Proceedings.

Burry's Shipyard Inc.

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Proceeding
ProposalSection 50.4(9) of the Bankruptcy and Insolvency Act
Court
Supreme Court of Newfoundland and Labrador
File
2018 01G
Industry
Manufacturing · Vehicles, parts & aerospace
Filings held20
Last activity2 Nov 2018
On the record3,026 days
Secured debtSubscribers
OverviewSummary updated

Burry's Shipyard Inc. commenced Division I proposal proceedings in the Supreme Court of Newfoundland and Labrador on July 24, 2018, with Deloitte Restructuring Inc. as Proposal Trustee, and relief is sought under section 50.4(9) of the Bankruptcy and Insolvency Act. Draft, unaudited figures at January 31, 2018 show total assets of $5,918,354 against total liabilities of $6,080,901, equity of $(162,547), reversing equity of $691,309 a year earlier on assets of $4,221,454 and liabilities of $3,530,145. Covenant violations put the company into a forbearance agreement with the Bank of Nova Scotia and the Business Development Bank of Canada, the latter proposed as senior secured super-priority DIP lender for a $300 thousand term loan. Milton Fiberglass Products Limited was owed $202 thousand on a vendor take-back note as at April 30, 2018; the Milton Assets were transferred back to Milton on June 22, 2018 for $1 plus offset of the amount owing. The proceedings remain active.

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Case updates20 dated entries
#Report

The officer filed report no. Fourth Report. The Company continued negotiating a sale of its shipyard assets (countering a Heddle Marine offer) and pursuing alternative financing through Spergel and Vinecrest, but as it will not seek further extensions of the NOI proceedings, it will be deemed to have made an assignment into bankruptcy effective October 27, 2018.

Source: Fourth Report of Proposal Trustee

#Report

The officer filed report no. Third Report. The company continued shipyard operations while pursuing a sales process and searching for alternative financing, and was working with the Proposal Trustee to evaluate restructuring alternatives and monitor cash flow.

Source: Third Report of Proposal Trustee

#Report

The officer filed report no. Second Report. Burry's shipyard operations have been substantially shut down, with only minimal collections expected and one retained employee providing security and maintenance, while the Company pursues a Sales Process to support a viable proposal.

Source: Second Report of Proposal Trustee

Parties

Debtor

Burry's Shipyard Inc.

Proposal trustee

Deloitte

Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredMilton Fiberglass Products LimitedRegistered interest in the Milton Assets (real property and equipment) securing a vendor take-back note — Original vendor take-back note was $250 thousand; $48 thousand in principal payments made between May 2017 and April 2018, leaving $202 thousand owing as of that period; assets subsequently transferred back to Milton on June 22, 2018 for $1 plus offset of amount owing (transaction post-dates the balance) — debtor: Burry's Shipyard Inc. · as of 30 Apr 2018$202KFirst Report of Proposal Trustee
Secured
Secured

2 more claims in 1 class The stack holds Secured claims.

Every creditor and every amount.

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Sale processAs stated in the filings
AdvisorsDeloitte Corporate Finance Inc. (financial advisor)Burry's Shipyard Inc. - Teaser
Estate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing

As at ·

Cash on hand

$232K

As at 7 Sep 2018Second Report of Proposal Trustee

Professional fees

As at

1 more reported figure, and the 2 totals the debtor stated at filing

Each one as the filing states it, with its source.

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Documents
20 filings
DateDocumentFile
Notice to creditors
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Fourth Report of Proposal Trustee
  • Operational summary The Company continued negotiating a sale of its shipyard assets (countering a Heddle Marine offer) and pursuing alternative financing through Spergel and Vinecrest, but as it will not seek further extensions of the NOI proceedings, it will be deemed to have made an assignment into bankruptcy effective October 27, 2018.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Letter of Tim HillPDF · Subscribers
Memorandum of Facts submitted by Business Development Bank of CanadaPDF · Subscribers
Sealing OrderPDF · Subscribers
Third Report of Proposal Trustee
  • Operational summary The company continued shipyard operations while pursuing a sales process and searching for alternative financing, and was working with the Proposal Trustee to evaluate restructuring alternatives and monitor cash flow.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Sealing and Extension OrderPDF · Subscribers
Second Report of Proposal Trustee
  • Operational summary Burry's shipyard operations have been substantially shut down, with only minimal collections expected and one retained employee providing security and maintenance, while the Company pursues a Sales Process to support a viable proposal.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Extension and Sealing OrderPDF · Subscribers
Notice of Application and Affidavit of Glenn Burry
  • Applicant Burry's Shipyard Inc.
  • Commencement date 24 July 2018
  • Court IN THE SUPREME COURT OF NEWFOUNDLAND AND LABRADOR TRIAL DIVISION (GENERAL) IN BANKRUPTCY AND INSOLVENCY
  • Court file no 2018 01G
  • + 2 more extracted facts
PDF · Subscribers
Administration Charge OrderPDF · Subscribers
Extension OrderPDF · Subscribers
First Report of Proposal Trustee
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
DIP and Charging OrderPDF · Subscribers
Extention OrderPDF · Subscribers
Affidavit of TIm HillPDF · Subscribers
Brief of Tim Hill
  • Applicant Burry's Shipyard Inc.
  • Appointee Deloitte Restructuring Inc.
  • Appointee role Proposal Trustee
  • Court Supreme Court of Newfoundland and Labrador
  • + 2 more extracted facts
PDF · Subscribers
Creditor Package
PDF · Subscribers
Certificate of AppointmentPDF · Subscribers
Burry's Shipyard Inc. - Teaser
  • Sale advisor Deloitte Corporate Finance Inc. (financial advisor)
PDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Burry's Shipyard Inc.” (Proposal), Supreme Court of Newfoundland and Labrador. Retrieved 4 November 2026, https://proceedings.ca/case/burry-s-shipyard-inc

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Sources last checked · summary updated 19 August 2026 · Report a correction · Printed from proceedings.ca/case/burry-s-shipyard-inc

Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.

Burry's Shipyard Inc. — Proposal | Proceedings.