Grace Road Lines Ltd. and Goodwill Enterprises Ltd., Receivership

Grace Road Lines Ltd., a Calgary-based long-haul trucking company specializing in cargo transportation throughout Canada and the US, and Goodwill Enterprises Ltd., a real estate holding company, were placed into receivership on January 22 on application by RBC, owed approximately $12 million.

After the companies breached various financial covenants, RBC appointed Grant Thornton to act as private monitor. The companies failed to cooperate with the monitor and RBC issued a demand. The parties were ultimately unable to come to terms on a forbearance agreement.

Doane Grant Thornton is the receiver.

Counsel is Gowling WLG for RBC, BLG for the receiver, and Goodfellow & Schuett for the companies.