Taxes are owed to Canada Revenue Agency, which registered a lien against Validus in the amount of $6 million.Īmong is also owed to other creditors including Toronto-Dominion Bank and Mercedes-Benz Financial, the latter in the amount of $179,206 for a Mercedes G-63 “G-Wagon” SUV.Ĭourt documents show a lengthy list of unsecured creditors in the form of service and supply companies, consultants, technical firms, telecom providers that amounts to a total of $18.7 million. In court filings from late July, Macquarie made a number of allegations that Validus failed to pay municipal and federal taxes, failed to maintain proper books and records, failed to maintain insurance, and failed to provide employee benefits and RRSP contributions to its unionized workforce. Only Iroquois Falls and Kingston are operational, supplying power to the grid on an as-needed basis.Ĭash-wise, KSV said the power plants should generate enough liquidity to continue to fund operations through the CCAA process into December. Validus’ four power stations generate electricity for the Ontario grid as controlled by the Independent Electricity System Operator. In a report to the court, KSV said it’s been contacted by “several parties expressing an interest in the opportunity.” Want to read more stories about business in the North? Subscribe to our newsletter.Ī motion to the court will come forward on Sept.19 to approve a sales and solicitation process, expected to start almost immediately. The Elite are adjustable in 2.5lb increments, and the Sport adjustable in 5lb increments. ![]() PowerBlock The Elite and Sport are available in 50, 70 and 90lb max, and all upgradeable from any size to 90lb. Separately, Hut 8 and Validus are locked in litigation over an alleged breach of a power contract. And you can adjust them in as small as 1.25lb increments. Macquarie is the leading contender in a stalking horse bid to acquire the properties in an arrangement with a bitcoin company, Hut 8 Mining.Ī stalking horse bid is a binding offer to purchase the assets of an insolvent company, conditional on the company not receiving a better offer during the CCAA sales process. The court approved a transition to the CCAA process to enable the sale of the power plant assets. Macquarie Equipment Finance, a lender to Validus and a secured creditor, had accused the management of Validis of defaulting on a $55.6-million loan arrangement signed in 2022 to buy the Iroquois Falls plant, and also of misappropriating funds. Initially, the company and its assets were placed in receivership by the court. Validus is a Toronto holding company that operated power plants in Iroquois Falls, Kapuskasing, Kingston and North Bay. Expansion Sets 4 Available Dumbbell Stages. Space Efficient Excellent Solution for Home Gym. Short Product Description: Adjustable 5 to 130 lbs/2.26 to 58.96 kg each. Validus was placed under CCAA (Companies’ Creditor Arrangement Act) protection Aug. Product: PowerBlock Elite Dumbbells (Pair) Price: from 280.80 (varies depending on set) Best Place to Buy: Amazon. 1 to give KSV Restructuring, a court-appointed monitor, enough time to start a sales process to entice bidders interested in the assets of insolvent Validus Power. Last week, an Ontario Superior Court judge granted a stay of proceedings until Dec. Otherwise, there should be something for you in our guide to the best power banks below.Finding new ownership for three power plants in northeastern Ontario, under creditor protection, will be a process that will extend into December. If you need a laptop charger, check out our best portable laptop charger guide instead. We used our experts experience and opinions, as well as taking into account online reviews, brand reputation, product capability, and unique features. We've tested and used more than our share of portable chargers, so while some of the products on our list of the best power banks haven't spent time in our test labs, we know which ones to recommend. If you expect to be off the grid for a while, then consider a solar powered one, and if your requirements are more mixed, then take a look at the selection of everyday power banks. You might also want a wireless one if you're hoping to cut down on cables. You might need to sacrifice capacity or spend more, but it could be worth it, depending on when you’re most likely going to need that extra power. ![]() On the other hand, if you prefer to travel light, something slim and lightweight may be better.
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