Argex Titanium (TSX:RSX), a Laval, Quebec-based company that is developing an innovative and environmentally sustainable technology for producing high-grade titanium dioxide pigment, filed an NOI on June 18, listing approximately $4.7MM in liabilities. Still in the research and development stage, the company has been unable to raise the capital necessary to complete construction of a production plant. PwC was appointed proposal trustee and will be conducting a stalking horse sales process for the company's assets. Stikeman Elliott is counsel for the company.
OrbCare, a Toronto, Ontario-based technology company that operates a cloud-based SaaS platform for healthcare professionals, filed an NOI on May 27, listing $927.4M in liabilities, including $775.0M to CRA. Founded in 2013, the company has developed software that merges the information doctors use and patients provide from a host of systems in order to streamline clinic operations and patient care. The filing comes less than 3 months after the company announced the completion of a $2.0MM seed financing round led by iGan Partners. MNP is the proposal trustee.
OSSimTech, a Montreal, Quebec-based technology company that designs, manufactures and sells virtual reality open surgery simulators, filed an NOI on May 27, listing approximately $3.8MM in liabilities, including $2.2MM to Investissement Quebec and $466.8M to CAE Capital. Deloitte was appointed proposal trustee. Davies is counsel to the company.
Soliman & Associates Law Corporation dba Lonsdale Law, a North Vancouver, British Columbia based law firm, filed an NOI on March 25, listing 658.5M in liabilities, including $332.5M to TD and $185.7M to CRA. Bowra Group is the proposal trustee.
Schendel Mechanical Contracting, an Edmonton, Alberta-based mechanical contractor, filed an NOI on March 22, listing $37.2MM in liabilities, including $18.1MM to ATB. The company has accused the provincial government of owing them $26.0MM for work done on the Grande Prairie Regional Hospital, a $760.0MM project that Schendel has been working on for almost 6 years and that has been plagued with problems. Grant Thornton is the proposal trustee.
Green Earth Stores and Green Earth Environmental Products, a Canadian specialty retailer of giftware, jewellery, collectibles and environmentally friendly products, which operates 29 stores across Canada, filed an NOI on March 4. As a result of the financial difficulties suffered due to reduced mall traffic and increased online competition, the London, Ontario-based Green Earth entities made the decision to conduct a store closing process commencing on March 8. On March 7, the Green Earth entities obtained court approval of, among other things, a Liquidation Process Order. The company has engaged FAAN Advisors Group as their chief restructuring advisor to assist with the NOI and store closure process. Crowe Soberman is the proposal trustee. Counsel is Miller Thompson for the company and Stikeman Elliott for the proposal trustee.
Skyventure Whitby, the operator of an iFLY indoor skydiving facility in Whitby, Ontario, filed an NOI on March 6, listing 10.7MM in liabilities, including $6.9MM to National Bank and $1.5MM to FTQ. Grant Thornton is the proposal trustee.
B.W. Rig Supply, a Nisku, Alberta-based provider of oilfield, industrial, construction and tank supplies, filed an NOI on February 8, owing $58.5M to Canadian Pump & Packaging. Deloitte is the proposal trustee.
Lanla, a Montreal, Quebec-based marketing research company, and Wizper, a digital advice management mobile app driven by customer experience-focused AI technology that is backed by Lanla's 15 years of customer experience expertise, filed NOIs on February 1. EY is the proposal trustee.
Resource Capital Gold and three of its subsidiaries, Flex Mining and Exploration, Maritime Dufferin Gold, and Maritime Gold, filed NOIs on January 28. The Vancouver, British Columbia-based group is an emerging precious metals developer and producer with a number of late stage exploration and development gold assets in Nova Scotia. After commencing operations at its Dufferin property in 2018, the group ran out of funding to continue operations. During the NOI process, the group intends to complete a sales and investor solicitation process. PwC is the proposal trustee. Counsel is DLA Piper for the secured creditor, Sprott Resource Lending, and Clark Wilson for the debtors.