L’Univers du Modulaire Inc.

L'Univers du Modulaire Inc., a Sherbrooke, Quebec-based general contractor filed an NOI on July 12, listing approximately $6.7 million in liabilities, including $3.9 million to the Business Development Bank of Canada. Among other services, the company provides general contracting services in connection with the construction of modular houses and complexes. MNP is the proposal trustee.

Alaska – Alberta Railway Development Corporation (“A2A Rail”), 7198362 Manitoba Ltd. and 12703131 Canada Ltd.

Alaska - Alberta Railway Development Corporation ("A2A Rail"), 7198362 Manitoba Ltd. and 12703131 Canada Ltd., which intended to build a new railway connecting northern Alberta to Alaska, each filed an NOI on June 18. The move comes after A2A Rail’s main lender, Bridging Finance, was placed in receivership by the Ontario Securities Commission on April 30. Earlier this month, PwC, the court appointed receiver of Bridging Finance, called a $149 million CDN loan made to A2A Rail by Bridging Finance, which spurred the NOI filings. While under creditor protection, the company intends to pursue a court supervised sale or refinancing.These proceedings come less than nine months after Donald Trump granted a presidential permit for the $18 billion (USD) railway project. MNP is the proposal trustee.

Réseau Dentaire Inc.

Réseau Dentaire Inc., a Montreal, Quebec-based dental company, filed an NOI on June 17, listing approximately $9.5 million in liabilities, including $9.1 million to Desjardins. MNP is the proposal trustee.

Nautilus Plus Inc.

Nautilus Plus Inc., a Longueuil, Quebec-based company which operates a leading chain of corporately-owned fitness centres in Quebec, filed an NOI on June 14, listing approximately $42 million in liabilities, including approximately $28.4 million to BMO and $8.3 million to the Caisse de dépôt. Raymond Chabot is the proposal trustee.

Solis Foods Corporation Inc. (“Solis”), Vivian Group Inc. (“Vivian Group”) and 1610830 Alberta Ltd. (“161Co”)

Solis Foods Corporation Inc. ("Solis"), Vivian Group Inc. ("Vivian Group") and 1610830 Alberta Ltd. ("161Co"), three related companies, filed an NOI on June 8, listing approximately $19.0 million in secured debt and $5.1 million in unsecured trade debt. Together, the companies facilitate a business enterprise in which Solis manufactures and packages snack foods for the food service and retail grocery industries, including producing national branded and private-label snack foods. Vivian Group is a holding company responsible for real estate and 161Co is a holding company solely responsible for certain Alberta real estate (and equipment) that was the home of a now-closed production facility. After Solis ran into liquidity issues in 2018, David Andrew Vivian ("Andrew") sold 50% of his interest in Vivian Group to Super Pufft Snacks Corp. ("Snacks"). In addition to providing working capital to the companies, Snacks would provide production expertise to help improve Solis' profitability. However, profitability did not improve in 2019 as certain key customers were lost and Solis reported $1.2 million in losses. With the onset of COVID-19 related shutdowns in 2020, the companies' financial situation further deteriorated as many restaurants and food services business closed. In light of the financial challenges facing the business, Snacks determined it is no longer prepared to fund the companies' working capital needs. Sun Pac Holdings Ltd. will be providing interim financing during these proceedings. EY is the proposal trustee. Counsel is Loopstra Nixon for the companies, DLA Piper for the proposal trustee, Aird & Berlis for Sun Pac Holdings Ltd. and Snacks, and GSNH and Hager Law for Andrew.

Duck Mountain Environmental Ltd.

Duck Mountain Environmental Ltd., a Kamsack, Saskatchewan based Hydrovac excavation and potable water/septic service company, filed an NOI on May 31, listing approximately $1.9 million in liabilities. The Bowra Group is the proposal trustee.

SafetyTek Software Ltd.

SafetyTek Software Ltd., a Saskatoon, Saskatchewan-based company that provides digital workplace safety management software to manage subcontractors, filed an NOI on May 13, listing approximately $2.2 million in liabilities, including $1 million to Conexus Venture Capital Fund. EY is the proposal trustee. DLA Piper is counsel for the company.

YG Limited Partnership and YSL Residences Inc.

YG Limited Partnership and YSL Residences Inc., which are part of the Cresford Group of Companies ("Cresford") and are the owner/developer of the condominium project known as Yonge Street Living Residences (the "YSL Project"), at the intersection of Yonge Street and Gerrard Street in Toronto, filed NOIs on April 30. YG Limited Partnership lists approximately $64.1 million in liabilities, including $111.8 million to Westmount Guarantee, and YSL Residences Inc. owes approximately $106.8 million to Timbercreek Mortgage Servicing Inc. The YSL Project, which is currently subject to three mortgages totalling $249 million, has been suspended for more than a year due to ongoing financial difficulties of the companies and Cresford. If the NOI proposal is implemented, Concord Properties Development Corp. or its affiliate would become the owner/developer of the YSL Project. KSV Advisory is the proposal trustee. Counsel is Aird & Berlis for the companies, Davies for the proposal trustee, and Bennett Jones for the Concord Properties Development Corp.

International Fitness Holdings Inc., International Fitness Holdings LP, and World Health North LP (collectively, the “Company”)

International Fitness Holdings Inc., International Fitness Holdings LP, and World Health North LP (collectively, the “Company”), which operates 21 fitness clubs, as well as spin and CrossFit studios, in Calgary and Edmonton, filed an NOI on April 23, 2021. As at March 31, 2021, the company owed approximately $72.9 million to its two main secured lenders, CIBC and Trifit Holdings (GP) Ltd. (the company's general partner). Subsequent to the Alberta Government’s decision to increase COVID-related restrictions, the Company closed all its clubs and laid off a significant number of employees in mid-March 2020 and implemented a number of strategies to attempt to safeguard the longer-term operations including negotiating rent deferrals with landlords and accessing the Canada Emergency Wage Subsidy and the Canada Emergency Commercial Rent Assistance and Canada Emergency Rent Subsidy programs. In September of 2020, the Company engaged MNP to lead a strategic process, including a sale of the Company’s assets. This culminated in an asset purchase agreement being entered into between the Company and an arm's-length purchaser that will be finalized while the Company is under creditor protection. KPMG was appointed as proposal trustee. Counsel is Osler for the proposal trustee.

Spartan Bioscience Inc.

Spartan Bioscience Inc., a Nepean, Ontario-based biotechnology company that developed a rapid COVID-19 testing device, filed an NOI on April 5, listing approximately $73.0 million in liabilities. The company filed for insolvency protection after finding an undisclosed problem with the technology and pausing shipments of its COVID-19 testing cube. The company is laying off 60 employees (around 70% of its workforce) and working to restructure and refine the performance of the COVID-19 test in the field. EY is the proposal trustee.