November 24, 2022
Nilex USA Inc. ("Nilex USA"), a wholly-owned subsidiary of Nilex Inc., a Calgary-based construction company operating in the geosynthetics industry which is already subject to proposal proceedings, filed an NOI on November 24. Nilex USA operates from leased premises in Utah and Colorado and has approximately eight employees. In October 2021, Nilex Inc. engaged Valitas Capital Partners to conduct a sales process, which ultimately resulted in the acceptance of a bid for a going-concern sale of substantially all of the companies’ business and assets to Terrafix Geosynthetics Inc. (the Canadian purchaser) and Hanes Companies, Inc. (the US purchaser), The purpose of the Nilex USA NOI filing is to allow the transaction for the US assets to be completed, and the proposal trustee intends to work with US counsel to commence Chapter 15 recognition proceedings. KSV is the proposal trustee. Counsel is Blakes for Nilex USA, Cassels for the proposal trustee and Norton Rose for CIBC, the senior secured lender.
By Dina Milivojevic