Groupe Traiteur

Groupe Traiteur, a Cowansville, Quebec-based catering company, filed an NOI on May 15, listing $893.4M in liabilities. MNP is the proposal trustee.

BioAmber Sarnia and BioAmber Canada

BioAmber Sarnia and BioAmber Canada, the subsidiaries of BioAmber (TSX:BIOA), a Montreal, Quebec-based sustainable chemicals company, filed NOIs on May 4, while the parent company filed for US Chapter 11 bankruptcy. Given that Sarnia-Lambton's economy traditionally centres around petro-chemical and refining companies, BioAmber was a pioneer in the city's push for more economic diversification. At its plant in Sarnia, which attracted approximately $52.0MM in federal and provincial funding, the company used corn syrup to make a chemical used in products ranging from paints and plastics to cosmetics and food additives. These filings will effectively impose an automatic stay of proceedings that will protect the Canadian subsidiaries and their assets from creditor claims during restructuring. PwC is the proposal trustee.

Direction Nord-Sud

Direction Nord-Sud, a Montreal, Quebec-based logistics company, was placed in interim receivership on April 27 on application by Third Eye Capital (TEC), owed approximately $6.4MM. Since 2015, numerous events of default occurred and continue to occur under the loan agreement. TEC held off enforcing its security while the company, with the assistance of Richter, ran its own informal sales process. No transaction transpired however, nor was the company able to refinance with a different lender when the loan matured in June 2017. In 2017 and through 2018, TEC discovered a number of alleged fraudulent and suspicious activities, including the overstatement of revenue and accounts receivable and the depositing of certain receipts into a related company's bank account. On April 16, without consulting TEC, the company filed an NOI, with BLT Lapointe & Associés acting as trustee. Concerned about the dishonesty, lack of transparency, and deviousness of the company's principals, and fearing a deterioration of its security, TEC applied for an interim receivership order. KPMG was appointed interim receiver and was authorized to commence an accelerated sales process for the company's assets. Counsel is Fishman Flanz Meland Paquin for the applicant.

6998674 Canada

6998674 Canada, a Rouyn-Noranda, Quebec-based company, filed for bankruptcy on April 27, listing $67.6M in liabilities, including $30.0M to CRA. Raymond Chabot is the bankruptcy trustee.

Taylor Steel and Stainless

Taylor Steel and Stainless, a Boucherville, Quebec-based company that specializes in welding and metal manufacturing, filed for bankruptcy on April 10, listing $227.4M in liabilities, including $103.7M to Revenue Quebec. MNP is the bankruptcy trustee.

1514657 Ontario

1514657 Ontario, an Ottawa, Ontario-based company, filed for bankruptcy on March 29, listing $373.0M in liabilities, with majority of that amount owing to CRA. Raymond Chabot is the bankruptcy trustee.

9248-3312 Quebec

9248-3312 Quebec, a Sainte-Marie, Quebec-based company, filed for bankruptcy on March 23, listing $85.0M in liabilities. MNP is the bankruptcy trustee.

Écolait

Écolait, a St-Hyacinthe, Quebec-based meat producer that specializes in milk-fed calves, filed an NOI on November 2. Richter is the proposal trustee.