Wednesday, May 21, 2008

Madill Equipment to be Liquidated

Madill Equipment to be Sold
Piece by Piece Over the Summer

The local press reports that the receivers for bankrupt Madill Equipment will be liquidating the companies assets over the summer.

RSM Richter the Toronto based receiver has been unable to secure a sale which would see the company restored as a viable manufacturer. They have therefore decided to sell the assets to a liquidation company.

This decision still has to be approved by the bankruptcy courts which is expected as the banks involved have already approved the sale.

Madill Equipment was another victim of the recent difficulties to strike the west coast forest industry.

Nanaimo's Harmac pulp mill also recently closed in what has turned out to be a devastating year for the forest industry in BC. Between these two closures Nanaimo has seen approximately 650 good paying jobs vanish as well as significant tax losses to the City.


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