August 20, 2021
Mississauga Metals & Alloy, a Brantford, Ontario-based recycler/seller of metals, was deemed to have made an assignment in bankruptcy on August 20, listing approximately $31.1 million in liabilities, including $15.9 million to BNS and $812 thousand to EDC. The company attributes its financial difficulties to several factors, including (i) a catastrophic fire at the company's premises which caused significant damage to its manufacturing facility; (ii) difficulties in collecting receivables due to customer disputes regarding product quality; (iii) significant costs associated with the management and disposal of certain waste nuclear materials stored by the company; and (iv) the negative impact of the COVID-19 pandemic on the company's business operations. As a result of these issues, the company has been dependent on capital injections from the company's shareholders to fund operations. In July, the company filed an NOI so that it could pursue restructuring plans; however, the company ultimately failed to present a proposal to its creditors and was deemed to have made an assignment in bankruptcy on August 20. Richter is the bankruptcy trustee.