Raptor Rig Ltd., a Calgary, Alberta-based drilling company specializing in the creation of automated drilling and coil tubing rigs, was placed in receivership on August 10 on application by Halliburton Global Affiliates Holdings, owed approximately $35.5 million. FTI Consulting was appointed receiver. Norton Rose Fulbright is counsel to the applicant.
Black Knight Inn, a Red Deer, Alberta-based hotel, lounge, and restaurant, was placed in receivership on August 7 on application by Servus Credit Union. MNP was appointed receiver. Miller Thomson is counsel to the applicant.
Renaissance Printing Inc., a Toronto, Ontario-based industrial printer that provides premium services to publishers and marketers, was placed in receivership on July 30 on application by Michael Vernon Fredericks and Sue Fredericks, owed approximately $3.0 million. Since 2019, the company has faced serious financial difficulties and cashflow problems and has not been able to meet its obligations as they become due. EY was appointed receiver. Dentons is counsel for the applicants.
William Peak Co-Operative Homes, a social housing property located at 1990 Whites Road, Pickering, Ontario, was placed in receivership pursuant to the Housing Services Act on July 22 on application by the Regional Municipality of Durham. An auditor's management letter issued in January 2020 noted significant deficiencies in the internal controls of the co-op's finances, including those related to conflicts of interest, financial statement accuracy, housing charges arrears and control over credit cards. In response, the municipality, as the designated service manager, appointed Deloitte as interim receiver in February 2020. Deloitte reported several areas of concern, including payments to parties related to board members, payments to contractors where payments were not commercially reasonable, credit card purchases using the co-op's card that did not appear to reflect legitimate expenses and potential misappropriation of housing charge payments. In June, the Region determined that a court-appointed receivership was required to finish stabilizing the co-op's operations and locate and train new members to become the co-op's new board of directors. Deloitte is the receiver. Blaney McMurtry is counsel for the receiver.
Crowfoot Land & Livestock Corporation, a Brooks, Alberta-based agricultural company in the business of growing crops and raising livestock, along with James Clark and Robin Clark (collectively, the "Defendants"), were placed in receivership on July 22 on application by RBC, owed approximately $2.6 million from the company and $2.4 million from James Clark and Robin Clark. The Defendants defaulted on their loan agreements and forbearance agreement with RBC after, amongst other things, failing to make numerous monthly payments under several credit facilities and failing to provide evidence of satisfactory financing from a third-party lender. These defaults, in addition to James Clark's allegedly fraudulent actions and matrimonial conflict between James Clark and Robin Clark, have led RBC to lose complete faith that the Defendants can repay the indebtedness owing by the company. In May and June, RBC was forced to seize certain of the company's assets in order to protect its security. MNP was appointed receiver. Counsel is Dentons for the applicant, MacLean Wiedemann Lawyers for James Clark, Stringam for Robin Clark, and Burnet, Duckworth & Palmer for the receiver.
Ostrander Hotels, which operate as HomeStay Inn & Suites and HomeStay Inn Express in Medicine Hat, Alberta, were placed in receivership on July 22 on application by Innovation Credit Union, respectively owed approximately $7.1 million and $5.2 million. Deloitte was appointed receiver. Counsel is Dentons for the applicant and Duckworth & Palmer for the company.
1001 Broadview Avenue Inc., a company that owns a pre-construction proposed 10-storey mixed use condominium development located in Toronto, Ontario, was placed in receivership on July 21 on application by Centurion Mortgage Capital Corporation ("Centurion"), owed approximately $8.1 million. The purpose of Centurion's loan was to refinance an existing mortgage to provide the company time to complete the zoning amendment and site approval required for the proposed development. To date, the development has stalled and the company has not yet commenced construction or gone to market to sell any units. BDO was appointed receiver. Counsel is Robins Appleby for the applicant and Adair Goldblatt Bieber for the company.
Nissan of Muskoka, a Bracebridge, Ontario-based car dealership, was placed in receivership on July 9 on application by Nissan Canada. Farber was appointed receiver. Counsel is McMillan for the applicant and Loopstra Nixon for the receiver.
Back 40 Pictures, a Toronto, Ontario-based film production company, was placed in receivership on July 9 on application by RBC, owed approximately $2.0 million. Deloitte was appointed receiver. Devry Smith Frank is counsel to the applicant.
Frontline Broadband, a Toronto, Ontario-based telecommunications company, was placed in receivership on July 6 on application by Neli Financial, owed approximately $5.9 million. The company has three main lines of business: the provision of managed IT solutions to corporate clients; the provision of residential broadband internet and television services to residential customers across Canada delivered under the name Rally; and wholesale services, including television services for bedside terminals in hospitals. The company has suffered significant losses in recent years. In default of its loan agreements, the company brought in two independent consultants to advise on restructuring alternatives and both concluded that the company was overleveraged. The company engaged in forbearance discussions and exchanged proposals for restructuring the company's business, but no agreement could be reached. Farber was appointed receiver. Counsel is Chaitons for the applicant and Weisz Fell Kour for the company.