Bois BSL Inc. / BSL Wood Products Inc. and Investissement BDG BSL Inc., a Mont-Joli, Québec manufacturer of hardwood floors, was placed in receivership on September 16 on application by TD Bank, owed over $9 million.

The companies have struggled in recent years, retaining the services of RCGT to assist the companies with a restructuring plan, including a sale of the engineered wood division.

Notwithstanding these efforts, BSL recorded a loss of over $3.4 million for the fiscal year ending January 27, 2024 and disappointing financial performance for Q1 2024, including a 20% drop in sales.

Moreover, in August, BSL’s biggest customer filed for Chapter 11 protection in the US, causing BSL to advise TD Bank of its intention to file an NOI. Ultimately, TD Bank sought and obtained an order appointing FTI as receiver.

Counsel is BLG for TD Bank.