Cobalt Industries Ltd., Receivership

Cobalt Industries Ltd., a Portage la Prairie, Manitoba-based blacksmithing and welding shop, was placed into receivership on December 11, on application by TD Bank, owed approximately $7.2 million. The company has defaulted on the loan and a subsequent forbearance agreement, as well as agreements with third parties, including its lease agreement with its landlord which has advised TD Bank that it is considering terminating the lease. Grant Thornton is the receiver. Counsel is MLT Aikins for TD Bank, Taylor McCaffrey for the receiver and Fillmore Riley for Jeremy Yu (one of company’s directors).

By: Dina Milivojevic