Red Zoo receiver seeking buyers for business
by Christina DiMartino | June 24, 2009
Deloitte & Touche, the court-appointed receiver of Red Zoo Marketing, a greenhouse producer and distributor headquartered in Ruthven, ON, is in the process of indentifying buyers for the business.
During the week of June 22, it issued a report titled Certain Assets of a Company for Sale, Red Zoo Marketing - Distributor of Greenhouse Vegetables. The report included a sales process overview stating that the receiver is interested in receiving proposals for the purchase of the right, title and interest, if any, in Red Zoo's machinery and equipment, assets and inventory on an "as is, where is" basis. Offers on an en bloc basis are preferred; however, offers for individual components will also be considered. Upon receipt of a signed non-disclosure agreement, interested parties will be issued Red Zoo's equipment listing, customer listing, trademark name and description of the land, cooler and warehousing.
Deloitte & Touche listed the amount owed to Red Zoo's unsecured creditors as $2,652,961 (Canadian), and Red Zoo's total accounts receivable (in Canadian dollars) as other: $69,762; accounts receivable: $2,214,709; inventory: $859,302; trademarks: $13,185; due from related parties: $1,614,891; prepaids and deposits: $248,270; machinery and equipment: $1,656,538; computer and office equipment: $71,119; and income taxes recoverable: $49,774, for a total of $6,797,550.
On June 5, the Office of the Superintendent of Bankruptcy Canada issued a letter to Deloitte & Touche acknowledging the receipt of the filing information for Red Zoo Marketing. It issued a file number: 35-123618.
Information related to the receivership may also be obtained on the Deloitte & Touche web site, www.deloitte.ca, under "insolvency and restructuring," "Red Zoo Marketing."