Livewire Communications Inc., a Toronto, Ontario-based communications agency focused on strategic employee communications, filed an NOI on February 2, listing approximately $2.9 million in liabilities, including approximately $1.4 million to BMO.

The company has been in business for over 25 years and has worked for clients including BMO, Magna, McCain, McDonalds, PwC and The Four Seasons.

Livewire’s revenue grew by almost 50% in 2022, resulting in the company increasing headcount significantly. However, clients faced economic uncertainty as a result of COVID and its aftermath, leading to projects being cancelled or postponed.

In order to protect the business from experiencing this again, and as part of the restructuring, the company is changing its operating model to rely on a smaller team of full-time employees supplemented by freelancers and independent contractors as required. Livewire believes there is still significant demand for its services and that its new operating model will result in a quick return to profitability.

10Point1 Inc. and 1281000 Ontario Limited, the company’s two shareholders, have agreed to be the DIP lenders.

Albert Gelman is the proposal trustee.

Counsel is Fogler Rubinoff for Livewire and Chaitons for BMO.

By: Dina Milivojevic