September 18, 2020

Filing Type:

Company Counsel: McCarthy Tétrault

Trustee: KPMG

Trustee Counsel: Gowling WLG

Industry:

Province:

Hematite Group, a tier 1 supplier of automotive component parts with facilities in Brantford and Guelph, Ontario, obtained protection under the CCAA on September 18, listing approximately $59.3 million in liabilities, including $14.5 million to TD and $2.6 million to BDC. The COVID-19 pandemic and the resulting government-mandated shutdowns have had a significant adverse impact on the company's financial position. From March to May, the company's gross sales were approximately 70% below expectations and it experienced a significant and unexpected operating loss. During these CCAA proceedings, Woodbridge Foam Corporation ("Woodbridge") will be providing up to $6.0 million in interim financing. KPMG was appointed monitor. Counsel is McCarthy Tétrault for the Group, Gowling WLG for the monitor, Bennett Jones for Woodbridge, and Dentons for TD.

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