WORLDPLAY COMMUNICATIONS INC. & WORLDPLAY CANADA INC.
Shareholder Update
Despite efforts to keep to complete a sale of (i) the operating business, or (ii) it’s key technology assets, WP was not able to attract new or continued investment into the business. As a result, customers and suppliers were notified that the business was no longer a going concern with operations winding up, effective July 2024.
For existing shareholders and secured debt holders, all investments are permanently impaired with no value or recovery, accordingly.
To clarify the recent events for shareholders, insolvency proceedings were presented to the Court of Kings Bench in July 2024 and further approved by the Justice in August 2024. As part of the court process, EY Parthenon acted as the Proposal Trustee pursuant to a Reverse Vesting Order (RVO) before the courts in August 2024 and closing September 9, 2024.
For additional information, you can visit the Trustee’s website for the RVO information as follows:
The Trustee site looks and acts like a Dropbox which contains all the court documents, accordingly.
The categories are as sorted as follows:
1. Court Orders
2. Notice of Intention to Make a Proposal
3. Notice to Creditors
4. Reports
5. Sale and Investment Solicitation Process
6. Trustee Certificates
