May 16, 2019
Northfield Glass Group, a Moncton, New Brunswick-based manufacturer of insulated glass units that operated various divisions including City Thermo Pane and Economy Glass, had certain of its property and equipment placed in receivership on May 16 by way of a private appointment by BDC, owed approximately $1.2MM. Despite a $1.0MM investment from the provincial and federal governments in 2011 to modernize certain of its facilities, the group still suffered from inefficiencies in its operations and had not been profitable for the past few years. The group's main shareholder, Prelsecur, recently came to the conclusion that the operations of the group were no longer viable and decided to withdraw all financial support. The receivership is preceded by an assignment in bankruptcy that occurred on April 5. BDO is the receiver. EY is the bankruptcy trustee.