Efforts to revive The barber Glass manufacturing facility have come to a halt.
On 1 February, the Ontario Superior Court of Justice ruled in favour of an application from receiver Grant Thornton to b…
Efforts to revive The barber Glass manufacturing facility have come to a halt. On 1 February, the Ontario Superior Court of Justice ruled in favour of an application from receiver Grant Thornton to begin auctioning off the assets of Barber Glass. “All parties agree that a turnkey offer would have been extremely attractive,” the judge noted in his endorsement. “Jobs in the Collingwood and Guelph areas would have been preserved; a state-of-the-art manufacturing facility would have remained in Canada as opposed to being auctioned to the highest bidder.” Barber Glass ran into financial trouble late in 2010, and, in November, the company“s main creditor, the Bank of Montreal, made application for a receivership order. Approximately 45 people worked at the Collingwood facility. Dates regarding the auctions will be posted online by the two auctioneers involved: Asset Engineering for the Guelph facility assets, and Danbury Group for the Collingwood facility assets. Barber Glass president John Barber made several efforts to buy back the assets in the last couple of months; however, Barber“s offer would have been acceptable to the receiver “had it not been for the fact the offer was conditional upon financing. “The receiver declined to accept Mr. Barber“s conditional offer because there was, in the receiver“s view, too great a risk that Mr. Barber would not be able to close the transaction,” the judge wrote.