DG Web Developments, an Edmonton, Alberta-based company, filed for bankruptcy on March 9, owing $1.3MM to Alberta Treasury Branches. BDO is the bankruptcy trustee.
Web Mechanical Services, an Edmonton, Alberta-based company that provides HVAC and plumbing maintenance and repair services, filed for bankruptcy on March 9, listing $6.2MM in liabilities, including $2.4MM to Alberta Treasury Branch. BDO is the bankruptcy trustee.
Sequoia Resources Corporation, an oil and gas company based in Calgary, Alberta, filed an NOI on March 2, listing $21.4MM in liabilities, including $4.2MM to Green Horizon Energy Services. According to the Alberta Energy Regulator, the company owns licences for 2,300 wells and nearly 700 pipeline segments. These operating licences were ordered suspended after the company told the AER that it would soon cease operations and, as a result of defaults in municipal tax payments, would not be able to afford to reclaim all of its properties. PwC is the proposal trustee.
Western Precast Group, a Spruce Grove, Alberta-based company that designs and builds precast concrete products, was placed in receivership on February 7 on application by ATB Financial, owed approximately $5.1MM. Grant Thornton was appointed receiver. McCarthy Tétrault is counsel to the applicant.
ReidBuilt, an Edmonton, Alberta-based private homebuilder, was placed in receivership on November 2 on application by RBC, owed approximately $64.6MM. ReidBuilt Worldwide, the parent company, has been struggling with debt problems for months, and will be seeking letters of intent from potential buyers until the end of the month. The court has granted an order that will allow the receiver, Alvarez & Marsal, to complete pending home sales and finish construction of houses. Counsel is Dentons for the applicant and Norton Rose Fulbright for the receiver.
Spareparts, a Saskatoon, Saskatchewan-based leading retailer of sunglasses, watches and accessories, filed for protection under the CCAA on October 31, after two of its companies filed NOIs on October 2 and 3. The company has suffered from the overall decline in the North American retail marketplace, exacerbated by the severe economic downturn in Alberta where several of the company's retail locations are located. Currently, the company has over $5.0MM in liabilities, owing approximately $3.9MM to RBC. KPMG was appointed monitor. McCarthy Tétrault is counsel to the company.