On December 15, 2015, Bubl Technology Inc. (“Bubl”) filed a Notice of Intention to Make a Proposal (“NOI”) and msi Spergel Inc. was appointed to act as the Proposal Trustee named in the NOI. Bubl was a technology company located in Toronto that had developed a 360 degree portable spherical camera known as the “Bublcam”. Bubl and the Proposal Trustee conducted a Court approved sales and investment process with offers that were due no later than noon on January 27, 2016. On January 11, 2016 the Court granted an extension to February 28, 2016 for Bubl to file its proposal to creditors. On January 21, 2016 the Court issued an order approving interim financing to Bubl in the amount of $1.25 million.
The Proposal Trustee assisted Bubl to obtain an Interim Financing Charge of $1.25 million in order to allow it to continue operating during the proposal process while the proposal Trustee conducted a sales and investment process. The assets of Bubl were sold enabling the continuation of the business as a going concern and allowing for Bubl to successfully make a proposal to its unsecured creditors and utilize its tax losses from prior years.