Two top executives of the bankrupt Mosaic Group Inc. will leave the firm and purchase one of its affiliates.
Marc Byron and David Graf, will acquire the assets of Mosaic Performance Solutions Inc. through their new firm, MG LLC, for roughly $4.2 million.
Byron has resigned as CEO of Toronto-based Mosaic Group and Graf as a company officer, but they will continue serving as officers of Mosaic Performance until the sale is completed.
The deal must be approved by the U.S. Bankruptcy Court for the Northern District of Texas in Dallas, and by the Ontario Superior Court of Justice. However, it would not be approved in the U.S. if a higher bid was received.
Mosaic Group, a direct marketing services firm, also announced that it is unable to file its financial results for the period ended March 31. In addition, the firm said that the Ontario Superior Court of Justice has granted an extension of protection under the Creditors Arrangement Act.
The company requested protection under Canada
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