Goodfood Market Corp., a leading Canadian online meal solutions company, announced Friday that the Superior Court of Québec (Commercial Division) has granted an order approving a sale and investment solicitation process (SISP) in connection with the company’s proceedings under the Companies’ Creditors Arrangement Act (CCAA).
The SISP will be conducted by the company’s board of directors together with Raymond Chabot Inc., in its capacity as Court-appointed Monitor, in accordance with the procedures approved by the Court, said the company.
“The SISP is intended to provide interested parties with an opportunity to submit proposals for a purchase of, or investment in, the Company or its business and/or its assets with a view to identifying a transaction that maximizes value for the benefit of the Company and its stakeholders. No transaction has been selected or approved at this stage,” added the company.
“The SISP contemplates two separate bidding processes. With respect to the Company’s assets other than the shares it holds in 16423132 Canada Inc., the wholly-owned subsidiary of the Company that holds approximately 80% of the shares of Genuine Tea Inc., ( GF Business), the SISP provides for a single-phase bidding process under which interested parties must submit binding offers no later than September 28, 2026. With respect to the shares held by the Company in 16423132 Canada Inc. . . . , the SISP provides for a two-phase bidding process under which interested parties must submit non-binding letters of intent no later than September 28, 2026, followed by binding offers no later than on October 30, 2026. If one or more successful bids are selected under either process, the Company expects to seek Court approval of the resulting transaction or transactions shortly thereafter, with closing to occur no later than November 6, 2026 for the GF Business and December 7, 2026 for the 164 Shares, subject in each case to the terms of the SISP and any applicable Court approval.
Any party interested in participating in the SISP should contact the Monitor for additional information regarding the process:
Raymond Chabot Inc., in its capacity as Court-appointed Monitor of Goodfood Market Corp.
600, rue De La Gauchetière Ouest
Bureau 2000
Montréal, QC H3B 4L8
Attn: Gautier Péchadre
Email: pechadre.gautier@rcgt.com
“The Court’s approval of the SISP represents a key step in our financial restructuring,” said Donald Olds, Lead Independent Director of Goodfood. “As the process moves forward, we remain focused on operating the business, serving our customers and continuing to implement our operational turnaround plan.”
Goodfood said it continues to operate and serve customers across Canada. Customers can continue to place orders, and the company expects to continue fulfilling customer orders in the ordinary course throughout the restructuring process.
The company said it also expects to continue working with its suppliers and business partners in the ordinary course and remains focused on maintaining strong commercial relationships. For goods and services provided after the CCAA filing date, the company anticipates that its obligations to suppliers will continue to be addressed in accordance with existing commercial arrangements.
Goodfood’s Board of Directors and management team remain in place, and management continues to be responsible for the day-to-day operation of the business. The SISP forms part of the Company’s broader financial restructuring and does not change management’s focus on operating the business, serving customers and implementing the Company’s turnaround plan, it said.
Court materials and other information relating to the company’s CCAA proceedings, including the order approving the SISP and the SISP procedures, are available on the Monitor’s website at https://www.raymondchabot.com/en/business/public-records/goodfood.
Goodfood is headquartered in Montreal with production facilities in Québec and Alberta,.Â
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