Peel Graphics, with locations in Brampton and Markham, Ontario, filed for bankruptcy on August 9 with total liabilities of approximately $6.6 million, of which around $4.8 million is owed to unsecured creditors.
Headquartered in Brampton, Peel Graphics traced its roots back to 1933 and its production of a Brampton community newspaper. The company’s Website lists current services such as offset printing, digital printing, Web-to-print, bindery and cross media, as well as primary press equipment including a Heidelberg XL 105, Xerox iGen4 and 80-inch-wide VUTEk GS2000.
The first meeting of creditors of the bankruptcy is scheduled for August 27 at the office of receiver Schwartz Levitsky Feldman in Toronto.
Among the more than 170 creditors listed in the bankruptcy proceedings, Andrew Cook, noted as President of Peel Graphics at the time of its bankruptcy, is among the unsecured creditors for an amount of approximately $252,000 through Emas Management Consultants of Vaughan, Ontario. Calls placed to Cook today were not returned.
Nine paper suppliers are also among the unsecured creditors, collectively owed more than $371,000, with Asia Pulp and Paper being the highest paper-related creditor owed approximately $205,000. This does not account for several specialty substrate suppliers, which includes at least another four companies owed around $132,000.
Sixteen fellow printing operations, primarily located in the Greater Toronto Area, are owed at least $152,000 as unsecured creditors, not accounting for companies that provide pre-printed forms or several other printing operations owed less than $1,000. Bindery and finishing companies, who are owed at least $1,000, account for 12 of the unsecured creditors and a collective amount of approximately $127,500.
On the equipment supply side, focusing primarily on offset, toner and inkjet presses, unsecured creditors among this group are owed at least $279,000, in addition to approximately another unsecured $759,500 owed as a balance of claim to two secured creditors, including one lease-finance company. These two equipment supply creditors are also secured for another $400,000 owed. Collectively, primary equipment suppliers, including the finance-lease company, are owed approximately $1.04 million that is unsecured and $400,000 that is secured (around $1.44 million total). Xerox is the highest equipment-supply creditor with $604,569 unsecured and $150,000 secured ($754,569 total).
The Business Development Bank of Canada, based out of Mississauga, is listed as a creditor for an unsecured amount of approximately $1.71 million and a secured amount of around $831,000. Another $44,381 is owed to preferred creditors primarily for wages and rent. Peel Graphics, according to the receiver’s list, has assets of around $1.7 million, primarily in machinery and equipment.
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