Halibut PEI Inc., a Victoria, PEI-based company that operates a fish hatchery and grow-out facility, filed an assignment in bankruptcy on January 14, listing approximately $9.5 million in liabilities, including $2.1 million to the PEI government. On its website, the company says it has been successfully raising halibut at its facility in Victoria-by-the-Sea since 2009, using geothermal salt-water wells, and is capable of producing 250,000 juvenile fish per year. The five remaining employees are still being paid, and the trustee's plan is to market the facility and the assets as a going concern in order to find a new operator and owners within the next 30 to 60 days. MNP is the bankruptcy trustee. By Dina Milivojevic
Diversified Metal Engineering (DME), a Charlottetown, Prince Edward Island-based fabricator of stainless steel products, including brewing systems for the craft beer industry, was placed in receivership on November 26 on application by RBC, owed approximately $18.1MM. Based on the company's projections, approximately $5.0MM of new capital is required to operate and effect a long term turnaround, which neither RBC nor its primary investor, Clearspring Capital Partners, nor any other party appear willing to provide in the current circumstances. Alvarez & Marsal was appointed receiver. Counsel is Aird & Berlis and MLT Aikins for the applicant and Cox & Palmer for the receiver.