Nisga’a Pacific Ventures Limited Partnership and Nisga’a Pacific Ventures Ltd. (collectively ("NPV"), a New Aiyansh, British Columbia-based company that provides management and oversight to a group of limited partnerships involved in the business of fishing, forestry, telecommunications, guide outfitting, contract services and tourism in northwestern British Columbia, was placed in receivership on December 14 on application by Nisga'a Nation. Bowra Group was appointed receiver. Counsel is Gehlen Dabbs for the applicant and Gowlings for the receiver.
Icarus Power Generation, a Vaughan, Ontario-based power systems development specializing in developing, designing and building power generation and storage solutions, filed an NOI on November 23, listing $969.5MM in liabilities, including $466.1M to RBC. Dodick Landau is the proposal trustee.
Escalade IT Solutions, Escalade IT, Escalade Information Technology Solutions, an Ottawa, Ontario-based IT consulting company, filed for bankruptcy on October 4, listing $139.9M in liabilities, including $108.2 to Accellion, a private cloud solutions company. Raymond Chabot is the bankruptcy trustee.
Restoration Energy, an Airdrie, Alberta-based home maintenance and repair company, was adjudged bankrupt on September 14 on application by Grant Thornton, the receiver of Crystal Wealth Enlightened Factoring Strategy, owed approximately $1.5MM. The Bowra Group is the bankruptcy trustee. MLT Aikins is counsel to the applicant.
Intema Solutions (TSX-V:ITM), a Montreal, Quebec-based consulting company that helps its customers optimize their online marketing activities, filed for protection under the CCAA on August 29. The company has yet to develop a restructuring plan. Demers Beaulne was appointed monitor.
Nazeema Rajabali Professional Corporation, a Calgary, Alberta-based dental practice, was placed in receivership on August 23 on application by RBC, owed approximately $1.3MM. In July, the corporation defaulted on its obligations under its loan agreements with RBC by failing to make payments on time. The current financial situation of the corporation, as well as its inability to pay debts as they become due, seriously impairs its viability and negatively impacts the value of RBC's collateral. To date, the corporation has not responded to any of RBC's demand letters. Grant Thornton was appointed receiver. MLT Aikins is counsel to the applicant.
Ingenious Packaging, a Scarborough, Ontario-based company that provides customized label solutions for every market, was placed in receivership on July 24 on application by BMO. The company is currently in default and its financial situation continues to deteriorate; as such, it can no longer afford to operate its business. Since March 2018, the company and its financial advisor, Mesirow Financial, have worked to address the company's significant challenges and implement a transaction to maximize value. The court was satisfied that the company's pre-receivership sale process had already resulted in the highest possible offer for the business and held that there was no need to run a further sales process, approving a sale transaction on the same day as the receivership order. Deloitte was appointed receiver. Counsel is BLG for the applicant and Goodmans for the receiver.
Concept Electric, a Calgary, Alberta-based full service electrical contractor delivering project management and ongoing service and maintenance across Western Canada, was placed in receivership on July 16 on application by HSBC, owed approximately $14.0MM. The company has exhausted all potential sources of funds that may have allowed for its continued operation. As a result of being unable to procure additional funds, the company has advised that it is insolvent and incapable of continuing further business operations. Grant Thornton was appointed receiver. Bishop & McKenzie is counsel to the applicant.
Burry's Shipyard, a Clarenville, Newfoundland and Labrador-based provider of services in machining, fabrication, maintenance and ship repairs, filed an NOI on July 10, listing $4.9MM in liabilities, including $1.7MM to Norcon Marine Services and $1.1MM to BDC. Deloitte is the proposal trustee.
Surface Heat Treat & Coatings, a Hamilton, Ontario-based specialty heat treater and applier of wear resistant coatings to metals for use in the automative, nuclear, oil, mining and agricultural industries, filed an NOI on June 15, listing $1.5MM in liabilities, with majority of that amount owing to BDC. The company's long-term financial pressures have been exacerbated by the serious health problems suffered by the principal, director and sole shareholder of the company, John Abrahamse, over the last three years. Without an effective and consistent management of day-to-day operations, the company's liquidity position deteriorated significantly during this period. The court has approved a stalking horse marketing and sales process for the company's assets. The company has already received a binding offer from Rampart Steel Treat Treating (the "Stalking Horse Purchaser") for substantially all of its assets. The offer from the Stalking Horse Purchaser will stand as a stalking horse offer against which all other offers received during the sale process will be evaluated. A. Farber & Partners is the proposal trustee. Counsel is Torkin Manes for the company, Aird & Berlis for the proposal trustee, Miller Thomson for BDC and Frederikse Law for the Stalking Horse Purchaser.