Canadian Barber Glass, one of only two companies in North America capable of manufacturing oversized, insulated glass for the architectural market, was placed into receivership the first week of Novem…
Canadian Barber Glass, one of only two companies in North America capable of manufacturing oversized, insulated glass for the architectural market, was placed into receivership the first week of November. An Ontario Superior Court of Justice document indicates that Bank of Montreal filed the application under the Bankruptcy and Insolvency Act, appointing Grant Thornton Limited as receiver and manager of all assets, undertakings and properties of the company. Jeff Wilkins, operations manager of the Collingwood plant, said the plant is trying to put a proposal together to the receiver and the bank to finish what they have in production. John Barber, whose family founded the company more than 127 years ago, said the company was Working diligently to find financing solutions, including through existing and new lenders, suppliers and government agencies, which would satisfy all parties. The company was close to an interim arrangement with the support of its suppliers and customers but was unable to get its operating lender onside. The most difficult day of my life was standing in front of my employees to explain that the company had been placed in receivership. This, in spite of three years of significant efforts of the management team, tremendous support by our dedicated employees and loyal suppliers, he said. Barber said in the release a major equipment supplier to the Collingwood facility had problems in solving their equipment issues resulting in a delay in the start-up of commercial production for six months. In addition, the soft economy and the rising Canadian dollar affected asset valuations and sales. Carrier said he is aware of a host of Collingwood businesses that are in survival mode. He is “disheartened,“ that Canadian banks aren“t willing to take a significant risk in business and help get the economy back on track. Carrier said the Economic Development department will be assisting the employees impacted by the closure.