Who can be interested in End neighborhood?

revenus-insuffisants-fin-quartier-pas(Shawinigan) Nearly a week after the announcement of the bankruptcy of End neighborhood and Fine meats Mado, the trustee is working on a request for proposals for equipment and brand new building opened with great fanfare last summer.

“For now, we have not had expressions of interest to operate the business,” said Mark Bernier, trustee and partner at Raymond Chabot Grant Thornton.

“It is our wish and the tender process will allow someone to buy the assets. It will be for the industry players to see if there is an interest to revive the activities that form. This is a great business. ”

This tender should be published on or about 19 March. Those interested can demonstrate an interest in the equipment or only for the building.

Both tenders will be published simultaneously. Mr. Bernier believes it will take approximately one month before the opening of bids.

“We think we will have the offers,” suggests Mr. Bernier. “It is a beautiful historical building, great value. We still do not know the amounts to be offered, but I’m sure it will spark lust. ”

Bankruptcies of Fine meats Mado and End neighborhood, two distinct but closely related events, were filed on 9 March.

Both companies will hold their first meeting of creditors on March 29 in half an hour apart at RCGT office in Trois-Rivières.

Technically, End district was considered a company that owned the building and rented premises. Fines charcuterie Mado was responsible for operating the deli.

According to the bankruptcy balance sheet, The End neighborhood had assets of approximately $ 5.5 million, including $ five million just for the building and land.

The liabilities of the company was close to $ 5.9 million, of which the majority was made up of the mortgage of the same building, at $ 4.1 million, a secured debt to the National Bank.

The amount of unsecured claims amounted to $ 1.78 million and almost the entire amount had been advanced by the owner, Nathalie Milette, through its management company or personally.

End neighborhood and Nathalie Milette also appear in the list of unsecured creditors of the bankruptcy of Fine meats Mado, for a little over $ 200,000, for a total of $ 315,810.

This report also includes a list of six secured creditors ($ 495,000) and an amount of $ 11,753 in vacation pay to employees.

Given the reported assets, mostly personal property, the deficit of meats Mado Fines totaled $ 296,163 to March 9.

Of course, this statement does not detail the operating revenues of these companies, which explain the heartbreaking decision last week.

“There was significant liquidity issues to manage,” agrees Mr. Bernier. “For a long time, administrators were making advances to meet current capital requirements, including the salary.”

Share Button