Canada-based residential and industrial pellet producer and trader, Viridis Energy Inc., has announced it has appointed north American pellet industry consultants Future Metrics to find a buyer or buyers for one or all of its three subsidiaries: Okanagan Pellet Company (OPC), Scotia Atlantic Biomass (SAB), and Viridis Merchants Inc., (VMI). At the beginning of April the publically traded company announced that it would cease operations at its OPC plant in West Kelowna, British Columbia (BC).
Recent building structural concerns and additional requirements from local authorities concerning dust management at OPC on top of existing expenditure on recent upgrades at the plant has led to capital outlays beyond its existing resources. A fortnight later Viridis disclosed that it had received a CA$2.6 million demand notice for OPC from its main lender prompting the company to facilitate an orderly sale of the subsidiary’s assets in cooperation with the lender. Viridis will consider offers for each subsidiary separately or as a whole. The sale will either be a stock purchase sale of the entire company or an asset sale of each individual subsidiary to be determined by the offers that Viridis receives.
5314/AS
