Farber accomplished the liquidation of Movie Gallery’s video and game rental business that operated approximately 181 retail stores across Canada, with more than 1,200 employees.
Farber acted as Trustee in a Proposal that was filed under the Bankruptcy & Insolvency Act (“BIA Proposal”) which was run in conjunction with Chapter 11 proceedings in the US. Bondholders in the US were contemplating “walking away” from Canada as they perceived immaterial value. However, the Canadian liquidation was executed exceedingly well and resulted in the Canadian creditors receiving 100 cents on the dollar.
As a result, he US parent company received full repayment of its secured loans and a repatriation of equity.