November 29, 2018
Carpet Art Deco, a Montreal, Quebec-based manufacturer and distributor of carpets and rugs, filed an NOI on November 29, listing $53.9MM in liabilities, including $28.2MM to CIBC and $10.7MM to BDC. The company reported a loss of approximately $7.0MM for the eleven months ended August, which it attributed to difficulties arising from its efforts to expand its business in the United States and modifications to the current international trade policies. Richter was appointed proposal trustee and has launched a sale and solicitation process for the company's business. Counsel is BLG for the company, Stikeman Elliott for the proposal trustee, McCarthy for CIBC and Miller Thomson for BDC.