CYMI Canada files NOI after Gordie Howe Bridge dispute and project losses trigger liquidity crisis

CYMI Canada Inc., the Canadian operating subsidiary of Spanish electrical and industrial infrastructure group Control y Montajes Industriales, filed a notice of intention to make a proposal on May 12, 2026, after loss-making projects, delayed collections, unreleased holdbacks and a dispute on the Gordie Howe International Bridge Project pushed the company into a liquidity crisis.

CYMI Canada operates in Canada as an electrical installation and specialty contractor, with experience across infrastructure, industrial, energy, institutional, renewable energy and substation projects. Its parent, Control y Montajes Industriales, was founded in Spain in 1962 and has been part of the COBRA IS Group since late 2021. The broader CYMI group provides engineering, supply, construction, commissioning and maintenance services for technology, industrial, energy and transport infrastructure projects, including high-voltage lines, substations, renewable energy plants, nuclear projects and tank systems. The group is present on four continents, has more than 700 professionals, operates in more than 20 countries and maintains corporate offices in Madrid, Virginia, Toronto, Lima and Bogota.

CYMI Canada’s financial difficulties arose from operational, financial and project-specific issues, including cost overruns, execution delays, design changes, productivity issues and other unforeseen circumstances that caused actual project costs to exceed original budgets and, in many cases, contract revenues. The company also faced extended collection periods, project-based billing cycles, prior project losses and the non-release of an outstanding holdback receivable, reducing liquidity and increasing reliance on external financing.

The Gordie Howe International Bridge Project is identified as a major contributing factor. CYMI Canada performed electrical works relating to the Canadian Port of Entry and bridge-related works spanning Canada and the United States, and incurred significant additional costs tied to additional scope, delays, unforeseen conditions, design changes and acceleration measures. After prolonged negotiations, the client’s proposed compensation addressed only part of CYMI Canada’s claims and remained subject to conditions and uncertainty. The client later terminated the contract for convenience and commenced arbitration proceedings. The resulting non-payment of claimed amounts, legal costs, termination-related claims and uncertainty materially impaired CYMI Canada’s financial position.

The company lists creditor claims of approximately $24.4 million. The largest listed claims are intercompany or affiliate claims: CYMI Spain is listed for approximately $17.25 million and approximately $3.208 million, while CYMI US is listed for approximately $1.028 million and approximately $0.387 million. Other listed creditors include Alltrade Industrial Contractors, ABB Inc., Canada Revenue Agency and the ICC International Court of Arbitration.

TDB Restructuring is the proposal trustee. Counsel is Gardiner Roberts for CYMI Canada.