Newspaper article The Canadian Press

Online Building Materials Seller BuildDirect Wins Court Protection from Creditors

Newspaper article The Canadian Press

Online Building Materials Seller BuildDirect Wins Court Protection from Creditors

Article excerpt

Debt-laden BuildDirect wins court protection

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VANCOUVER - Online building materials seller BuildDirect.com Technologies Inc. has been granted court protection from creditors as it tries to recapitalize or arrange a sales transaction.

The Vancouver-based company's court-appointed monitor, PwC Canada, says it obtained an order under the Companies Creditors Arrangement Act on Tuesday.

It says BuildDirect has negotiated a US$15-million loan from significant investors to continue its operations while it works on its financial restructuring.

In an affidavit posted with the B.C. Supreme Court, BuildDirect vice-president of finance John Sotham says the company founded in 1999 has generated significant revenue but has not been profitable, instead relying on debt and equity financing to fund operations. …

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