October 15, 2020
G.I. Sportz Inc., a Montreal, Quebec-based manufacturer of high-quality paintball products, along with several of its US and European affiliates, were placed in receivership on October 15 on application by GIS Debt Acquisition Partnership ("Partnership"), owed approximately $29.4 million (USD). The company's business was already under considerable stress prior to the emergence of the COVID-19 pandemic, having incurred losses totaling over $45.0 million (USD) since January 2018. Since paintball is a social sport played by a large number of participants, often in teams and in relatively confined areas, the COVID-19 pandemic further exacerbated the company's financial issues due to Canadian and US government policies mandating social distancing. Kore Outdoor Inc., a party related to the Partnership, has agreed to purchase substantially all of the company's Canadian and US assets in exchange for assuming the secured obligations owed by the company to the Partnership. KSV was appointed receiver. Counsel is Davies for the applicant and Cassels and Lapointe Rosenstein Marchand Melançon for the receiver.