July 29, 2019

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Trustee: EY

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Plasticon Canada, a Montreal, Quebec-based manufacturer of fiberglass reinforced plastic products such as storage tanks and piping systems, filed for bankruptcy on July 29, listing $5.4MM in liabilities, including $2.0MM to HSBC.The company's recent financial difficulties are largely a result of a sizeable but ultimately unprofitable contract that the company entered into in 2018. The company was receiving financial support from its parent company in Europe, but due to continued losses and weak order intake over the last months it became impossible for the parent company to continue supporting its Canadian subsidiary. EY was appointed bankruptcy trustee.

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