BR Capital Inc.

BR Capital Inc. and twelve related entities each filed an NOI on September 14, 2022, listing approximately $2.7 million in liabilities. The companies, based in Calgary, Alberta, had developed various cloud-based software systems for dental/medical clinics and for teaching functions. Due to disruptions caused by the COVID-19 pandemic, demand for new licenses and revenue had declined, resulting in liquidity pressures and resulting in the decision to file the NOIs. KPMG is the proposal trustee, Gowlings WLG is counsel for the companies and Osler is counsel for the proposal trustee. By Dina Milivojevic

Medisun Inc. (“Medisun” or the “company”)

Medisun Inc. (“Medisun” or the “company”) is a licensed cannabis producer located in southwestern Ontario. With 13 acres of greenhouse grow area, Medisun has become one of Canada’s top licensed cannabis cultivators. On September 7, 2022, Medisun filed an NOI, listing approximately $48 million in liabilities of which $13.8 million is owed to the senior secured creditor and parent company, Cannim Group Ptl Ltd. The company is working on a restructuring plan during the NOI period. Counsel to the Company is Baker McKenzie. Grant Thornton is the proposal trustee and its counsel is WeirFoulds. By Dina Milivojevic

Great Panther Mining Limited (TSX:GPR)

Great Panther Mining Limited (TSX:GPR), a precious metals producer focused on the operation of the Tucano Gold Mine in Brazil, filed an NOI on September 6, listing approximately $17.9 million in liabilities, including approximately $17.1 million to Asahi Refining Canada Limited. The following day, the company also filed a judicial reorganization proceeding in the Brazil. The filing was precipitated by, among other things, Inflationary pressures significantly impacting costs, operational challenges, the necessary acceleration of certain capital programs, and contractor mobilization delays because of equipment availability issues, all of which led the company to forecast that it would likely default on several material agreements. A&M is the proposal trustee. By Dina Milivojevic

Universal Mechanical Ltd. (“UniMech”), Movin’ Air Heating & Air Conditioning Ltd. (“Movin’ Air”), and Agincourt Limited (collectively, the “Companies”)

Universal Mechanical Ltd. (“UniMech”), Movin’ Air Heating & Air Conditioning Ltd. (“Movin’ Air”), and Agincourt Limited (collectively, the “Companies”) each filed an NOI on September 6, 2022. UniMech and Movin’ Air respectively operated as mechanical and HVAC contractors in Calgary, Alberta. The Companies collectively listed $9.7 million in liabilities, including approximately $3.3 million to RBC. Due to project delivery delays, customer payments have been withheld or delayed, which resulted in liquidity pressures and the decision to file the NOI. Grant Thornton is the proposal trustee. DLA Piper is counsel for the Companies and Burnet, Duckworth & Palmer is counsel for the proposal trustee. By Dina Milivojevic

2806401 Ontario Inc. d/b/a Allied Track Services

2806401 Ontario Inc. d/b/a Allied Track Services, a Grimsby, Ontario-based provider of railroad construction, maintenance, and signal services, filed an NOI on August 25, listing approximately $63.1 million in liabilities, including approximately $59.8 million to Bridging Finance Inc. The company was previously subject to NOI proceedings in 2021. KSV is the proposal trustee. Counsel is Blakes for the proposal trustee and TGF for Bridging. By Dina Milivojevic

Under the Sun Groweries Inc.

Under the Sun Groweries Inc., a Saskatoon, Saskatchewan-based cannabis company, filed an NOI on August 15, listing approximately $7.5 million in liabilities, including approximately $4.8 million to 101214535 Saskatchewan Ltd. Grant Thornton is the proposal trustee. By Dina Milivojevic

iSPAN Systems LP

iSPAN Systems LP, a manufacturer and installer of proprietary cold-formed steel floor joist and framing systems for residential, commercial and industrial building projects throughout Ontario and neighboring Provinces and States, filed an NOI on August 11. iSPAN lists approximately $22.9 million in liabilities, including approximately $7.2 million to Leder Investments, $6.7 million to Walters Partners and $2.3 million to CIBC. During the 30 months to June 30, 2022, iSPAN had revenues totalling approximately $67 million. However, due to declining gross margins, iSPAN has only generated net income of approximately $300,000. Due to recent production inefficiencies and project delivery delays, customer payments have been withheld of delayed, which resulted in liquidity pressures and the decision to file the NOI. The Fuller Landau Group is the proposal trustee. Counsel is Aird & Berlis for iSPAN.

iS5 Communications Inc.

iS5 Communications Inc., a Mississauga, Ontario-based company that provides customers with information technology services and proprietary hardware products – specifically servicing critical infrastructure, including the energy, transportation, heavy industrial, and defense industries – filed an NOI on August 5, listing approximately $15 million in liabilities, including $1.9 million USD to Silicon Valley Bank. The company plans to undertake a stalking horse sale process and is working toward a stalking horse agreement during the NOI period. Grant Thornton is the proposal trustee. Counsel is Fasken for the company, Aird & Berlis for Silicon Valley Bank, TGF for the stalking horse purchaser, and Cozen O’Connor for the proposal trustee. By Dina Milivojevic

Petrolama Energy Canada Inc.

Petrolama Energy Canada Inc., which operates a crude oil and natural gas liquids marketing and trading business, filed an NOI on July 27, listing approximately $15 million in unsecured liabilities. The company currently has no bank debt and no secured creditors. In 2013, the company constructed and operated a crude oil blending terminal in Alida, Saskatchewan, and peaked with annual revenues of over $900,000,000 in 2014. In July 2016, the company sold the majority of its commercial assets to Secure Energy Services Inc. where most of its employees also went. The company then focused on moving Canadian crude oil and propane and selling it into the United States. Since then, a number of factors have led to the company’s insolvency. They include the loss of bank financing, the delay in completion of facilities, a regulatory rejection of a project, the high cost of crude oil storage under long term contracts, and the 2020 market crash of the price of crude oil and its subsequent volatility. A&M is the proposal trustee. Counsel is Blakes for the proposal trustee, Jensen Shawa Solomon Duguid Hawkes for the company, MLT Aikins for Keyera Energy Inc. and DLA Piper for OdysseyNRG Ltd. By Dina Milivojevic

Links of London (Canada) Limited

Links of London (Canada) Limited, a Toronto, Ontario-based jewelry retailer that carried on business under the trade name Links of London, filed an NOI on July 20, 2022. Links of London depended on its parent company in the UK and on its affiliate in the US for inventory, bookkeeping and other operational support. In November of 2019, the insolvency proceedings and subsequent liquidation of Links of London’s parent and affiliate companies forced the company to commence the liquidation of its own inventory. The liquidation was completed by the end of January, 2020, by which time it had vacated the premises of the five retail locations it formerly occupied in Canada. The company intends to file a proposal to provide for a structured, coordinated and transparent wind-down, and to address the claims of creditors in an orderly fashion. Alvarez & Marsal is the proposal trustee. Counsel is Blakes for the company and Aird & Berlis for the proposal trustee By Dina Milivojevic