Subsection 245(1) and 246(1) of the Bankruptcy and Insolvency Act
Notice and Statement of the Receiver (Subsection 245(1) and 246(1) of the Bankruptcy and Insolvency Act) IN THE MATTER OF THE RECEIVERSHIP OF SPRAGUE-ROSSER CONTRACTING CO. LTD., SPRAGUE-ROSSER DEVELOPMENTS INC. AND PACIFIC FEDERATION EQUITY GROUP INC. (“SPRAGUE” OR THE “COMPANY”) The receiver gives notice and declares that: 1. On July 31, 2014, the Court of Queen’s Bench of Alberta granted an Order (the “Receivership Order”) appointing Alvarez & Marsal Canada Inc. (“A&M”) as receiver and manager (the “Receiver”), without security, of all of the current and future assets, undertakings and properties of every nature and kind whatsoever, and wherever situated of the Company, including but not limited to the following property estimated as at July 31, 2014: Estimated Book Value Accounts receivable $ 54,728,000 Inventory 149,000 Work in progress 945,000 Prepaid expenses 410,000 Land and buildings 6,000,000 Property and equipment 4,955,000 Total assets $ 67,187,000 Note: Realizable values may materially differ from the above. 2. A copy of the Receivership Order and other court materials are available on the Receiver’s website at: www.alvarezandmarsal.com/sprague. 3. The following information relates to the receivership: Address of insolvent person: 201, 1259 - 91 Street SW, Edmonton, AB T6X 1E9 Principal line of business: Commercial Construction Location(s) of business: Head Office 201, 1259 - 91 Street SW, Edmonton, AB T6X 1E9 Shop Facility 26229 Township Road, 531A, Acheson, AB T7X 5A4 4. Amounts owed by the Company to each creditor, according to the books and records as at July 31, 2014, are shown below: Name Claim Amount Secured creditors $ 28,418,808 Preferred creditors Unknown Unsecured creditors 29,316,208 Total $ 57,735,016 Attached as Appendix “A” is a list of all known creditors as at the date of receivership.
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