September 1, 2021
Artex Systems Inc., a Concord, Ontario-based manufacturer of architectural precast wall panels for buildings primarily in the United States, including large-scale condominiums and public use buildings, filed an NOI on September 1, listing approximately $1.4 million in liabilities. The company experienced severe cash flow problems arising from deteriorating market conditions, as well as a confluence of cash demands on several concurrent projects. As a result, the company fell behind on its payments to creditors, government payroll remittances, as well as its obligations to TD, its primary secured lender. The company's sole project at this time is in Manhattan. The company has projected that if it completes this project and can collect outstanding holdbacks from other jobs, it will have sufficient funds to fully repay the outstanding priority source deduction obligations, its indebtedness to TD, as well as repay a significant portion of its unsecured debt. Spergel (GRIP) is the proposal trustee. Weisz Fell Kour is counsel for the company.