Bionx Canada Ltd. Receivership Update #1 - Sales Process Begins

On March 21st, we posted about the Bionx Canada receivership, a sad but intriguing story of a Canadian electric bike propulsion manufacturer going into receivership while tangled up in a dispute with General Motors. The full article is here.

As we outlined in the article, the Receiver, Grant Thorton, proposed a 90 day process to complete the sale of Bionx, or "to market the Company’s right, title and interest in the Property (the “Sale Process”), including the Company’s inventory, manufacturing equipment, warehouse equipment, customer lists, and intellectual property/patents among other things."

The Solicitation of Interest has been completed by Grant Thorton and they are now actively seeking interested parties - The Solicitation of Interest can be found here.  As the data room is behind an Non-Disclosure Agreement, our hands are bit tied on providing detail on how the sale is being positioned.

Interestingly, the Company's website continues to be a bit silent about the whole process (the Receiver is handling the required notices) indicating that the plan or hope at least is to continue Bionx as a brand rather than a be treated as a sale of the intellectual property.

The Deadline for offers is May 15, 2018. Stay tuned.