December 9, 2022
Galarneau Entrepreneur Général Inc. and various related entities (collectively, the "Galarneau Group"), a Rouyn-Noranda, Québec-based group of companies offering drilling and blasting, crushing, paving, civil engineering, transportation and snow removal services to clients working in the mining, municipal and industrial fields, each filed an NOI on December 9. The Galarneau Group employs between 150 and 300 employees at any given time to meet customer demand. In the current and previous fiscal years, Galarneau Entrepreneur Général Inc. suffered an operating loss of more than $19 million, due primarily to the completion of 5 loss-making projects, as well as the effects of the COVID-19 pandemic. Galarneau Entrepreneur Général Inc., which has more liabilities than any of the other entities within the Galarneau Group, lists approximately $48.1 million in liabilities, including approximately $12.9 million to Caisse Desjardins. On December 29, the Québec Court issued a reverse vesting order approving a transaction between the Galarneau Group and 9422-8806 Québec inc. (a related party to Duroking Construction). MNP is the proposal trustee. Stikeman Elliott is counsel for the companies, Miller Thomson is counsel for the purchaser, Davies is counsel for secured creditor Caisse Desjardins de Rouyn-Noranda, McCarthy Tétrault is counsel for unsecured creditor Desjardins Capital de Risques and Morency is counsel for supplier Équipements Morri 7 Inc.
By Dina Milivojevic