Integro Building Systems filed for bankruptcy on Aug. 31. It’s assets are in the hands of a trustee and a preliminary report has been issued listing creditors. According to the notice to creditors, Integro went out of business owing over $45 million in excess of assets.
According to the preliminary report, Integro had three projects underway in Toronto at the time of its bankruptcy: Portland Commons, 489-539 King Street West and 25 Ontario Street. State Window has guaranteed the completion of the Portland project.
From the trustees report:
lntegro Building Systems Inc. was one of the largest curtainwall manufacturers and installers in North America and carried on their business from their leased premises at 8811 Huntington Road, Vaughan, Ont. … lntegro was experiencing financial challenges as a result of issues on a U.S. project and the impact of the post-COVID-19 economic environment including logistical challenges, increasing wage and raw material costs, material shortages, the impact of recent strikes on construction schedules and labour shortages. On top of this, the company’s financial situation was significantly impacted by fixed price contracts it was locked into on projects and decreasing demand for its curtainwall product as commercial office requirements have declined in the face of the increasing business practice of working from home. In July 2023, the company closed down its operation in British Columbia and subleased its facilities in Surrey, B.C., to a third party. As a consequence of these factors and their impact on cash flows, the company began to accumulate significant liabilities to its suppliers, subcontractors and Canada Revenue Agency. In order to address its financial issues, in 2022 certain of lntegro’s directors made an equity injection in Holdings of approximately $6.1 million, which was then loan to lntegro. Additionally, lntegro reached out to the general contractors and the owners of the current projects to seek financial assistance by way of earlier draws, advances on future draws and direct payments to suppliers. Although these measures helped lntegro continue in the interim it did not resolve its underlying working capital problems.
According to a 2018 report, Integro had 120 employees. James Wilson was president.
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