On October 31, 2017, BuildDirect voluntarily filed for relief under the Companies’ Creditors Arrangement Act (CCAA). On November 3, 2017, the United States court granted an order under Chapter 15 of the United States Bankruptcy Code which essentially extended the effect of the Canadian proceedings into the United States.
We are evaluating a range of alternatives to recapitalize BuildDirect so that we can continue to transition from an e-commerce business to a platform business.
BuildDirect is not bankrupt. As part of its restructuring process, BuildDirect secured USD $15M in financing in connection with the filing to fund the continued development of the business.
For any updates on the CCAA proceedings, please refer to The Monitor’s website: www.pwc.com/ca/builddirect.