Surface Heat Treat & Coatings

Surface Heat Treat & Coatings, a Hamilton, Ontario-based specialty heat treater and applier of wear resistant coatings to metals for use in the automative, nuclear, oil, mining and agricultural industries, filed an NOI on June 15, listing $1.5MM in liabilities, with majority of that amount owing to BDC. The company's long-term financial pressures have been exacerbated by the serious health problems suffered by the principal, director and sole shareholder of the company, John Abrahamse, over the last three years. Without an effective and consistent management of day-to-day operations, the company's liquidity position deteriorated significantly during this period. The court has approved a stalking horse marketing and sales process for the company's assets. The company has already received a binding offer from Rampart Steel Treat Treating (the "Stalking Horse Purchaser") for substantially all of its assets. The offer from the Stalking Horse Purchaser will stand as a stalking horse offer against which all other offers received during the sale process will be evaluated. A. Farber & Partners is the proposal trustee. Counsel is Torkin Manes for the company, Aird & Berlis for the proposal trustee, Miller Thomson for BDC and Frederikse Law for the Stalking Horse Purchaser.