March 29, 2018
4339274 Canada (formerly Norterra), an Edmonton, Alberta-based company that offers ship, truck, rail and air logistics services, filed for bankruptcy on March 29, listing $83.1MM in liabilities, including approximately $80.9MM to Inuvialuit Development Corporation (IDC), the business arm of the Inuvialuit, the Inuit of Canada's western Arctic. The company's financial difficulties stemmed primarily from the poor performance of one of its former subsidiaries, Northern Transportation Company Limited (NTCL), which had been unprofitable for almost a decade and was draining cash from its parent and other profitable NorTerra subsidiaries. NTCL was sold to the Government of the Northwest Territories through a CCAA process in 2016, and ownership of several other NorTerra subsidiaries were transferred directly to IDC in early 2017. Grant Thornton is the bankruptcy trustee.