Falcon Xpress Transportation Group Inc. et al., Receivership

Falcon Xpress Transportation Group Inc. et al., a group of Caledon, Ontario-based companies specializing in the transportation of retail, commercial and industrial goods throughout the North American markets, were placed into receivership on May 16 on application by RBC, owed approximately $17 million.

The companies defaulted on their loan from RBC and a subsequent forbearance agreement. The companies were given a few weeks to repay RBC before the receivership came into effect but failed to do so.

msi Spergel inc. is the receiver.

Counsel is Aird & Berlis for RBC and Kramer Simaan for the companies.