Restructuring rescue plan to save ailing Nova Scotia demolition firm.
A Dartmouth demolition company is continuing business as usual while under creditor protection, says the monitor working on a proposed restructuring.
Maritime Demolition Ltd. of Dartmouth owes just over $3.million to 96 creditors, according to documents filed Thursday in Nova Scotia Supreme Court.
“We continue to run the business and carry on as usual,” Don Leet of WBLI Inc., said Friday.
“We’ve run into a few problems, of course, along the way. However, the attempt is to keep the business intact and to restructure it.”
Maritime president Ross Rhyno couldn’t be reached Friday. Another company official said the firm had no comment on the restructuring bid.
Maritime Demolition sought creditor protection on Jan. 18. It has 30 days to present its restructuring plan creditors.
The largest creditor is the Canada Revenue Agency, which is owed $769,644. Bank of Nova Scotia is next at $650,000, followed by the Business Development Bank of Canada at $593,525
The demolition firm has been in business since 1990, according to its website.
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