Tłı̨chǫ Investment Corporation (“TIC”) operated a transportation business through Ventures West Transport Limited Partnership by its general partner 1456998 Alberta Ltd. and its limited partner 1456982 Alberta Ltd. and Tłı̨chǫ Landtran Transport Ltd. (the “Transport Companies”). On November 29. 2019, the Court of Queen’s Bench of Alberta granted an Initial Order under the Companies’ Creditors Arrangement Act (Canada) (the “CCAA”) in respect of the Transport Companies.
The Initial Order provides for a stay of proceedings until December 6, 2019, pursuant to which creditors are restrained from enforcing or exercising any rights or remedies against the Transport Companies. On December 6, 2019, the Transport Companies will be returning to Court to seek additional relief including an extension of the stay of proceedings and approval for a sale process.
The Transport Companies had been experiencing significant losses for several years and were reliant on a small number of contracts, many of which were unprofitable. The Transport Companies recently bid for a major contract was unsuccessful. Without this business, they could not continue to operate without sustaining significant losses. Unfortunately, the decision was made to close the Transport Companies operations and sell their assets consisting mainly of trucks and trailers. We want to thank all the employees and suppliers of the Transport Companies for all your past support.
Prior to closing the Transport Companies, TIC’s management needed to devote significant resources (money and time) to its operations. The closure of the Transport Companies allows management to focus on TIC’s remaining subsidiaries to ensure the success of those companies and the Tlicho communities.
Information about the CCAA proceedings can be accessed on the website for MNP Ltd., the Court-appointed Monitor at mnpdebt.ca/ventures
The Tłı̨chǫ Investment Corporation and Group of Companies is owned by the Tłı̨chǫ Government for the Tłı̨chǫ people. TIC has several businesses and several joint venture partnerships with other groups and companies. TIC offers gainful and rewarding employment opportunities throughout its vast array of companies.
Mark Brajer
Chief Executive Officer
Tlicho Investment Corporation & Group of Companies