September 14, 2022
Genesis Integration Inc. ("Genesis"), an Edmonton, Alberta-based company in the business of designing and integrating audiovisual collaboration systems for both public sector and corporate clients, and its sole shareholder, 965591 Alberta Ltd. ("965"), a holding company, were each placed in receivership on September 14, on application by Cortland Credit Lending Corporation ("Cortland"), owed approximately $9.5 million, plus legal fees, interest and costs. The Cortland debt is guaranteed by Genesis and its wholly-owned subsidiary, Fusion Cine Sales & Rental Inc. ("Fusion”). On the same day that the Receivership Order was granted, a Reverse Vesting Order was granted approving a going concern sale to Sequent AI Exchangeco Limited, a related party, of all of the issued and outstanding shares of Genesis, including Genesis’s ownership interest in Fusion, without any effect on Fusion’s creditor obligations, including in respect of the Cortland debt and amounts it owes to certain critical suppliers. KSV was appointed receiver. Counsel is Dentons for Cortland, McMillan for the receiver and Blakes for the purchaser.
By Dina Milivojevic