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- Genesis Integration Inc. and Fusion Cine Sales & Rentals Inc., Receivership
Genesis Integration Inc. and Fusion Cine Sales & Rentals Inc., Receivership
Genesis Integration Inc., an Edmonton, Alberta-based AV equipment company with facilities across Canada, and its parent company Fusion Cine Sales & Rentals Inc. which is based in Vancouver, British Columbia and specialized in the sale and rentals of AV, photography, and lighting equipment to various multi-media companies, were placed into receivership on October 24, on application by Sequent AI Ltd., owed approximately $8.2 million. In December 2020, Genesis and its then parent corporation 965591 Alberta Ltd. were placed in receivership, on application by their senior secured creditor Cortland Credit Lending Corporation, and a reverse vesting order was granted providing for a going concern sale to Sequent AI Exchangeco Ltd. (which was a related party to the debtors and a wholly-owned subsidiary of Sequent). Despite the receivership proceedings, the companies have continued to face significant operating losses and have continued to default on their loans as a result of declining revenues and supply chain difficulties. KSV is the receiver. Counsel is McMillan for the receiver and Blakes for Sequent.
By: Dina Milivojevic