"The Assets of Company Would Pay a Large Part of Creditors"DOES THAT INCLUDE ME AND OUR FELLOW LOYAL SHAREHOLDERS?
Orbit under the Bankruptcy
Act: Gaspesian entrepreneurs worried about not being paid PUBLISHED WEDNESDAY,
APRIL 5, 2017 At
7:32 pm http: //ici.radio- Canada.ca/nouvelle/1026511/bank-business-business-company-business-debt-money-millions-of-dollars
Cap-Chat Orbit Factory Photo: Radio-Canada
Dozens of entrepreneurs from the Gasp and Bas- Saint-Laurent feared they would never receive the money that Orbite Technologies owed them, totaling $ 1 million .
A text by La Beauchesne
The company was to start production of high purity alumina at the beginning of the year, Has failed to achieve the standards targeted, due to technical problems.
As a result, the company was placed under the protection of the Bankruptcy and Insolvency Act to protect its assets and shareholders.
More than 300 small and large companies are on the list of creditors to whom Orbite owes money. The total amount is over $ 40 million.
From the small grocery store in the village of Cap-Chat to the construction contractors who worked in the factory, they do not know what the future holds for them.
For local entrepreneurs, the amounts owed are up to $ 350,000.
For smaller companies, the fear is great. Some of them might not be able to get away if Orbite declared bankruptcy and could not pay them.
For the others, it's a hard piece to swallow. This is the case of Michel Ouellet, an electrical contractor in Matane, to whom Orbite owes more than $ 10,000.
The region is already struggling to recover. These days, it's quiet in the construction because of them. It's the region that gets it.
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Michel Ouellet, owner Electricity G. Ouellet
At the Kwatroe company in Gasp, Orbite's bill reaches $ 167,000. The co-owner Martin Crousset hopes the company will do well.
The option we want is for the project to work and to shine in the Gasp.
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Martin Crousset,
Co-owner of Kwatroe Orbite Technologies is currently trying to find the $ 8 million needed to repair its equipment, which should allow to achieve the quality standards of production of its high purity alumina.
The company's spokesman, Eric Gamache, said Orbite is doing everything in his power to make the project come back from its ashes.
However, it was not possible to specify what happened to the fifty employees of the factory during this interruption of production.
Mr. Gamache added that in the event of bankruptcy, the assets of the company would pay a large part of the creditors.