Quebec window, door firm bankrupt
Trading in GBO's securities suspended
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Hey there, time traveller!
This article was published 15/10/2011 (5323 days ago), so information in it may no longer be current.
MONTREAL — Window and door manufacturer GBO Inc. (TSXV:GBO) has gone bankrupt, having failed to file a restructuring plan under court protection, the company’s court-appointed trustee announced Friday.
The Quebec-based manufacturer of Bonneville and Polar doors and windows announced a month ago it intended to file a proposal under the Bankruptcy and Insolvency Act in a move to restructure its obligations to creditors.
But since GBO failed to file a proposal within the provided period, it is “deemed to have made an assignment in bankruptcy,” trustee RSM Richter said in a press release Friday.
Furthermore, since the company no longer meets the TSX Venture Exchange’s listing requirements, trading in the securities of the company has been suspended and the company has been reclassified to a Tier 2 issuer.
GBO previously announced it had shut down operations due to a cash crunch that prevented it from paying suppliers of wood and other materials.
“Until a solution is found, the company deemed it best to suspend operations,” GBO said at the time.
In August, GBO said its net loss had doubled in its most recent quarter on sharply lower sales. The company lost $1.8 million or 10 cents a share for the three months ended May 31, compared with $770,000 or two cents a year ago.
Its sales fell to $3.1 million, down from $4.6 million. Canadian sales fell by more than half to $1.2 million from $2.7 million, while U.S. sales dropped by just over six per cent to $1.8 million.
GBO was engaged in the design, manufacture and distribution of mid-range and high-end wooden window arrangements, doors and accessories. The company mainly served independent building-material distributors and certain retailers as well as construction and renovation contractors.
— The Canadian Press