Parties
Company
Woodlore International Inc.
Company
Ébénisterie St-Urbain Ltée
Company
Raymond Chabot
Bank
HSBC Bank of Canada
Company
Fiera Capital
Company
IQ
Company
BDC
Company
William James Phillips, Sr.
Company
William James Phillips, Jr.
Woodlore International Inc. and Ébénisterie St-Urbain Ltée, family-owned businesses in kitchen, bathroom cabinets, and office furniture manufacturing, sale, and distribution, received CCAA protection on May 12. The companies faced liquidity issues recently, exacerbated by a significant drop in orders from key clients like RONA, Réno-Dépôt, and Lowe's Canada, and pressures from Woodlore's acquisition. This acquisition also led to a major lawsuit from one of Woodlore's biggest historical clients, further straining finances. HSBC, their lender, halted electronic funds transfers on May 10, affecting payments to suppliers and salaries for 341 employees. Despite these challenges, the companies reported a strong order volume and backlog, indicating potential for recovery through operational restructuring. Raymond Chabot was appointed as Monitor, with legal representation from various firms: Stikeman Elliot for the Monitor, McCarthy Tétrault for the companies, Davies for HSBC, Norton Rose Fulbright for Fiera Capital, Lavery for IQ, Miller Thomson and Blaney McMurtry for BDC, and Langlois and Minden Gross for William James Phillips, Sr. and Jr.
Deal Type
OtherIndustry
OtherTransaction
Undisclosed/ConfidentialDeal Status
ActiveClosing Date