Howard is based in Burnaby and covers real estate, housing policy, and the development industry.
After previously reaching "unicorn" status with a $1B valuation and hitting $2B, BC-based green construction company Nexii Building Solutions filed for creditor protection in January.Nexii Building Solutions — a green construction products company whose crown jewel is a proprietary low-carbon concrete alternative called "Nexiite" — sought out creditor protection after finding itself in significant financial difficulties.
Although companies usually file for CCAA creditor protection in order to secure breathing room from creditors that would allow the company to restructure and hopefully continue operating, Nexii's goal from the beginning was always to sell the business. The buyer that was found is a group that consists of 15925347 Canada Inc., 1474480 BC Ltd., 1474737 BC Ltd., 1474741 BC Ltd., 1464115 BC Ltd., and 1474484 BC Ltd., which the monitor notes "are entities that are controlled by existing senior management of the Nexii Group."
According to the report by the Monitor, the closing consideration — purchase price minus transaction costs — for the transaction is $3M. The Monitor will be presenting the sale agreement to the Court for final approval on Friday, April 26. The sale is unlikely to be rejected, as the Monitor notes that there were no other qualified bids and that no superior bids are likely to surface even if given more time.
Simultaneously, the Monitor is also seeking an extension of the creditor protection to June 30, which would provide time to close the transaction as well as finalize a transaction for the remaining assets.RioCan Proposes 47- And 44-Storey Towers For First Phase Of Golden Mile Master-Plan
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