The Graceway Group (“Graceway”) was a specialty pharmaceutical company focused on developing, licensing and acquiring branded prescription products in the areas of dermatology, respirology and women’s health. Graceway operated throughout North America.
Graceway commenced concurrent receivership and Chapter 11 proceedings in order to maximize the value of its business and assets pursuant to a Court-supervised “stalking horse” sales process. The outcome of the sale process was a going-concern transaction for substantially all of the assets of the businesses in Canada and the US. In the course of our mandate as Receiver, we successfully resolved a claim filed by the Patented Medicine Prices Review Board and addressed complex tax matters, including obtaining a Rectification Order issued by the Nova Scotia Court regarding the payment of a pre-filing dividend to Graceway’s US parent. We also obtained federal and provincial tax clearance certificates in order to make significant distributions to the US-based shareholder, following payment in full of all unsecured obligations.