GetSwift Technologies Limited, a leading provider of last mile SaaS logistics technology and services, today announced that all of the First Day Orders sought by the Company in its Subchapter V filing within the Chapter 11 process were granted by the U.S. Court. The First Day Orders permit the Company to maintain its operations in the ordinary course while under Chapter 11 protection.
In accordance with one of the First Day Orders, GetSwift’s sale of substantially all of the Company’s assets is underway. Pursuant to the order made by the U.S. Court, SF2 GSW, LLC (“SF2”), an affiliate of Stage Equity LLP, was approved as the “stalking horse” bidder for the Company’s SaaS assets. From August 15, 2022 through August 17, 2022, the Company delivered a Notice of Bid Procedures setting out the details of the sale process, including a bid deadline of September 14, 2022 at 5:00 p.m. (EST). The auction for the SaaS assets of the Company is scheduled for September 20, 2022 at 10:00 a.m. (EST), and a hearing to approve the successful bidder has been scheduled before the U.S. Court on September 23, 2022 at 11:00 a.m. (EST).
On August 18, 2022, the Canadian Court recognized the Chapter 11 Proceedings as “foreign main proceedings” under the Companies’ Creditors Arrangement Act (Canada) (“CCAA”), recognized the First Day Orders of the U.S. Court and granted ancillary relief. Included in the relief granted is the appointment of Grant Thornton Limited, an experienced licensed insolvency trustee, as the Information Officer in the Canadian Proceedings.
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