August 11, 2022
iSPAN Systems LP, a manufacturer and installer of proprietary cold-formed steel floor joist and framing systems for residential, commercial and industrial building projects throughout Ontario and neighboring Provinces and States, filed an NOI on August 11. iSPAN lists approximately $22.9 million in liabilities, including approximately $7.2 million to Leder Investments, $6.7 million to Walters Partners and $2.3 million to CIBC. During the 30 months to June 30, 2022, iSPAN had revenues totalling approximately $67 million. However, due to declining gross margins, iSPAN has only generated net income of approximately $300,000. Due to recent production inefficiencies and project delivery delays, customer payments have been withheld of delayed, which resulted in liquidity pressures and the decision to file the NOI. The Fuller Landau Group is the proposal trustee. Counsel is Aird & Berlis for iSPAN.
By Dina Milivojevic