CCR Technologies Ltd., Receivership

CCR Technologies Ltd., a Calgary, Alberta-based company in the business of chemical reclamation with operations in Canada and the US, was placed into receivership on June 7 on application by shareholder DRSeaman & Co. Limited, which provided equity investments and shareholder loans in the approximate amount of $17.5 million.

CCR’s business is seasonal, with contracts and revenues peaking in the summer months, and requires significant upfront working capital. This, coupled with customer payment terms that average approximately 60 days following project completion, has meant that CCR’s business model has not been profitable for some time and has required significant capital injections from DRSeaman & Co., which is no longer willing to fund operations without some form of protection.

Secured creditor CIBC is owed approximately $2.4 million.

KSV is the receiver.

Counsel is Fasken for DRSeaman & Co. and the company, Gowling WLG for CIBC and Dentons for the receiver.