The Good Fat Co. Ltd., Bankruptcy

The Good Fat Co. Ltd., a Toronto, Ontario-based company which created and sold snack products, primarily various protein and other bars, was deemed bankrupt on February 1. The company lists nearly $22 million in liabilities, including approximately $15.7 million to EDC.

It filed an NOI on January 2, having been unable to scale its volume to break-even since it launched in late 2017. The primary purpose of the NOI proceedings was to create a stabilized environment to allow the company to sell its assets to an affiliate of Propel Natural Brands, a broker that represents various natural and organic brands in Canada, via a quick flip. The sale was approved in mid-January and closed at the end of the month. The company did not seek a further stay extension and was deemed bankrupt.

Richter is the bankruptcy trustee.

Counsel is Aird & Berlis for the company, Cassels for the trustee, and Loopstra Nixon for the purchaser.

By: Dina Milivojevic