Azure Publishing Inc.

Azure Publishing Inc. (“Azure” or the “Company”) has filed a Notice of Intention to Make a Proposal (an “NOI”) under the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the “BIA”). Azure is an Ontario company that publishes an award-winning international magazine with a focus on contemporary architecture and design, and is headquartered in Toronto.

Azure made a motion by videoconference to a judge presiding over the Ontario Superior Court of Justice (Commercial List) (the “Court”) sitting at the courthouse at 330 University Avenue, 9th Floor, Toronto, Ontario M5G 1R7 on Friday October 10, 2025 at 10:00 AM. The motion included an extension to the NOI and approval of a Sale and Investment Solicitation Process (“SISP”), both of which were granted.

On November 20, 2025, Azure made a motion to the Court requesting a further extension to the NOI in order to allow the completion of the SISP.

On December 4, 2025, Azure motioned the COurt requesting approval of a sale transaction (the “Transaction”) contemplated by the Asset Purchase Agreement between Azure and Sandow Capital, LLC (the “Purchaser”) dated December 1, 2025, and vesting in the Purchaser all of Azure’s right, title and interest in and to the property described in the APA (the “Purchased Assets”). The Court granted its approval of the sale, and vesting of the Purchased Assets, on December 15, 2025.

As there were insufficient proceeds from the sale of its assets to the Purchaser to make a Proposal to its creditors, on December 16, 2025 (“Date of Bankruptcy”) Azure was deemed bankrupt on account of its non filing of a Proposal within the Court-granted extension period and DLI became Trustee in Bankruptcy (the “Trustee”) of the estate of Azure.

Documents

Proposal Proceeding

Certificate for the Notice of Intention – September 10, 2025

Creditor Package – NOI – September 17, 2025

Motion Record of Azure Publishing Inc. – October 8, 2025

Factum of Azure Publishing Inc – October 9, 2025

First Report of the Proposal Trustee – October 9 2025

Court Order – October 10, 2025

Endorsement – October 10, 2025

Motion Record – November 20, 2025

Court Order – Stay Extension – November 20, 2025

Court Endorsement November 21 2025