Icon Stone & Tile, a Calgary, Alberta-based stone fabrication and installation business, filed for bankruptcy on September 3, listing approximately $2.8 million in liabilities, including $1.6 million to HSBC. Grant Thornton was appointed bankruptcy trustee.
Starmor Developments, a Calgary, Alberta-based real estate holdings company, filed for bankruptcy on August 26, listing $917.0 thousand in liabilities. Grant Thornton was appointed bankruptcy trustee.
Imperial Excavating, a Holyrood, Newfoundland-based excavation company, filed for bankruptcy on August 16. Deloitte is the bankruptcy trustee.
Performance AG Group, a Calmar, Alberta-based supplier of crop input products, was adjudged bankrupt on August 1 on application by Farm Credit Canada. Pursuant to an agreement with FCC, customers could purchase their supplies from the company and have the amount owing added to their crop input loan with FCC. The company would then receive payment directly from FCC. Recently, FCC has learned that in several instances, customers have indicated that amounts were added to their loan for purchases they did not make or agree to. It appears that other customers have also been subject to the same issue with Scotia Bank and BMO. The Bowra Group was appointed bankruptcy trustee. Miller Thomson is counsel for the applicant.
Bant Printocut Limited, a Markham, Ontario based provider of print finishing services, filed for bankruptcy on July 31, listing liabilities of $515.0M. James Williams & Associates was appointed bankruptcy trustee.
Le tour des champions de Montréal, a Montreal, Quebec-based company that was organizing an equestrian show jumping event planned for September 2019 in Montreal, Quebec, filed for bankruptcy on July 30, listing $1.6MM in liabilities, including $785.0M to Dutch-based Global Champions Tour B.V. Founded in 2005, the Longines Global Champions Tour is an annual show jumping series that brings together the top show jumpers in the world to compete in prestigious locations such as Paris, Monaco, Shanghai and Rome. Montreal was slated to be a destination for the first time in 2019, but event organizers announced on July 23 that they were cancelling the event, claiming that they could not meet on a timely basis the winning conditions to ensure the success of the event. PwC is the bankruptcy trustee.
Plasticon Canada, a Montreal, Quebec-based manufacturer of fiberglass reinforced plastic products such as storage tanks and piping systems, filed for bankruptcy on July 29, listing $5.4MM in liabilities, including $2.0MM to HSBC.The company's recent financial difficulties are largely a result of a sizeable but ultimately unprofitable contract that the company entered into in 2018. The company was receiving financial support from its parent company in Europe, but due to continued losses and weak order intake over the last months it became impossible for the parent company to continue supporting its Canadian subsidiary. EY was appointed bankruptcy trustee.
DT Grain, a grain pooling company operating out of Okotoks, Alberta, filed for bankruptcy on July 24, listing $1.1MM in liabilities. The company sold grain to feedlots under contracts that included the delivery of the grain. When bidding on contracts, the company assumed it could backhaul from the drop-off locations to offset transportation costs. In reality, however, the company was unable to schedule the backhauls that it anticipated, leading to higher than expected costs and strains on cash flow. The Bowra Group was appointed bankruptcy trustee.
ePRINTit.com, a Toronto, Ontario-based technology company, filed for bankruptcy on July 18, listing $3.3 million in liabilities. The company operated a cloud-based print platform that allowed users to print or scan documents at nearby printers using any web-enabled device. Despite widespread use at schools, libraries and other public places, the company was not profitable and its stakeholders were unwilling to backstop additional losses. msi Spergel (GRIP) was appointed bankruptcy trustee
MF Live Inc., a Saskatchewan-based company organizing the Roxodus Music Fest, filed for bankruptcy on July 12, listing $18.3MM in liabilities, including $11.2MM to Taurus Site Services and $5.0MM to Eventbrite. The company was organizing a four-day concert to be held from July 11 to 14 on a 420-acre space near Wasaga Beach, Ontario. Featured groups slated to perform at the event included Aerosmith, Kid Rock, Nickelback and Lynyrd Skynyrd, among others. Just days prior to the festival, however, the company announced that it was cancelling the event, citing tremendous rainy weather that impacted its ability to adequately prepare the venue for the event. It has also come to light that the company is under investigation from the local conservation authority for allegedly destroying protected forest and wetlands in preparation for the festival. Grant Thornton is the bankruptcy trustee. BT Legal is counsel for the company.