On May 19, 2023, DecisionOne Corporation, under New Brunswick law, filed a Notice of Intention to Make a Proposal under Canada's Bankruptcy and Insolvency Act. KPMG agreed to serve as the proposal trustee. Subsequently, on June 5, the court approved an asset purchase agreement, dated May 22, between DecisionOne and STC Lender LP, known as the Stalking Horse Agreement, involving most of the company's assets. The court also sanctioned the sale and investment solicitation procedures, setting a bid deadline for June 20, 2023.

The transaction, governed by the Stalking Horse Agreement, concluded on June 22. However, DecisionOne failed to file the required proposal by the July 19 deadline, leading to a deemed assignment in bankruptcy on July 20. The first creditors' meeting is scheduled for August 3, 2023, via teleconference.

Previously, in 2022, DecisionOne was acquired by Soroc Technology Holdings LLC, funded largely by an increase in senior secured debt from Fiera Comox and White Oak Global Advisors. Despite the acquisition, the company faced consistent cash flow issues, did not provide commercial benefits, and eventually defaulted on its financial obligations by November 2022. Legal representation included Stikeman Elliott for KPMG, Norton Rose for DecisionOne, and McCarthy Tétrault for White Oak.