The break-open ticket supply company British Bazaar is seeking protection from its creditors.
In a letter to British Bazaar’s creditors dated Nov. 9, Deloitte Restructuring Inc. – acting as licensed insolvency trustee – wrote the company has filed a notice of intention (NOI) to make a proposal to its creditors.
According to the letter, the NOI filing is an automatic stay of proceedings against all creditors from taking action against the St. John’s-based company.
Included in the document is a list of all known creditors with claims of more than $250 – a total of 50 companies to which British Bazaar lists owing more than $8.4 million.
The highest claim comes from BMO Financial Group for over $3.4 million, and then Atlantic Canada Opportunities Agency for over $1.7 million.
Several local groups are listed as creditors, including DMC Consulting, Wadden Peddigrew Hogan Law, Triware Technologies Inc., and NCH Holdings Ltd, among others.
According to its website, British Bazaar is the break-open ticket division of British Group, which began as the British Confectionary Company in 1958.
The confectionary company was a wholesaler of candy, notably to customers with ties to the bingo industry. That work eventually led the company to diversify into selling bingo supplies to halls around the province, and the company soon began selling break-open tickets, or Nevadas, to those same halls.
In 1992, the company won the contract to supply break-open tickets to the Atlantic Lottery Corporation. In 2005, a fire destroyed their facility, but the company then built a new plant in hopes of expanding into commercial printing.
