TBA Beverage Inc. (the “Company” or “TBA”) manufactures a full range of alcohol products, including a variety of beer, wine, and spirits. The Company’s production facility is located in Vancouver, British Columbia. TBA previously operated as “Craft Collective Beerworks”.
TBA manufactures its own brand of alcoholic beverages and provides contract brewing and production services to third party customers.
TBA is Federally and Provincially licensed to produce, sell and store alcoholic beverages.
On April 14, 2020 the Company filed a Notice of Intention to Make a Proposal (“NOI”) under subsection 50.4(1) of the Bankruptcy and Insolvency Act. The Bowra Group Inc. was appointed as the Proposal Trustee under the NOI.
On May 13, 2020, TBA applied for and received an Order extending the time to file a Proposal to June 28, 2020 and authorizing the Company to engage in a sales process (“Sales Process”). The Bowra Group Inc. was authorized to carry out the Sales Process for and on behalf of TBA.
On June 24, 2020, TBA applied for and received an Order extending the time to file a Proposal to August 12, 2020. The Order amended the authorized limit on the Company’s line of credit with 1241393 B.C. Ltd. from $1.2 million to $1.7 million and granted a charge in favour of 1241393 B.C. Ltd. for the amount of the increased line of credit of up to $500,000.
On August 7, 2020, TBA applied for and received an Order extending the time to file a Proposal to September 25, 2020 and approving the sale of substantially all of the Company’s assets to Mod Beverage Inc.
The Company did not make a Proposal to creditors or seek a further extension of time to make a Proposal by September 25, 2020 and as a result the Company was deemed bankrupt on September 28, 2020.
The First Meeting of Creditors is scheduled to be held on October 16, 2020 at 11:00AM (PST). Due to COVID-19, the meeting will be held via conference call. Conference call in details can be obtained upon request to the Trustee’s office.
The Bowra Group Inc. in its capacity as the Proposal Trustee for TBA is seeking offers or an investment in, or the assets of, TBA pursuant to a Sales Process Order dated May 13, 2020
The bid deadline for offers is 4:00PM local time in Vancouver, B.C. on July 14, 2020.
Further information is provided in the Investment Teaser below.
Parties interested in obtaining further information about the Sales Process or to obtain a copy of the Non-Disclosure Agreement should contact the Proposal Trustee:
Chris Bowra
Phone: 604-608-6242
Email: cbowra@bowragroup.com