January 20, 2023
Tehama Inc., an Ottawa, Ontario-based technology company in the business of providing a next-generation “desktop as a service” (DaaS) platform which enables customers to utilize cloud-based virtual offices, room and desktops from anywhere in the world, obtained CCAA protection on January 20. Despite a growing customer base, the company has not yet achieved profitability, which has resulted in a significant leveraging of the company’s balance sheet. Efforts to secure additional investment in the company have been ongoing but to date have been unsuccessful. In late 2022, CIBC, the company's senior secured lender, demanded repayment of the $3.1 million owed to it. In an effort to keep the company alive, one of the company's directors and its CFO incorporated a new company and took an assignment of the CIBC debt. Additional funding for the business is urgently needed though, and under creditor protection the company aims to complete a SISP that will result in the receipt of additional capital or the sale of the business. Deloitte was appointed Monitor. Dentons is counsel for the company and Goodmans is counsel for the Monitor.
By Dina Milivojevic
