May 11, 2018
PTL Holdings, PTL Services (Equipment), CSL Services (Industrial) and 9263357 Canada (collectively the “PTL Group”) a Southern Harbour, Newfoundland and Labrador-based company which is in the business of heavy equipment rental and contracting labour services, was placed in receivership on May 11 on application by CIBC, a major secured creditor owed approximately $6.0MM. The second ranking secured creditor is owed $11.5MM. PTL Group’s diversified rental fleet consisting of 230+ pieces of heavy construction, earthworks, transportation and site support equipment together with its complement of approximately 70 full-time unionized employees with extensive experience in a variety of fields and its location in Southern Harbour can deliver services to key industrial, construction, and oil and gas customers. BDO was appointed Receiver. Counsel is Wickwire Holm for CIBC and Cox & Palmer for the Receiver.