June 24, 2019
Alaskan Water Seafood, a Brampton, Ontario-based seafood supplier was placed in receivership on June 24 on application by RBC, owed approximately $1.0MM. In March 2019, the accounts of the company were transferred to RBC's special loans group because its risk profile had deteriorated. RBC expressed concerns about, among other things, improprieties with respect to the completion of borrowing base certificates and late reporting. The company acknowledged its financial difficulties, which it attributed to rising competition, but its attempts to refinance its business and/or attract an equity partner have been unsuccessful and recent information provided to RBC has increased the bank's concerns about the deteriorating financial position of the company. Grant Thornton was appointed receiver. Counsel Minden Gross for the applicant and KMB Law for the company.