February 1, 2019
Taxelco, a taxi company founded in 2015 with the objective of being an environmentally and socially-friendly tax service, obtained protection under the CCAA on February 1 on application by National Bank, owed approximately $10.2MM. In February 2018, the Caisse de dépôt et placement du Québec, the FTQ Solidarity Fund, Fondaction CSN and XPND Capital agreed to inject $17.0MM into the company to grow its Téo Taxi fleet of electric cars. When it became clear, however, that the firm's financial outlook would not improve, the investors refused to provide any more capital. Richter was appointed monitor. Counsel is Stikeman Elliott for the applicant, McCarthy Tétrault for the monitor and Norton Rose Fulbright for the company.