B&W Heat Treating Canada, a Kitchener, Ontario-based supplier of heat-treating services for customers with aluminum, steel, alloy or metal parts that require heat treatment, was placed in receivership on September 27 on application by Cerberus Business Financial, owed together with certain other lenders approximately US $3.0 million. Until several years ago, the largest and most profitable part of the company's business was processing engine blocks for its main customer, which represented approximately 37% of the company's revenue. In 2015/2016, the customer transferred its business to Mexico, away from the company. As a result of the loss of business, the company has suffered operating losses for several years. Despite attempts to scale back costs, the company was unable to return to profitability and made the decision to sell the business and its assets. A sale process has led to a proposed transaction with Hilco, which will be completed through the receivership. Farber was appointed receiver. Counsel is McMillan for the applicant and Chaitons for the company.
Ican Tile Distributors and Ican Contracting, two related Burnaby, British Columbia-based companies that operated as a wholesale tile distributor and contractor specializing in tile, granite and marble installation for multi-residential and commercial projects, were adjudged bankrupt on application by RBC on July 9. The bankruptcy orders were stayed and did not become effective until September 9, 2019, when the stay of proceedings was lifted and KPMG was appointed trustee. Poulsen & Company is counsel for the applicant.
Flexcavators Canada, a Calgary, Alberta-based distributor of innovative excavation equipment and accessories, filed for bankruptcy on June 17, listing $487.0M in liabilities, including $115.6M to BDC. Grant Thornton is the bankruptcy trustee.
Amax Health, a St-Catherines, Ontario-based distributor of medical and dental supplies, was placed in receivership on June 4 on application by CIBC. RSM was appointed receiver. Scarfone Hawkins is counsel for the applicant.
Scholary Book Services, a Toronto, Ontario-based book distributor, filed for bankruptcy on April 18, listing $241.3M in liabilities. Founded in 1980, the company was the exclusive Canadian distributor for over 40 US and UK university presses, providing full-service sales, marketing and order fulfillment in Canada for its publishers. SLF is the bankruptcy trustee.
B.W. Rig Supply, a Nisku, Alberta-based provider of oilfield, industrial, construction and tank supplies, filed an NOI on February 8, owing $58.5M to Canadian Pump & Packaging. Deloitte is the proposal trustee.
Eztia Furnishings, an Edmonton, Alberta-based importer and distributor of household furnishings, was placed in receivership on December 12 on application by HSBC. Bowra Group was appointed receiver. Dentons is counsel to the applicant.
Royal Canadian Bedrock, a Toronto, Ontario-based supplier of stone products for custom homes, high rise condominiums, hotels and commercial buildings, was placed in receivership on December 6 on application by HSBC, owed approximately $2.0MM. Counsel is TGF for the applicant, Cassels Brock for the debtor and GSNH for the receiver.
British Bazaar Company and British Confectionery Company, St. John's, Newfoundland and Labrador-based wholesalers of candy and related products, filed an NOI on November 5, listing $8.4MM in liabilities, including $3.4MM to BMO and $1.8MM to Atlantic Canada Opportunities Agency. Deloitte is the proposal trustee.
Alfacon Solutions, a Milton, Ontario-based material handling equipment supplier, filed an NOI on October 1, listing $10.8MM in liabilities, including $2.1MM to RBC. MNP is the proposal trustee.