Telewizja Polska Canada Inc. (AKA Polish Television Canada Inc.)

Telewizja Polska Canada Inc. (AKA Polish Television Canada Inc.), a Mississauga, Ontario based distributor of Polish language television and radio programming, filed an assignment in bankruptcy on November 23 due to the expiring of the distribution license and loss of its revenue stream. Liabilities are listed at approximately $1,064,764. BDO is the bankruptcy trustee. By Dina Milivojevic

1138969 Ontario Inc. (“113”)

1138969 Ontario Inc. ("113"), which operates one of the few full-service aircraft maintenance, repair and overhaul businesses in Canada, and the only one located in Northern Ontario, and Springer Aerospace Holdings Limited ("Springer"), which owns the facilities from which 113 operates, obtained CCAA protection on November 23. The companies' financial difficulties are attributable to: (a) the significant impact of the COVID-19 pandemic on Springer’s business, and the decision not to undertake massive employee layoffs during the pandemic in the hope that the travel industry would normalize in the short- to mid-term; (b) operational inefficiencies arising from: (i) the rapid expansion of the business undertaken prior to the COVID-19 shutdown; and (ii) a lack of key performance indicators to measure performance on an operational and financial basis; (c) rapid expansion of the business without adequate strategic planning; and (d) high levels of turnover within the organization, including in the senior management team. MNP was appointed monitor. Counsel is Aird & Berlis for the monitor, Reconstruct for the companies and Gowling WLG for Desjardins, By Dina Milivojevic

All-Rite Dock & Door Systems Inc.

All-Rite Dock & Door Systems Inc., a Brampton-Ontario based company which was in the business of supplying, inspecting, repairing and installing all aspects of the door and dock system, filed an assignment in bankruptcy on November 22. TD Bank, the company's senior secured creditor, appointed a receiver over the company's property pursuant to its GSA on November 25. msi Spergel inc. (GRIP) is the bankruptcy trustee and receiver. Harrison Pensa is counsel for TD Bank and Minden Gross is counsel for the trustee/receiver. By Dina Milivojevic

2314251 Ontario Inc.

2314251 Ontario Inc., a North York, Ontario ESSO gas station operator, was placed in receivership on November 15, on application by TD Bank, owed approximately $2.4 million. The company provided to TD Bank false financial reporting in the form of falsified and misleading accounting firm documents. A subsequent site visit to the gas station revealed that there was no gas being offered for sale and that a sign was posted stating: “Sorry we don’t have any gas. We have had no gas since January and we don’t know when we will get it again.” The company had not advised TD Bank of the discontinuance of its gas station operations, or of any termination of any fuel contract, all of which were covenant obligations under the credit facilities with TD Bank. msi Spergel was appointed receiver. Counsel is Aird & Berlis for TD Bank. By Dina Milivojevic

The Urban Environment Toronto (Centre) c.o.b as Greensaver, Housemaster Toronto Inc. (“UECT”)

The Urban Environment Toronto (Centre) c.o.b as Greensaver, Housemaster Toronto Inc. ("UECT"), a not-for-profit company that implements energy conservation retrofit programs for homes and businesses in Ontario, and Greensaver Home Energy Services Inc., a home inspection company, were each placed in receivership on November 8, on application by TD Bank, owed approximately $3.9 million. UECT's contract with a customer that accounted for 85% of its sales was recently not renewed, and it laid off all of its employees. Albert Gelman was appointed receiver. Counsel is Aird & Berlis for the receiver, Lerners for the companies, Goldman Sloan Nash & Haber for the directors of the companies and Blaney McMurtry for TD Bank. By Dina Milivojevic

Trichome Financial Corp.

Trichome Financial Corp. and various subsidiaries, which cultivate, process and sell premium and ultra-premium cannabis in Canada through their licenced subsidiaries, obtained CCAA protection on November 7. Prior to June 2020, Trichome was a specialty finance company, providing capital solutions to the Canadian cannabis market. One of Trichome’s loans was to the JWC Group. In April 2020, the JWC Group was granted protection under the CCAA. In addition to being the JWC Group’s senior ranking lender, Trichome was the DIP lender in the CCAA proceedings. On June 2, 2020, the Court approved a transaction between the JWC Group and Trichome for the sale of substantially all of the JWC Group’s assets to Trichome. Since then, Trichome's business has been focused on the cultivation, processing and sale of premium cannabis from its premises located in Kitchener, Ontario. Trichome has grown its consolidated revenue to over $30 million for the twelve months ending June 30, 2022. However, the business has been impaired by persistent and increasing liquidity issues. Trichome is now facing a severe liquidity crisis and has accrued significant accounts payable (approximately $7.7 million), of which approximately $7.4 million is overdue, with a large portion owing to essential suppliers. Trichome is currently unable to purchase cannabis from third-party suppliers and fill purchase orders, which has resulted in lost revenue of approximately $2 million in the third quarter of 2022. KSV was appointed monitor. Counsel is Bennett Jones for Trichome, Cassels for the monitor and Dentons for Cortland Credit Lending Corporation, the DIP lender. By Dina Milivojevic

Cannapiece Group Inc. et al. (the “Cannapiece Group of Companies”)

Cannapiece Group Inc. et al. (the “Cannapiece Group of Companies”), obtained CCAA protection on November 3. Cannapiece Corp. (“CPC”), the wholly owned subsidiary, operates as a leading Canadian cannabis contract manufacturer, providing extraction, processing, and packaging services for its customers, which include large and industry-leading participants. CPC does not grow any flower and is strictly a business-to-business service provider. In the past year, CPC has seen its business suffer and losses grow due in part to substantial capital investments made to meet capacity requirements, a steep decline in the value of most publicly-traded cannabis companies in Canada (which form the basis of CPC’s client base), intense competition and significant price compression, and low market demand for cannabis products at the retail level, partially as a result of the illicit market for cannabis. Management has made efforts to address the financial challenges including by, among other things, significantly reducing staff, maximizing automation for efficiencies, increasing the efficiency of production staff and retaining consultants to assist in identifying opportunities to improve liquidity. Notwithstanding these steps, CPC projected net working capital deficits of approximately $3.5 million over the next 3 months, excluding servicing of CPC’s debt facilities. Absent the filing, and DIP financing, the Cannapiece Group of Companies would not have the liquidity required to fund its immediate operational needs, including payroll for employees, or to run a SISP. BDO was appointed as monitor. Counsel is Miller Thomson for the Cannapiece Group of Companies and Dentons for the Monitor. By Dina Milivojevic

Northern Citadel Capital Inc., One8One Davenport Inc. and 181 Davenport Retail Inc.

Northern Citadel Capital Inc., One8One Davenport Inc. and 181 Davenport Retail Inc., companies involved in the development of a condominium project at 181 Davenport Road in Toronto, Ontario, were placed in receivership on October 31, on application by PwC as the receiver of Bridging Finance Inc. and certain related entities (collectively, “Bridging”). In December 2014, Bridging provided a loan to the companies, which has been amended and restated on various occasions. As at June 2022, approximately $55 million is owing under the loan. PwC as the receiver of Bridging made a demand on the loan, but it has not been repaid. In addition, PwC has significant concerns regarding various transactions involving the companies and the former principals of Bridging, including various alleged conflicts of interest and potentially improper uses of the loan. Richter was appointed receiver. Counsel is Osler for the receiver, TGF for PwC as the receiver of Bridging, Henein Hutchinson for the companies and Lax O'Sullivan for Mizrahi Inc. and 2495159 Ontario Inc. By Dina Milivojevic

Pure Gold Mining Inc. (TSXV:PGM)

Pure Gold Mining Inc. (TSXV:PGM), a British Columbia mining company whose principal business is the operation of a mine located in Red Lake, Ontario, obtained CCAA protection on October 31. The company has recently placed the mine on care and maintenance and significantly reduced its workforce from 285 to 54 employees. Notwithstanding steps taken by the company to significantly reduce costs and address operational inefficiencies, it was facing an imminent and significant liquidity crisis. Its current cash balance is approximately $260,000 and, as of September 30, 2022, its net working capital deficit was approximately $13 million, excluding current amounts owing on the company’s debt facilities with Sprott Private Resource Lending II. The company projects that it requires approximately $3 million to $4 million per month to keep the mine on care and maintenance and to fund the costs of the CCAA proceedings. Absent the filing, the company would not have had the liquidity required to fund its immediate operational needs, including payroll for employees critical to mine maintenance and preservation. KSV was appointed as monitor. Counsel is Blakes for the company, Fasken for the monitor, DLA Piper for Sprott and KND Complex Litigation for Linda Larouche. By Dina Milivojevic

The Hypoint Company Limited (“Hypoint”), a Toronto-based cannabis company, and 2618909 Ontario Limited (“909”)

The Hypoint Company Limited (“Hypoint”), a Toronto-based cannabis company, and 2618909 Ontario Limited (“909”), the owner of the cannabis production facility on which Hypoint conducted business, were placed in receivership on October 28. Canadian Equipment Finance and Leasing Inc. (“CEF”), which has a first-ranking security on the HVAC equipment installed on the premises, but not the premises themselves, brought the receivership application. The mortgagees, which have registered mortgage interests against title to the premises, did not oppose the appointment of a receiver over the HVAC equipment, but opposed the appointment of a receiver over the assets of 909 (the premises). A receiver was ultimately appointed over all of the assets of both companies, and msi Spergel (GRIP), the firm nominated by the mortgagees, was appointed receiver. Counsel is Reconstruct for the receiver, Lerners for Albert Gelman (the receiver proposed by CEF), Goldman Sloan Nash & Haber for CEF, Teplitsky Colson for Chantal Bock, Rothstein Law for the mortgagees and Fasken for Beverly Rockliffe. By Dina Milivojevic