Hamilton Specialty Bar (2007)

Hamilton Specialty Bar (2007), a New Brunswick incorporated company that owns and operates a single steel manufacturing plant located in Hamilton, Ontario, was placed in receivership on January 8 on application by Wells Fargo, owed approximately $27.6MM. In response to liquidity issues, the parent company, HSB Acquisition, and Wells Fargo ran an extensive sale and investor solicitation process engaging approximately 80 different parties, which continued until very recently. By December 2017, however, Wells Fargo determined that it could no longer support the company and demanded immediate repayment. Other significant creditors are Bain Corporation, owed approximately $74.4MM and Woodside Capital Partners, owed approximately $8.1MM. EY was appointed receiver. Counsel is Bennett Jones for the applicant, Goodmans for the company and Miller Thomson for the receiver.