Dans un Jardin, a Montreal, Quebec-based retailer specializing in bath products, along with its manufacturing subsidiary Art de Vivre Fabrication, filed an NOI on November 19, listing $13.8MM in liabilities, including $11.4MM to Investments Sylpama. The company, which has a 35-year history and owns 55 stand-alone boutiques, attributes its decision to increasing competition and a significant reduction in sales over the years. Although the company attempted to ameliorate its financial situation by reducing overhead costs, cutting the salaries of managers, and closing its least profitable stores, these measures were ultimately unsuccessful. In order to liquidate its inventory, the company will hold warehouse sales in Quebec City, Longueuil and Gatineau. Richter is the proposal trustee.
Royal Électrique, a Saint-Laurent, Quebec-based electrical company, filed an NOI on October 26. KPMG is the proposal trustee.
2333-4600 Quebec, a Montreal, Quebec-based restaurant with take out service, filed for bankruptcy on October 25, listing $48.5M in liabilities, including $30.5M to Canada les Halles Holding. Raymond Chabot is the bankruptcy trustee.
4002911 Canada, a Saguenay, Quebec-based company, filed an NOI on October 18, listing $260.0M in liabilities. Raymond Chabot is the proposal trustee.
Voyage Vasco Saint-Eustache des Patriotes, a Montreal, Quebec-based company comprised of 60 travel agencies across Canada, had a provisional administrator appointed over its business on October 15 in a decision rendered by the Office de la protection du consommateur. PwC was appointed provisional administrator.
Vacances Sinorama, a Montreal, Quebec-based tour agency that sells bus tours and low-cost tours of Asian countries, filed for bankruptcy on October 12, as previously reported (details HERE). Following the first creditors' meeting held on November 6, a majority of creditors - namely the OPC and the payment processors - voted to have PwC replace Groupe Serpone as the bankruptcy trustee.
Vacances Sinorama, a Montreal, Quebec-based tour agency that sells bus tours and low-cost tours of Asian countries, filed for bankruptcy on October 12, listing approximately $13.5MM in liabilities. In July, PwC was appointed as provisional administrator over the business in a decision rendered by the Office de la protection du consommateur ("OPC"). The OPC took this initiative following the company's failure to comply with the requirements of the Travel Agents Act in connection with the the way it handled clients' payments. PwC was tasked with, among other things, arranging travel for customers and administering a claims process. Groupe Serpone was appointed bankruptcy trustee.
Carbecco Design & Construction, a Montreal, Quebec-based construction company, filed an NOI on September 20, listing $5.9MM in liabilities. The company is currently involved, as a general contractor, in two mixed residential and commercial projects. One project is in Montreal, the other is in Calgary. Anticipating discussions and negotiations in the coming weeks with creditors and owners of the projects, and having no experience in an insolvency situation, Carbecco's director applied for an interim receiver to be appointed to assist with these discussions and negotiations. The order was granted and PwC was appointed proposal trustee and interim receiver. The interim receiver's powers include the ability to prepare and file the statutory cash-flow statement and file a proposal on behalf of the company, should the company be unable to do so. Davies is counsel to the company.
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.