Rokstad Holdings Corporation et al., Receivership

Rokstad Holdings Corporation et al., a group of Coquitlam, British Columbia-based companies that provide power line construction maintenance services to customers across North America, were placed in receivership on November 6 on application by Stellex Power Line Opco LLC and 1501841 B.C. Ltd. (collectively “Stellex”), owed over US$34 million.

Stellex acquired its security position from CWB in early October, although the loan has been in default for over two years.

Rokstad is also in default of its CAD$60 million loan from its second-ranking secured creditor, Crown Capital Partner Funding, LP.

The Rokstad group has stopped paying vendors, many of whom have threatened to stop work and pick up equipment which is critical to the business.

FTI is the receiver.

Counsel is Blakes for Stellex.