On June 12, 2024, Pioneer Balloon Canada Limited, a Hamilton, Ontario-based subsidiary of the US balloon manufacturer Pioneer National Latex, filed a Notice of Intention (NOI) to make a proposal on June 12, 2024. This filing came after the US parent company entered restructuring proceedings under Chapter 11 of the US Bankruptcy Code in October 2023. The US proceedings resulted in the sale of US assets but did not resolve the Canadian business's issues, leading to a severe liquidity crisis for the Canadian entity. Consequently, Pioneer Balloon Canada became insolvent, breaching its borrowing base covenants under its credit agreement with RBC, to which it owed approximately $2.3 million on a secured basis. RBC has since demanded repayment. Due to the lack of operational and financial support from its US parent, Pioneer Balloon Canada was unable to continue regular operations. KPMG was appointed as the proposal trustee. Legal advisors included Loopstra Nixon for the company, BLG for the proposal trustee, Harrison Pensa for RBC, and Blakes for FGI Worldwide.