April 6, 2020

Filing Type:

Company Counsel: Goodmans

Trustee: KSV

Trustee Counsel: Bennett Jones



Rosebud Creek Financial and 957855 Alberta, two corporate partners of the Metro 360 General Partnership, filed NOIs on April 6, listing over $65.0 million in liabilities, in response to significant financial challenges that Metro 360 began to face many years ago but which have been accelerated in light of recent global developments. Metro 360 is a Canadian marketer of information and entertainment products, including magazines, books, newspapers, and AV media. The COVID-19 outbreak has led to over 350 of Metro 360's retail customers temporarily closing, with many others not accepting deliveries. Book and magazine sales have declined drastically during this period and, as a result, Metro 360's supply and distribution lines have been brought to a complete standstill. In response, the partners implemented an expedited sale of Metro 360's magazine and book wholesale distribution business. The court approved an asset purchase agreement between Metro 360 General Partnership and Great Pacific Enterprises ("Purchaser), in which the Purchaser will acquire all customer and title records, magazine racks at Metro 360 customer locations, and the goodwill of Metro 360 in respect of its Canadian customers. The Purchaser will also make offers of employment to a significant number of Metro 360's employees. KSV is the proposal trustee. Counsel is Goodmans for the company and Bennett Jones for the proposal trustee.