For years, dozens of social housing units managed by the Toronto Community Housing Corporation (TCHC) in the Ontario metropolis have been waiting for renovations. Their tenants, most of whom are elderly, are anxiously waiting for air conditioning or simply adequate windows.
The contract was awarded in 2023 to Ontario contractor Brook Restoration, but the company declared bankruptcy last February. At the time of its collapse, Brook was managing 14 active contracts backed by performance bonds through Liberty Mutual Surety, with total revenues between $50 million and $60 million, alongside four smaller non-bonded contracts. Court materials noted that if Brook failed to meet its bonded obligations, Liberty Mutual had the right to step in and replace the contractor.
To prevent the active projects from halting and to maximize recovery for creditors, the court approved a Jan. 7 asset purchase agreement to transfer Brook’s equipment and contracts to Atwill-Morin.
25 projects in Toronto will be saved by Atwill-Morin, representing a backlog of nearly 100 million dollars in contract value. In addition, 80 new jobs are joining its ranks, bringing its total workforce to just over 1,200 employees.
Read the full story on Ontario Construction News.
Also available on La Presse’s website and Les Affaires (French only).
