Cancom Security Inc., NOI

Cancom Security Inc., a First Nation owned business that provides security solutions to a variety of Canadian customers including Indigenous communities and various levels of government, filed an NOI on December 5, 2024.

The company has been in business for over 50 years and now has approximately 768 employees.

A couple of unprofitable acquisitions and the company’s rapid growth have caused it to struggle in the last few years.

After the company defaulted on its reporting and obligations to TD Bank, the parties negotiated a forbearance agreement and the company engaged a CRO to implement a preliminary restructuring process. Despite these efforts, the company’s liquidity issues persisted and the company was unable to make its HST payments to CRA.

Accordingly, the company filed the NOI, the primary objective of which is to restructure its balance sheet and implement a long-term solution to its liquidity challenges.

Dodick Landau is the proposal trustee.

Counsel is Reconstruct for the company, Dentons for the proposal trustee and Aird & Berlis for TD Bank.