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Almost a dozen potential bidders are lining up for a shot at the assets of troubled fund manager Bridging Finance Inc.

Bridging’s receiver, PricewaterhouseCoopers LLP (PwC), provided a status update on the sale process for the firm and its funds in its latest report to the Ontario Superior Court of Justice.

In the first phase of the bidding process, PwC received 13 non-binding letters of interest that presented a variety of proposals, according to its latest report. The proposals included offers to purchase some or all of Bridging’s assets, investment proposals (offers to restructure, recapitalize, or invest in the business), and so-called hybrid proposals that feature some combination of a sale and investment.

Following a review of the proposals, PwC determined that 11 of the prospective bidders could move forward to phase two of the process.

Of the 11, five were designated as primary bidders, as their proposals contemplate sales and/or investment involving all of the assets, while the other six proposals only cover certain loans.

The six secondary bids are being allowed to move forward as a “backstop” in case none of the primary offers are consummated.

The 11 qualified bidders have now been granted access to additional information on the firm and its funds, and are undertaking further due diligence, the report said. The deadline for bids is Nov. 8.

PwC was appointed receiver of Bridging and its funds earlier this year in response to a motion from the Ontario Securities Commission (OSC), which was investigating certain transactions, amid concerns about possible undisclosed conflicts of interest. The OSC hasn’t made any allegations in connection with the case.

Additionally, PwC is seeking to have the court formally approve the selection of Bennett Jones LLP as counsel to represent investors in proceedings involving Bridging, including the potential asset sale.

Investors will have until Nov. 15 to opt out and seek their own counsel, or represent themselves.