Shaw-Almex Industries Limited, NOI

Shaw-Almex Industries Limited, a Stoney Creek, Ontario-headquartered company in the business of providing conveyor belt vulcanizing equipment technology, services and expertise, filed an NOI on March 29 listing approximately $54.9 million in liabilities, including $16.3 million to RBC, $6.3 million to Varilease Finance, $1.8 million to BDC and $3.4 million to BDC Capital.

The business began over 67 years ago in Parry Sound, Ontario as a small, family-run operation. Since that time, the company has grown significantly, now the parent of a global enterprise operating under the “Shaw Almex” name, with 15 locations and customers across 123 countries worldwide. The company manufactures the majority of the group’s products, with other key manufacturing operations conducted in the US, China and Spain.

The company's financial and operational challenges in recent years have included difficulties securing a reliable rubber supplier and large losses arising from currency hedging transactions conducted under the supervision of the company’s former CFO. The company previously canvased sale or refinancing options, but the process was not fulsome and efforts were unsuccessful. RBC issued a demand letter on March 19, followed by BDC on March 28.

FTI is the proposal trustee.

Counsel is Reconstruct for the company, Stikeman Elliott for the proposal trustee, Dentons for RBC, DLA Piper for BDC Capital, and Blaney for BDC.