The Globe and Mail reports in its Friday edition that Nexii Building Solutions Inc., a green building start-up that boasted a $2-billion valuation less than two years ago, has been granted protection from creditors as it seeks a buyer to rescue the money-losing operation.
The Globe's Jeffrey Jones writes that the Vancouver-based company said it owes its creditors more than $109-million and faces "significant liquidity constraints," according to the petition it filed last week with the Supreme Court of British Columbia. It is unable to pay its debts after a costly expansion in the United States, notably a new manufacturing plant in Pennsylvania.
The company makes concrete-like panels for residential and commercial buildings using a proprietary material, developed in Moose Jaw, Sask., that it says is less carbon-intensive and creates less waste. Among its executives was former Vancouver mayor Gregor Robertson, though he left the company in November, and two years ago the company formed a partnership with actor Michael Keaton.
Nexii's customers include Starbucks, Popeyes Louisiana Kitchen, Marriott International, Walmart and Chase Bank. It has manufacturing facilities in Moose Jaw and Squamish, B.C.
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