Mara Technologies Group placed into receivership amid liquidity crisis

Mara Technologies Inc. (“Mara Canada”), Mara Technologies USA Inc. (“Mara US”), Invotek Group Inc. and Invotek Group USA Inc., which operate electronic manufacturing services businesses from Markham, Ontario and Holly, Michigan, were placed into receivership on May 5, 2026, on application by Frontwell Capital Partners Inc., owed approximately $22.3 million.

The Mara companies operate build-to-print electronics manufacturing businesses serving automotive, consumer electronics, media and communications customers. The businesses manufacture components and machinery for electronic systems using customer-provided specifications and designs.

Mara Canada operates from leased facilities in Markham and Scarborough, Ontario, while Mara US operates from a leased production facility in Holly, Michigan. Invotek Group Inc. and Invotek Group USA Inc. are holding companies. The group employs approximately 227 employees, including 134 employed by Mara Canada and 93 employed by Mara US.

The companies have experienced substantial financial pressure in recent months, primarily due to a strained relationship with ATX Networks (San Diego) Corp., their largest customer, and the economic impact of tariffs.

Frontwell provided the companies with an asset-based revolving credit facility secured by general security agreements from each company. As of April 17, 2026, approximately $22.3 million remained outstanding under the facility, excluding continuing fees, interest and costs. The facility was originally scheduled to mature on December 16, 2024, but Frontwell granted a series of extensions through October 24, 2025.

An audit conducted by Frontwell resulted in ATX invoices being excluded from the borrowing base, creating a significant over-advance position. The companies had already been operating in over-advance status for several months while Frontwell periodically continued advancing funds to support reduced operations.

The companies also carry substantial secured obligations to Export Development Canada. Mara US entered into an EDC credit agreement on November 22, 2022 providing for a US$21 million term loan facility, later amended in December 2023 to add US$8.6 million in equipment financing. Approximately $36.7 million remained outstanding as of February 28, 2026, and Mara US was in default under the EDC facility.

The purpose of the receivership is to stabilize operations while exploring restructuring alternatives or a strategic transaction. Chapter 15 recognition will also likely be sought.

KSV is the receiver. Counsel is Dentons for Frontwell Capital, DLA Piper for the receiver, Norton Rose Fulbright for EDC, and Lenczner Slaght for the companies.