June 19, 2019

Filing Type:

Company Counsel: Stewart McKelvey

Trustee: Grant Thornton

Industry:

Province:

VistaCare Communications, a Bedford, Nova Scotia-based telecommunication infrastructure service provider, filed an NOI on June 19. Employing approximately 350 full time employees, the company experienced exponential growth between 2015 and 2018, with revenue growing from $24.0MM to $50.6MM. In 2018, it was discovered that the company's financial results had not been properly recorded which resulted in an adjusted revenue value which was lower than expected, while the company's cost base remained high. The company responded by immediately replacing certain management positions and working to implement operational improvements, but the company's financial position has remained a challenge. The company's loan with BMO is currently $6.0MM out of margin and the company has made the decision that a formal restructuring is required. Grant Thornton is the proposal trustee. Counsel is Stewart McKelvey for the company and Cox & Palmer for BMO,

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