October 27, 2022
Nilex Inc., a construction company based in Edmonton, Alberta, filed an NOI on October 27, listing over $62 million in secured debt, including approximately $17.5 million to CIBC, its senior lender, and approximately $45 million to Fulcrum Capital Partners Inc. et al., as well as over $12 million in unsecured debt. The company's financial difficulties were brought on by several years of repeated losses, exacerbated by the pandemic, a slowing construction industry and increasing inventory costs. The purpose of the filing is to conduct a sales process, which is well advanced. KSV is the proposal trustee. Counsel is Blakes for the company, Cassels for the proposal trustee and Norton Rose for CIBC.
By Dina Milivojevic