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XTG Group

XTG Group (“XTG”) was a supplier of IT products with operations in Canada, the US, the United Kingdom, Australia, Macao and Japan. XTG also provided IT rental assets and programs, including servers, storage devices, laptops and desktop computers.

Due to liquidity and other issues, XTG’s senior secured lender brought a receivership application in Canada, which included approval of a stalking horse sale process (“Sale Process”).

We were appointed as Receiver to, among other things, carry out the Sale Process. The orders appointing the Receiver and approving the Sale Process were approved by the Canadian court and recognized as a foreign non-main proceeding under Chapter 15 of the United States Code by the United States Bankruptcy Court for the District of Delaware. This was a unique process as XTG maintained its head office in the US and had a significant US presence.   

We developed and executed the Sale Process targeted at strategic and financial buyers across North America. Due to XTG’s liquidity and other issues, the Sale Process required offers to be submitted within three weeks of the commencement of the receivership proceedings. In addition to conducting the Sale Process, we oversaw operations during the receivership. The result of the proceeding was the completion of a going-concern transaction, approved by the Canadian and US courts.

  • Mississauga, ON
  • Receivership; Chapter 15
  • Court-appointed Receiver; Foreign Representative
  • Technology; Cross-Border

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