{"id":38958,"date":"2025-09-17T15:44:00","date_gmt":"2025-09-17T19:44:00","guid":{"rendered":"https:\/\/www.millerthomson.com\/?post_type=deals-cases&#038;p=38958"},"modified":"2026-02-06T15:29:02","modified_gmt":"2026-02-06T20:29:02","slug":"bucephalas-stables-corp-obtains-court-approved-sale","status":"publish","type":"deals-cases","link":"https:\/\/www.millerthomson.com\/en\/deals-cases\/bucephalas-stables-corp-obtains-court-approved-sale\/","title":{"rendered":"Bucephalas Stables Corp. obtains court-approved sale"},"content":{"rendered":"\n<p>On September 17, 2025, Miller Thomson LLP (\u201c<strong>MT<\/strong>\u201d) was engaged by Bucephalas Stables Corp. (\u201c<strong>Bucephalas<\/strong>\u201d), a small independent craft brewery with three main business lines: (a) from its facility in Niagara Falls Bucephalas brews beer for wholesale distribution to over 150 retail locations, including LCBO stores, grocery stores, restaurants, and bars across Ontario; (b) Bucephalas operates a brewpub, the Indie Ale House, on Dundas Street in Toronto; and (c) it also operates a restaurant, Birroteca, inside the Eataly department store in the Yorkville neighborhood of Toronto.<\/p>\n\n\n\n<p>To operate a brewery and retail beer, Bucephalas maintains five licenses issued by the Alcohol and Gaming Commission of Ontario (\u201c<strong>AGCO<\/strong>\u201d) under the <em>Liquor Licence and Control Act<\/em>, 2019 and the <em>Liquor Licence Act<\/em>, RSO 1990, c. L.19. Bucephalas also holds an Excise Brewer License issued by the Canada Revenue Agency under the <em>Excise Act<\/em>, RSC 1985, c. E-14. These licenses are essential for the Bucephalas\u2019 continued operations and are not transferrable without the approval of the Registrar of the AGCO.<\/p>\n\n\n\n<p>MT advised Bucephalas in connection with its proceedings under the Bankruptcy and Insolvency Act, including the filing of a Notice of Intention to Make a Proposal. MT worked closely with the Proposal Trustee, the DIP Lender, and Bucephalas\u2019 secured creditors to develop a court-approved sale process designed to maximize value for Bucephalas. MT negotiated and drafted a stalking horse subscription agreement to facilitate a value-maximizing transaction for the sale of Bucephalas, which was more beneficial to the creditors than a bankruptcy. The transaction was implemented through a reverse-vesting share structure, which allowed the purchaser to acquire the licenses, which were critical to the business, within the existing corporate structure.<\/p>\n\n\n\n<p>Miller Thomson LLP advised Bucephalas Stables Corp. with a team led by Larry Ellis and David Ward and comprised of Matthew Cressatti and Mryam Sarkis.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"author":92,"template":"","class_list":["post-38958","deals-cases","type-deals-cases","status-publish","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.1.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bucephalas Stables Corp. obtains court-approved sale | Miller Thomson<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.millerthomson.com\/en\/deals-cases\/bucephalas-stables-corp-obtains-court-approved-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bucephalas Stables Corp. obtains court-approved sale | Miller Thomson\" \/>\n<meta property=\"og:description\" content=\"On September 17, 2025, Miller Thomson LLP (\u201cMT\u201d) was engaged by Bucephalas Stables Corp. 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