THE RECEIVERSHIP OF SKYSERVICE AIRLINES INC.
Between
THOMAS COOK CANADA INC.
Applicant - and -
SKYSERVICE AIRLINES INC.
Respondent
SEVENTH REPORT TO THE COURT SUBMITTED BY FTI CONSULTING CANADA INC. IN ITS CAPACITY AS RECEIVER
INTRODUCTION
1. On March 31, 2010 (the “Date of Receivership”), FTI Consulting Canada Inc.
was appointed as receiver (the “Receiver”) of all of the assets, undertakings and
properties (the “Property”) of Skyservice Airlines Inc. (“Skyservice” or the
“Company”) pursuant to the order of the Honourable Mr. Justice Gans (the
“Receivership Order”) granted upon the application of Thomas Cook Canada
Inc. (“TCCI”) pursuant to section 243(1) of the Bankruptcy and Insolvency Act
R.S.C. 1985 c. B-3 as amended (the “BIA”) and section 101 of the Courts of
Justice Act R.S.O. 1990 c.43 as amended.
2. To date the Receiver has filed a number of reports on various aspects of the
Receivership. The purpose of this, the Receiver’s Seventh Report, is to request the
granting by this Honourable Court of an approval and vesting order in respect of
the sale of the Hangar pursuant to the Hangar Agreement, as hereinafter defined.
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TERMS OF REFERENCE
3. In preparing this report, the Receiver has relied upon unaudited financial
information of Skyservice, Skyservice’s books and records, certain financial
information prepared by Skyservice and discussions with Skyservice’s
employees. The Receiver has not audited, reviewed or otherwise attempted to
verify the accuracy or completeness of the information. Accordingly, the Receiver
expresses no opinion or other form of assurance on the information contained in
this report or relied on in its preparation. Future oriented financial information
reported or relied on in preparing this report is based on assumptions regarding
future events; actual results may vary from forecast and such variations may be
material.
4. Unless otherwise stated, all monetary amounts contained herein are expressed in
Canadian Dollars. Capitalized terms not otherwise defined are as defined in the
Receivership Order or previous Reports of the Receiver.
THE HANGAR MARKETING PROCESS
5. As detailed in the Receiver’s First report, Skyservice owns a building located at
2450 Derry Road in the city of Mississauga, Province of Ontario (the “Hangar”).
The Hangar is situated on land leased from the Greater Toronto Airport Authority
pursuant to the GTAA Lease (as defined in the Hangar Agreement).
6. In its Fourth Report, the Receiver set out the intended steps for the Hangar
Marketing Process. The Hangar Marketing Process has now been carried out in
accordance with the steps set out in the Fourth Report, as follows:
(i) A mailing introducing the opportunity was sent to 433 commercial real
estate offices in Toronto and Mississauga on July 21, 2010;
(ii) The opportunity to acquire the Hangar was advertised in the national
edition of the National Post newspaper on July 22, 2010;
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(iii) The opportunity to acquire the Hangar was advertised in Aviation
Daily on August 16, 2010;
(iv) 25 parties expressed an interest in the opportunity to acquire the
Hangar and were provided the opportunity to perform due diligence
and visit the Hangar;
(v) Interested parties were informed that offers to acquire the Hangar were
to be submitted by no later than being 3:00 p.m. Eastern Standard
Time, Friday September 17, 2010 (the “Hangar Bid Deadline”).
7. Following the Hangar Bid Deadline, the Receiver determined that the offer
submitted on behalf of Skyservice Investments Inc. (the “Purchaser”) was the
highest and best offer received by the Hangar Bid Deadline. Accordingly, the
Receiver entered into exclusive negotiations with the Purchaser in respect of a
definitive agreement of purchase and sale. Because of confidentiality concerns,
the Receiver does not intend to provide further details in respect of offers received
by the Hangar Bid Deadline unless requested to do so by the Court.
THE HANGAR AGREEMENT
8. Capitalized terms used hereinafter not otherwise defined are as defined in the
Hangar Agreement.
9. On September 29, 2010, the Receiver and the Purchaser executed an agreement of
purchase and sale in respect of the Hangar (the “Hangar Agreement”).
10. The Hangar Agreement, a copy of which is attached hereto as Appendix A,
provides for a purchase price of $4,150,000 with a deposit of 10% thereof, of
which $405,000 has been paid to the Receiver with an additional $10,000 to be
paid with 72 hours after the execution of the Hangar Agreement.
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11. The Hangar Agreement is subject to adjustments in respect of realty taxes,
utilities, water rates and rent arrears, which is typical for a real estate transaction
of this nature. In addition, a commission of $100,000 is payable by the Vendor
from the Purchase Price under the Hangar Agreement to Danbury Sales Inc., the
Purchaser’s Agent.
12. The Hangar Agreement is subject to a number of conditions in favour of the
Purchaser, the Receiver or both, including the following:
(i) The accuracy of representations on the Closing Date;
(ii) The granting of the Approval and Vesting Order by no later than
November 1, 2010;
(iii) The obtaining of the consent of the GTAA to the assignment of the
GTAA Lease or the granting of an order by the Court authorizing the
assignment of the GTAA Lease without the consent of the GTAA.
13. If the Approval and Vesting Order is granted, the Receiver will seek the GTAA
Consent, which the Receiver believes should be possible to obtain. However, if
the Receiver is unable to obtain the GTAA Consent, it is the Receiver’s intention
to take steps to obtain the GTAA Lease Court Order prior to the Closing Date.
REQUEST FOR THE APPROVAL AND VESTING ORDER
14. The Receiver respectfully submits that the Hangar Marketing Process provided
for a broad, open, fair and transparent process and was reasonable in the
circumstances. As such, in the Receiver's view the process followed in this case
was appropriate having regard to the principles of the decision in Royal Bank of
Canada v. Soundair Corp., 4 O.R. (3d) 1 (Ont. C.A.).
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Appendix A
The Hangar Agreement
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