Mitchell Press: the customer list, for 5% of what it earns

Mitchell Press was founded in 1928 by Howard T. Mitchell, a former editor of the Vancouver Sun, to publish newspapers. Ninety-eight years later it is a family-owned printer of magazines, catalogues and books working out of a production plant in Burnaby, with 34 union and 30 non-union employees, approximately 330 customers and revenue of approximately $16.9 million in the fiscal year that ended in February 2026. It sits inside a larger family group of companies with real estate holdings, and five shareholders hold between 6% and 37.6% of its common shares each, per the Affidavit #1 of David Mitchell, Sept. 10, 2026, paras. 4–6, 14.

On August 31, 2026 the company filed a notice of intention to make a proposal under s. 50.4(1) of the BIA, with MNP Ltd. as proposal trustee, per the Certificate of Filing of a Notice of Intention to Make a Proposal, Aug. 31, 2026. Ten days later, in the Supreme Court of British Columbia at Vancouver, No. B-260538, it applied for the orders that describe what the filing is for.

A press, a bank, a refinancing

The account of how the company got here is sworn by David Mitchell, its president and chief executive. In 2022, "after several years of operating at a loss," Mitchell Press invested in a $5 million digital printing press, meant to take work from less efficient equipment, bring outsourced jobs in-house and open new sales. "Unfortunately, the new digital press suffered from significant technical issues (which the manufacturer disputed)." Partly because of those issues the company struggled to sell the new digital work, and it leaned on its Bank of Montreal operating line until the line reached approximately $4 million, per the Affidavit #1 of David Mitchell, Sept. 10, 2026, paras. 7–9. The affidavit does not name the manufacturer.

By February 2024 BMO had moved the account to its special accounts group and required outside oversight: an MNP "Process Improvement" team was assigned to help with the company's financial and operational management. Revenue kept falling. Mr. Mitchell lists the reasons: the largest and most profitable customer cut its print volume by approximately 65%; Canada–U.S. tariffs and economic uncertainty shrank print marketing budgets; the BC General Employees' Union and Canada Post labour actions; the loss of key sales staff; and price increases that cost the company accounts, per the Affidavit #1 of David Mitchell, Sept. 10, 2026, paras. 10–11.

"Following a demand from BMO," the family group refinanced the bank in late 2025. A group company, Slow Loris Holdings Ltd., took a $17 million mortgage from Valiant Mortgage Inc. against real property owned within the group, and after BMO was paid, lent approximately $14.5 million of the net proceeds to Mitchell Press on a promissory note. The printer also raised approximately $500,000 from Valiant Financial Services Inc. through an equipment sale-leaseback and set up a receivables factoring line with Sallyport Commercial Finance ULC. "In 2026, increased debt costs associated with the Refinancing, and the departure of Mitchell Press' largest customer, has caused the current imminent liquidity crisis," per the Affidavit #1 of David Mitchell, Sept. 10, 2026, paras. 12–13.

Who is owed

The unaudited statements to June 30, 2026 show approximately $9.08 million in assets — including about 50 pieces of equipment carried at approximately $3.77 million — against $17.99 million in liabilities, and an operating loss of $99,588 for the month of June. The secured creditors, in priority, are Valiant Financial, owed approximately $435,772.69 under the leaseback; Sallyport, with nothing outstanding at filing; and Slow Loris, the family group's own company, owed approximately $14,369,617.53 on the promissory note, each with security over substantially all of the printer's property. Toyota Industries Commercial Finance Canada holds a first-ranking registration over a single leased vehicle, and Ricoh Canada a last-ranking one with no debt behind it, per the Affidavit #1 of David Mitchell, Sept. 10, 2026, paras. 15–18.

Unsecured trade suppliers and other creditors were owed approximately $1.03 million at filing. The largest single claim on the trustee's list of creditors is the City of Burnaby's, at $257,505.45, per the Affidavit #1 of David Mitchell, Sept. 10, 2026, para. 22 and Ex. "C".

The sale

Mitchell Press started looking for a buyer or investor in about June 2025. It spent approximately five months negotiating with one interested party that declined to sign a letter of intent. A Canadian mergers and acquisitions firm specializing in printing declined the engagement, citing a perceived lack of buyers. A U.S. firm took it on and marketed the company to American printers. There were pitch discussions with 16 potential buyers and seven non-disclosure agreements, and one definitive agreement, per the Affidavit #1 of David Mitchell, Sept. 10, 2026, paras. 23–24.