Sale and Solicitation Process
This page is for information purposes only and you should consult your professional adviser if you have any questions or are uncertain as to your rights or obligations.
On March 15, 2023, the Ontario Superior Court of Justice (Commercial List) (the “Court”) issued an order (the “Winding-Up Order”) which, among other things, (i) appointed PricewaterhouseCoopers Inc., LIT as liquidator (the “Liquidator”), without security, in respect of the winding-up of the business in Canada of Silicon Valley Bank (“SVB”) (the “Business”), and of the assets, as defined in the Bank Act, (together with the Business, the “Property”) and (ii) authorized the Liquidator to sell convey, transfer, lease, assign or otherwise realize upon the Property or any part of it.
On May 1, 2023, the Court issued an order (the “SSP Approval Order”) approving the sale and solicitation process (the “SSP”) and authorizing and directing the Liquidator to conduct the SSP.
The SSP contemplates a two-stage process that involves the submission by interest parties of non-binding letters of intent in Phase 1 and binding offers by Phase 2 Qualified Bidders (as defined in the SSP Approval Order) in Phase 2.
The following table sets the key milestones under the SSP:
| Milestone | Deadline |
Commencement Date |
The first Business Day following the date on which the SSP Order is granted |
Phase 1 Bid Deadline |
5:00 PM Eastern Standard Time (EST) on May 29, 2023 or such other date as may be agreed to by the Liquidator in its sole and absolute discretion |
Phase 2 Bid Deadline |
5:00 PM Eastern Standard Time (EST) on July 10, 2023 or such other date as may be agreed to by the Liquidator in its sole and absolute discretion |
Settle and execute a binding agreement(s) with respect to the Successful Bid(s) |
5:00 PM Eastern Standard Time (EST) on July 21, 2023 or such other date as may be agreed to by the Liquidator in its sole and absolute discretion |
Date by which Approval Motion is heard |
To be specified in the Phase 2 Bid Process Letter |
Closing of the Transaction(s) with Successful Bidders(s) |
To be specified in the Phase 2 Bid Process Letter |
All details about the SSP are available in the SVB Sale and Solicitation Process, attached as Schedule “A’ to the SSP Approval Order and also available below on this page.
Any inquiries about the SSP should be forwarded to ca_svbssp@pwc.com
| Title | Date |
2023-05-01 |
|
2023-05-01 |
To download a PDF to your computer click and hold the 'right' mouse button on the link above and select 'save link as' or 'save target as'. To view in your browser, click the link with your 'left' mouse button.
Related Content
Contact us
Follow PwC Canada
