SimEx Inc., Iwerks Entertainment, Inc. and SimEx-Iwerks Myrtle Beach LLC, CCAA

SimEx Inc., Iwerks Entertainment, Inc. and SimEx-Iwerks Myrtle Beach LLC, Toronto, Ontario-based companies which operate in the “4D” movie and theatre industry, obtained CCAA protection January 19, listing approximately $29.6 million USD in liabilities.

The companies operate a unique single business enterprise in the “theatre attractions” or “motion rides” space, and as such rely nearly exclusively on tourism.

The companies experienced significant losses due to the COVID-19 pandemic and associated lockdowns, a slower-than-expected return to pre-COVID business levels, and wasted investments in projects that have been delayed or terminated due to COVID.

The companies will use the CCAA proceedings to implement a SISP, and RBC will provide a DIP loan.

Deloitte is the monitor.

Counsel is Loopstra Nixon for the companies, Dentons for RBC, BLG for the monitor, and Spetter Zeitz Klaiman for BDC.

By: Dina Milivojevic