April 3, 2018
Floridus, a Mississauga, Ontario-based importer and distributor of Christmas décor, permanent botanicals, and home and garden décor, was placed in receivership on April 3 on application by RBC, owed approximately $3.0MM (CAD) and $3.8MM (USD). RBC decided to demand payment on their loan agreement on account of the company experiencing cash flow difficulties and breaching its debt service coverage ratio. The company is winding down operations and looking to sell its assets as part of the wind down process. James Williams & Associates was appointed receiver. Counsel is Minden Gross for the receiver, BLG for the applicant, and Karl J. Veldkamp and Caldwell Barristers for the company.