Green Relief

Green Relief, a Hamilton, Ontario-based cannabis producer, filed an NOI on March 11, listing approximately $9.7 million in liabilities, including $1.0 million to Cannoleum and $1.9 million to Schilthuis Construction. In early 2019, the company's co-founder and CEO stepped down, and a subsequent forensic investigation initiated by new management revealed that over $14.0 million had allegedly been misappropriated, and the company is now facing a severe liquidity crisis. PwC is the proposal trustee. Counsel is TGF for the company and DLA Piper for the proposal trustee.

Nygard Group

Nygard Properties, Nygard Enterprises, Nygard International Partnership, 4093887 Canada, and 4093879 Canada (collectively, the “Nygard Group”), a Winnipeg, Manitoba-based clothing brand, each filed an NOI on March 9. Last month, the company's founder and chairman, Peter Nygard, agreed to step down from his company and divest his ownership interest after an FBI raid of the company's New York headquarters and news that a class action lawsuit had been launched against him for alleged sexual assault. Farber is the proposal trustee.

FHC Enterprises

FHC Enterprises, a Vancouver, British Columbia-based company which operates the FIELDS chain of 64 retail stores located in rural communities throughout Western Canada, filed an NOI on March 6, listing $17.5 million in liabilities, including $8.9 million to RBC. The company attributes its financial difficulties to a failure to respond quickly to increasing minimum wage costs and increased carbon taxes. In addition, several of the company's stores have been affected by the downturn in retail and the economies in Alberta and Saskatchewan. MNP is the proposal trustee. Counsel is MLT Aikins for RBC and Gehlen Dabbs for the company.

Louis Garneau Sports

Louis Garneau Sports, a Saint-Augustin, Quebec-based manufacturer of sports apparel and equipment, filed an NOI on March 3, listing $32.8 million in liabilities, including $11.4 million to RBC and $6.4 million to Investissement Québec. Founded in 1983 by Louis Garneau, a Canadian Olympic cyclist, the company quickly grew to become a leading brand in the cycling industry. The company attributes its current financial difficulties to challenging market conditions as well as the bankruptcies of two of its larger international customers. Raymond Chabot is the proposal trustee.


HealthChain, a Toronto, Ontario-based company that provides software solutions that integrate with existing healthcare management systems and workflows to make outdated technologies and paper-based processes more efficient, filed an NOI on February 28, listing $1.5 million in liabilities. Dodick & Associates is the proposal trustee. Brauti Thorning is counsel to the company.

Le Cordée

Le Cordée, a Montreal, Quebec-based sports and outdoor goods retailer operating five stores in Quebec, filed an NOI on February 21, listing $22.2 million in liabilities, including $10.4 million to National Bank, $857.3 thousand to Arcteryx, and $839.0 thousand to North Face. The company is focused on its transformation, which will include refinancing its operating facility with another lender. MNP is the proposal trustee. EY is financial advisor to the company. PwC is financial advisor to National Bank. Counsel is Norton Rose Fulbright for the company and McCarthy Tétrault for National Bank.


Stokes, a Montreal, Quebec-based tableware, kitchenware, and home décor retailer with 147 stores across Canada, filed an NOI on February 18, listing $22.9 million in liabilities, including $9.7 million to Scotiabank and $2.3 million to HSBC. For the last few years, the company has been experiencing financial difficulties due to increasing competition from large-scale and online retailers; successive minimum wage increases across Canada; and high cost of rent in various locations. In 2019, the company reported financial losses of approximately $4.5 million, which were mainly attributable to operational issues following the implementation of a new warehouse management system. These issues led to a significant increase in the company's borrowings and a breach of certain loan covenants with Scotiabank. In order to reduce its retail footprint and streamline head office operations, the company intends to close 43 stores and liquidate inventory, furniture, and equipment located in the closing stores. FAAN Advisors has been retained as Chief Restructuring Advisor. Tiger and Great American will jointly assist with the inventory liquidation. Richter is the proposal trustee. Osler is counsel to the company.

Eureka 93 (CSE:ERKA)

Eureka 93 (CSE:ERKA), an Ottawa, Ontario-based cannabis company that operates one of the largest hemp cultivation and CBD extraction operations in North America, along with its subsidiaries - Artiva, LiveWell Foods Canada, and Vitality CBD Natural Health Products (collectively, the "Group") - filed an NOI on February 14, listing approximately $28.2 million in liabilities. At the end of December 2017, Artiva, Eureka 93's only operating company, acquired a large vegetable farm that it intended to retrofit for the cultivation, processing, and distribution of cannabis, but it has run out of cash and cannot complete construction. Believing that its business will become viable once construction is complete and production begins, the company filed for creditor protection in order to, among other things, obtain interim financing and simplify its capital structure. Deloitte is the proposal trustee. Counsel is Gowling WLG for the Group, Blaney McMurtry for the proposal trustee and Bennett Jones for a group of secured noteholders.

Tri-Ag Implements

Tri-Ag Implements, a Wainwright, Alberta-based agriculture equipment supplier, filed an NOI on February 10, listing $15.4 million in liabilities, including $4.7 million to CNH Industrial Capital Canada, $3.7 million to Farm Credit Canada, $2.8 million to De Lage Landen and $2.7 million to Encompass Credit Union. A few days prior to the NOI filing, on February 6, an interim receivership order was granted over the assets subject to FCC's security. FCC provides the company with floor plan financing and became worried when it was discovered that at least five pieces of machinery had recently been sold without the sale proceeds being remitted to FCC. The Bowra Group is the proposal trustee. EY is the interim receiver. Counsel is Reynolds Mirth Richards & Farmer for the company and Sharek Logan & van Leenen for FCC.

Air Georgian

Air Georgian, Toronto, Ontario-based regional aircraft operator, filed an NOI on January 31. The company operated over 62,000 regional flights per year on behalf of Air Canada through a capacity purchase agreement. This contract, however was not renewed on January 31. While under creditor protection, the company will look to secure a new business relationship. KPMG is the proposal trustee. Counsel is GSNH for the company, Chaitons for proposal trustee and Dentons for the senior secured lender.

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