Major Creditors Named in Barber Glass Industries’ Receivership; Creditors Include PPG, Viracon, Lisec and Others
November 30, 2010
Canada’s Barber Glass Industries was placed into receivership earlier this month and the receiver, Grant Thornton Limited, has released the list of unsecured creditors, including the largest, PPG Canada, to whom the company owes almost $1.5 million.
The list of creditors includes 309 companies, many of which are industry-related suppliers, including the following:
Company
|
Claim Amount |
|---|---|
| 3M Canada | $16,991.52 |
| Albat and Wirsam | $199,353.44 |
| BIESSE Canada | $119,164.00 |
| Garibaldi Glass Industries | $40,827.32 |
| Helima Hevetion International | $10,911.69 |
| Intermac | $7,668.16 |
| Lisec America | $7,637.82 |
| Momentive Performance Materials | $11,968.96 |
| PPG Canada | $1,490,979.86 |
| Viracon | $87,140.50 |
The grand total owed to all unsecured creditors is $4,324,148.70.
According to court documents, these amounts are based on Barber’s unaudited financial statements dated October 31.
“Realizations from the above noted assets are likely to vary materially from their book values,” writes Grant Thornton.
Grant Thornton has listed the following as the company’s assets:
| Asset | Book Value |
|---|---|
| Accounts Receivable | $4,252,366 |
| Inventory | $2,533,665 |
| Prepaid Expenses | $310,986 |
| Machinery and Equipment (net) | $25,861,590 |
| Income Taxes Recoverable | $1,728,544 |
| Other Assets | $1,072,031 |
Grant Thornton has not taken possession of the company’s facility at 167 Suffolk Street West in Guelph, Ontario, according to the documents, However, the receiver “monitors the Suffolk Street operations on a daily basis and continues to take possession of that location’s cash receipts on a daily basis.”
Stay tuned to USGNN.com™ for further updates as they become available.