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Nexii Construction files Chapter 15 to gain recognition of CCAA proceedings
By Sarah Lizee
Olympia, Wash., Jan. 12 – Nexii Construction Inc. filed Chapter 15 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware to gain recognition of its proceedings under the Companies' Creditors Arrangement Act pending in the Superior Court of British Columbia.
The company has also obtained an initial order under the CCAA that provides for a stay of proceedings in favor of Nexii, the approval of debtor-in-possession financing and the appointment of KSV Restructuring Inc. as monitor, according to a Thursday press release.
The DIP financing is with Powerscourt Investments XXV, LP, Trinity Capital Inc. and Horizon Technology Finance Corp. The company has interim access to $750,000 of the financing.
The initial order also extends the stay of proceedings to entities related to Nexii that are not petitioners in the CCAA proceedings.
The stay of proceedings and DIP financing will provide Nexii with the time and stability required to consider potential restructuring transactions and maximize the value of its assets for the benefit of its stakeholders, the company said.
This may include the sale of all or substantially all of the business or assets of Nexii through a court-supervised sales process. In that regard, Nexii intends to seek court approval to launch a sale process for its business and assets on or around Jan. 22.
The sale process is expected to be administered by Nexii's financial adviser, Origin Merchant Partners, under the oversight of the monitor.
Nexii is a Vancouver, B.C.-based designer and manufacturer of high performance and sustainable building products. The Chapter 15 case number is 24-10027.
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