Oshawa-based Consolidated Graphics Canada Ltd., which operates as General Printers, made a Notice of Intention to Make a Proposal filing under Canada’s Bankruptcy and Insolvency Act.
The company now has until early November to meet cash flow obligations, possibly mid-November with an extension, overseen by bankruptcy trustee Harris&Partners.
“Due to a downturn in business, the company was facing a cash crunch and was no longer able to meet its obligations as they became due,” wrote a Harris&Partners trustee overseeing the bankruptcy act filing.
Phone calls and an email to David Fors, a principle of General Printers, have gone unanswered to find out more information about the company’s current situation and future plans after the bankruptcy act filing.
Fors has led General Printers as President since 1991. The company itself was established in 1951. General Printers lost one of longtime leaders in 2011 when Fred Thornley, co-owner and Vice President, passed away at age 63. He had spent 45 years at the company.
General Printers describes itself both as an employee-owned company and as a division of Consolidated Graphics Canada Limited, the name under which the bankruptcy act filing was made.
Harris&Partners reports General Printers intends on putting its hard assets out for public tender or auction to meet some of its obligations, although the exact process has not yet been determined.