9139249 Canada Inc., Bus.com US Holding Inc., Bus.com Leasing LLC, Bus.com US LLC & 9139249 Canada Inc. (California), CCAA

9139249 Canada Inc., Bus.com US Holding Inc., Bus.com Leasing LLC, Bus.com US LLC & 9139249 Canada Inc. (California), a Québec-based group of transportation companies which provide cost-effective transportation solutions to enterprise and governmental organizations, were placed under CCAA protection on November 21 on application by Export Development Canada, owed approximately CAD $25.5 million and USD $4.5 million.

The initial order continued 9139249 Canada Inc.’s previous NOI proceedings and added the remaining companies as debtors.

Before a major lay-off that occurred in July of this year, the Bus.com group employed approximately 32 full-time employees in Montréal and 8 full-time in the US. The companies now employ 21 employees in Montréal and 7 in the US.

Bus.com has experienced strong growth since its founding but has never managed to be profitable. The accumulated losses have resulted in a deficit of more than $12 million in shareholders' equity. Following a last investment last spring, shareholders and lenders have decided not to invest further in the company.

The purpose of the CCAA proceedings is to continue the SISP from the NOI proceedings and seek recognition of the insolvency and any sale in the US.

PwC is the monitor.

Counsel is BLG for the companies, Fasken for EDC and Miller Thomson for the monitor.