Beaulieu Enveloppe du Bâtiment inc.

Beaulieu Enveloppe du Bâtiment inc. made an assignment of its property on February 7, 2024 under the Loi sur la faillite et l'insolvabilité, with FTI Consulting Canada Inc. as syndic. The Quebec proceeding carries estate number 41-3040537 and court file 500-11-063543-249. The syndic reports that the Company's only real assets are investments in and notes receivable from its two insolvent subsidiaries, Signé Hurtubise Inc. and Revêtements Louyse Inc., and estimates their realizable value at nil, because the subsidiaries' realizations will not repay their own secured creditors in full. An unaudited, unconsolidated balance sheet as at August 31, 2023 shows total assets of $33,331,550 and total liabilities of $31,121,189, with the resulting equity of $2,210,361 treated as not realizable. Édyfic Inc. and Fonds Finalta Capital, S.E.C. each hold a hypothec on the universality of the Company's present and future movable property, for approximately $4,900,500 and approximately $5,000,000 respectively; the syndic has not obtained a legal opinion on the validity of that security and does not intend to. Employee wage claims ranking as preferred claims were outstanding at the date of the assignment.