Burry's Shipyard Inc.

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.