SaltWire's Atlantic regional weather forecast for October 6, 2023 | SaltWirePLACENTIA, N.L. — The sale of a financially struggling company that has been operating out of Placentia for nearly 50 years took another step forward this week – and may have made a little legal history along the way.
The numbered company is known as a 'stalking horse bidder', a legal term for an entity chosen by the selling company as its choice to make the first bid on its assets. Edward Collins Contracting was helped along its insolvency process by a company called Universal Environmental Services. The decision now paves the way for the final sale of the company and its assets to 92712 Newfoundland and Labrador Inc. once all the paperwork for the transaction has been completed.Newfoundland construction company continues to win contracts and improve cash flow as it works to restructureO’Keefe said his clients have been working hard to ensure their company continues operating and employing people in the Placentia region after this process is finalized.
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