Centre de distribution Transrapide Inc. et al., CCAA

Centre de distribution Transrapide Inc. et al., which together form the industrial and commercial storage division of the larger "Groupe Huot", a group of over 50 companies operating in various industries across Quebec, obtained CCAA protection on May 3. The companies have approximately $130.9 million in secured debt, $27.1 million in construction debt and $6.7 in unsecured debt, among other debt. The company's insolvency was caused by elevated financing costs, construction costs that exceeded budgeted costs and financial support provided to other members of the group. Deloitte was appointed Monitor, represented by Norton Rose Fulbright. BCF and Hickson Noonan are counsel for certain creditors.

By: Dina Milivojevic