Tru Labels Inc.

Tru Labels Inc. was placed under court-appointed receivership in the Ontario Superior Court of Justice on November 6, 2018, under section 243 of the Bankruptcy and Insolvency Act and provincial Judicature Act authority. The application rested on the affidavit of Warrington sworn October 17, 2018, which put the company's indebtedness to Oxygen Working Capital Corp. at approximately $3.9 million as of October 1, 2018 and alleged default. OWCC held a general security agreement granted in May 2017 over credit facilities comprising accounts receivable factoring and term loans of $600,000 in April 2017, $100,000 in June 2017 and $250,000 in May 2018. Within that indebtedness, approximately $2.3 million had been advanced against $2.9 million of factored receivables as of October 12, 2018. The proceeding is closed.