Diversified Metal Engineering (DME)

Diversified Metal Engineering (DME), a Charlottetown, Prince Edward Island-based fabricator of stainless steel products, including brewing systems for the craft beer industry, was placed in receivership on November 26 on application by RBC, owed approximately $18.1MM. Based on the company's projections, approximately $5.0MM of new capital is required to operate and effect a long term turnaround, which neither RBC nor its primary investor, Clearspring Capital Partners, nor any other party appear willing to provide in the current circumstances. Alvarez & Marsal was appointed receiver. Counsel is Aird & Berlis and MLT Aikins for the applicant and Cox & Palmer for the receiver.