On September 24, 2007, the sale of the remaining assets of Xillix Technologies Corp. closed bringing to a successful conclusion its reorganization and satisfying its largest creditor, Hercules Technology Growth Capital Inc., which had been seeking repayment of a US$5 million loan. Under Xillix's plan, Hercules received the bulk of the sale proceeds from the sale, resulting in full recovery of principal and most of its interest and costs.
In October of 2006 Xillix had obtained an order of the British Columbia Supreme Court granting it protection from creditors under the Companies' Creditors Arrangement Act (CCAA). This Order was obtained without notice to Hercules.
Fasken Martineau was retained by Hercules to assist it in protecting its interests in this reorganization with a team comprised of John Grieve, Robert Millar and Alison Campbell.