DecisionOne Corporation, NOI

DecisionOne Corporation, which provides IT asset management, including planning, procurement, upgrades and dispositions, staffing augmentation, general day-to-day IT support services, technology consulting and digital signage across Canada, filed an NOI on May 19. In 2022, the company was acquired by Soroc Technology Holdings LLC, which operated a complementary business. The acquisition was funded primarily through a substantial increase in an existing senior secured term facility with Fiera Comox Private Credit Opportunities Open-End Fund L.P. and White Oak Global Advisors, LLC as term lenders. Since the acquisition, the company has consistently been cash flow negative, has not been commercially beneficial to the corporate group, and has experienced unsustainable losses. As a result, by November 2022, DecisionOne and Soroc had defaulted on various financial and other covenants under the term loan. KPMG is the Proposal Trustee, represented by Stikeman Elliott. Norton Rose is counsel for the company, and McCarthy Tétrault is counsel for White Oak.

By: Dina Milivojevic