May 1, 2020
JMB Crushing Systems Inc., a Bonnyville, Alberta-based producer and supplier of aggregates for leading oil field companies, industrial projects and road construction throughout Alberta, along with its holding company, obtained protection under the CCAA on May 1. In 2019, the company encountered issues meeting the cash flow projections delivered to its lenders due to several unforeseen events. These included, among other things, forest fires that delayed completion of a $10.0 million project by more than two months, as well as an uncharacteristically wet summer which led to a 6-month delay of another $10.0 million project that the company had secured. The current pandemic, along with the state of emergency declared by the government of Alberta in March, has complicated the company's ongoing restructuring plans. Since early March, the availability of capital from investors and lenders has dropped precipitously and the pace of business across North America has significantly slowed or in some cases ceased altogether. ATB Financial has agreed to provide up to $900.0 thousand in DIP financing. Counsel is Gowling WLG for the companies, McCarthy Tétrault for the monitor, and Dentons for ATB Financial.