July 3, 2019
Quinsam Coal Corporation, a company which owned and operated a coal mine on Vancouver Island, British Columbia, filed for bankruptcy on July 3. The company produced high-quality thermal coal that was sold to the cement industry in British Columbia and to international cement and power-generating customers around the Pacific Rim. Due to a prolonged and steep decline in thermal coal prices, changes in market demand and a decline in productivity of the mine the company ran out of funding to continue operations. The mine ceased operating and was put into care and maintenance at the end of May 2019. The principal objective of the trustee is to attempt to sell and realize on the company's assets and to work with the province to facilitate the wind up and remediation of the mine. PwC was appointed trustee. Counsel is McMillan for the company and Cassels Brock for the trustee.