Vellend-Tech Inc., Receivership

Vellend-Tech Inc., which was founded in 1990 to provide professional and amateur cyclists with top of line product offerings from its network of international industry partners, was placed in receivership on May 16, on application by RBC, its senior secured creditor. After the company defaulted on the credit facilities from RBC, the parties entered into a forbearance agreement requiring the company to repay all indebtedness by April 20, 2023, failing which RBC would be entitled to the appointment of a receiver. The company did not repay the indebtedness by the due date. msi Spergel inc. was appointed Receiver, represented by Harrison Pensa. Minden Gross is counsel for RBC and Matthew Harris is counsel for the company.

By: Dina Milivojevic