Igloo Industries goes into receivership
Igloo Industries Group, a Toronto, Ontario-based commercial food equipment sale and distribution business that provided refrigerated food retail equipment for groceries and convenience stores, was placed in receivership on Wednesday, May 22.
According to an NOI, a motion by Royal Bank of Canada (RBC) has msi Spergel inc. (Spergel) appointed as the Receiver “pursuant to an order of The Honourable Justice Wilton-Siegel of the Ontario Superior Court of Justice (Commercial List) (the "Court") made on May 22, 2024 (the "Appointment Order").”
According to the NOI, owes RBC over $6 million. In an earlier NOI filed in February, Igloo Industries group “focused on certain restructuring measures with a view to controlling costs and improving liquidity. Three of its four leases were terminated and non-core assets were sold.”
During the time of that NOI, the company continued to suffer financial difficulties with customers either canceling or delaying their purchases as many were worried about the company providing after-sale support.
“After falling behind on post-filing payroll obligations and restructuring professional fees, among other obligations, the proposal trustee issued a material adverse change report and a receivership order was granted shortly thereafter.”