Chesswood Sale and Investment Solicitation Process

FTI Consulting Canada Inc., in its capacity as court-appointed monitor (in such capacity, the “Monitor”) of Chesswood Group Limited, Case Funding Inc., Chesswood Holdings Ltd., Chesswood US Acquisitionco Ltd., Pawnee Leasing Corporation, Lease-Win Limited, Windset Capital Corporation, Tandem Finance, Inc., Chesswood Capital Management Inc., Chesswood Capital Management USA Inc., Rifco National Auto Finance Corporation, Rifco Inc., Waypoint Investment Partners Inc. and 1000390232 Ontario Inc. (collectively, the “CCAA Parties”) pursuant to the Companies' Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended (the “CCAA”), is conducting a sale and investment solicitation process (the “SISP”) in respect of certain of the CCAA Parties. The SISP is intended to solicit interest in, and opportunities for: (i) one or more sales or partial sales of all, substantially all, or certain portions of their assets or their business operations; and/or (ii) an investment in, restructuring, recapitalization, refinancing or other form of reorganization of the applicable CCAA Parties or their business operations, or any combination thereof.

Chesswood Group Limited is a Toronto, Canada based holding company whose subsidiaries engage in the business of specialty finance (including equipment finance throughout North America and vehicle finance and legal sector finance in Canada), as well as the origination and management of private credit alternatives for North American investors.

On October 29, 2024, the Ontario Superior Court of Justice (Commercial List) (the “Court”) issued an Initial Order pursuant to the CCAA in respect of the CCAA Parties (the “Initial Order”, and the proceedings under the CCAA commenced thereby, the “CCAA Proceedings”), which was thereafter amended and restated. The CCAA Proceedings have been recognized as foreign main proceedings pursuant to a final order of the U.S. Bankruptcy Court for the district of Delaware under Chapter 15 of Title 11 of the United States Code.

The SISP and related bidding procedures were approved by the Court pursuant to a SISP Approval Order dated December 19, 2024, made in the CCAA Proceedings (the “SISP Approval Order”). Interested parties who wish to submit a bid in the SISP must deliver an executed non-disclosure agreement in accordance with the SISP. Final binding offers are due by no later than 5:00 pm (prevailing Eastern Time) on January 20, 2025, unless extended in accordance with the terms of the SISP.

Copies of the Initial Order, the amended and restated Initial Order, the SISP Approval Order, the SISP, and related materials can be obtained from the website of the Monitor at: http://cfcanada.fticonsulting.com/Chesswood/. 

Those interested in participating in the SISP should contact the Monitor to receive additional information at:

FTI Consulting Canada Inc.
79 Wellington Street West
Suite 2010, P.O. Box 104
Toronto, ON M5K 1G8
Attention: Dean Mullett
Email: [email protected]
Attention: Richard Kim
Email: [email protected]