Construction TCB Inc., a Saint-Alexandre-des-Lacs, Quebec-based construction company, filed for bankruptcy on November 11, listing no assets and approximately $12,000 in liabilities. Mallette is the bankruptcy trustee.
North American Steel Erectors Inc., a Cochrane, Alberta-based company that provides steel erector contracting and other services to large construction projects, was placed in bankruptcy on July 29 on application by BNS, owed approximately $1.8 million. The company also owes $2.4 million to Roynat Inc. and $1.2 million to the CRA. At the time of the bankruptcy, the company had three open contracts - one in Alberta and two in Ontario. It attributes its financial difficulties to a project for the supply of steel on a 9th Avenue bridge project in Calgary which is currently the subject of litigation. MNP is the bankruptcy trustee and has determined that there is no economic benefit to complete any of the three open contracts. Counsel is McMillan for BNS, Ramsay Legal Counsel for the company, Thompson Dorman Sweatman for Exact Detailing Ltd and Caron & Partners for the bankruptcy trustee.
L'Univers du Modulaire Inc., a Sherbrooke, Quebec-based general contractor filed an NOI on July 12, listing approximately $6.7 million in liabilities, including $3.9 million to the Business Development Bank of Canada. Among other services, the company provides general contracting services in connection with the construction of modular houses and complexes. MNP is the proposal trustee.
Bel-Habitat Inc. and Bel-Habitat 2 Inc., Laval, Quebec-based construction companies, filed for bankruptcy on June 28, respectively listing $26.0 million and $14.7 million in liabilities. Bel-Habitat Inc. owes $1.5 million to the Bank of Canada and Bel-Habitat 2 Inc. owes $5 million to Gestion Yves Carbonneau et fils Inc. and $5 million to Stratégie S.I.M.A Inc. Raymond Chabot is the bankruptcy trustee.
0751380 B.C. Ltd. dba Sunshine Contracting, a Terrace, BC-based construction company, was placed in receivership on June 22 on application by TD, owed approximately $185 thousand. The company lists $168.1 thousand in assets. BDO was appointed receiver. Harper Grey is counsel to the applicant.
P7 Construction Ltd. ("P7 Construction") and 1619904 Alberta Ltd. ("161 Alberta") were placed in receivership on May 21 on application by BDC, owed approximately $7.0 million. In February 2015, BDC approved a loan to P7 Construction in connection with its development of a Holiday Inn Express & Suites in Bonnyville, Alberta. 161 Alberta, which operates the hotel, guaranteed payment of the loan. P7 Construction has been in default of the loan since March 24, 2020, and in November 2020, BDC and its counsel demanded payment. BDO was appointed receiver. McLennan Ross is counsel to the applicant.
Model Panel Manufacturing Ltd., an Edmonton, Alberta-based construction company, was adjudged bankrupt on May 7 on application by TNT MPM Holdings Inc. EY is the bankruptcy trustee. Miller Thomson is counsel to the applicant.
Drexler Construction Limited ("Drexler"), Folmur Construction (2004) Ltd. ("Folmur"), and Down Under Pipe and Cable Locating Ltd. ("Down Under"), three construction companies, filed NOIs on March 18. Drexler and Down Under, which operate from premises in Rockwood, Ontario, respectively list approximately $8.3 million and $2.1 million in liabilities. Folmur, which operates from leased premises in Guelph, Ontario, lists approximately $3.2 million in liabilities. The companies are all indebted to RBC, each as a borrower under a number of credit facilities and as a guarantor of the other two companies' obligations to RBC. The COVID-19 crisis has had a general adverse impact on the companies' costs and their ability to complete various municipal jobs. The companies also suffered two unusual and isolated financial setbacks in 2020, being (1) a loss on a job due to an estimator's error and (2) a CRA interest charge. Before filing the NOIs, the companies were in discussions with RBC about possible arrangements to forbear on the demands. However, the parties were unable to come to a mutually agreeable arrangement. During these proceedings, the companies will be receiving up to $1.5 million in DIP financing from Corwin Mortgage Capital Inc. Albert Gelman is the proposal trustee. Counsel is GSNH for the companies, Macdonald Sager Manis for the proposal trustee, and Aird & Berlis for RBC.
T-Rex Contracting Inc., a Leduc, Alberta-based construction company, along with various other related entities (collectively, the "T-Rex Entities"), were placed in receivership on February 4 on application by BMO, owed approximately $1.29 million. As a result of various events of default under the loan agreements entered into by the T-Rex Entities, BMO demanded repayment of its indebtedness. To date, the T-Rex Entities have refused or neglected to make any payments. Grant Thornton was appointed receiver. Counsel is Dentons for the applicant and Cassels for the receiver.
Metro Paving and Roadbuilding Ltd., a Calgary, Alberta-based supplier of construction services, along with various other related entities (collectively, the "Metro Entities"), were placed in receivership on January 20 on application by BMO, owed approximately $7.2 million. As a result of various events of default under the loan agreements entered into by the Metro Entities, BMO demanded repayment of their indebtedness. To date, the Metro Entities have refused or neglected to make any payments. BDO was appointed receiver. Counsel is Torys for the applicant and Field Law for the Metro Entities.