September 18, 2020
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.