February 1, 2021
Tradesmen Enterprises Limited Partnership ("TELP"), a Calgary, Alberta-based limited partnership that provides general mechanical contracting and pipeline construction, assembly, and maintenance throughout Western Canada — along with its general partner, Tradesmen Enterprises Inc. (together with TELP, "Tradesmen") — filed NOIs on February 1. Tradesmen lists approximately $47.7 million in liabilities and $52.5 in assets. Until January 11, 2021, Tradesmen's principal contract was for the construction of a water management project for Teck Coal Limited (the "Project"). The Project was massively over budget, with the final projected cost of completion being more than four times the original budget of $32.0 million. In the course of Tradesmen's work on the Project, Teck Coal Limited also consistently delayed payment, which had a negative impact on Tradesmen's cash flow and its ability to pay subcontractors. Teck Coal Limited, which currently owes Tradesmen approximately $50.0 million, purported to terminate the contract on January 11, 2021. As a result, Trademen's only alternative was to seek court protection by filing the NOIs. KSV Restructuring is the proposal trustee. Counsel is Bennett Jones for the proposal trustee, Lawson Lundell for Tradesmen, and BLG for BMO, the senior lender.