Two financially troubled Canadian molders of automotive parts will be featured at auctions.
Assets of injection molder Tiercon Industries Inc. will be auctioned off Dec. 1 at one of the firm's plants in Stoney Creek, Ontario. Maynards Industries Ltd. of Toronto will hold the auction under the instructions of Zeifman Partners Inc., the Toronto-based receiver and manager.
On Dec. 7, the machinery and equipment of Hunjan Group will be auctioned at its Markham, Ontario, facilities. CIAPCC Inc. of Montreal will conduct the auction. KPMG Inc. of Toronto is the receiver for Hunjan.
Tiercon has been in receivership since mid-April. It operated four facilities, the two largest being in Stoney Creek. Equipment includes two 2,000-ton Engel presses, several other horizontal presses with clamping forces up to 1,000 tons, a four-station Presma injection press and a recently installed Nucon Wittman central drying station.
Hunjan's assets include 37 Nissei injection presses of 80-1,000 tons. The firm tried to restructure earlier this year but failed. Following a motion by Canadian Imperial Bank of Commerce, KPMG was named receiver in July. Equipment from Hunjan's Anniston, Ala., plant is not included in the auction because it was sold as a going concern to an undisclosed company, according to an official with Hunjan's auction company.
Deloitte & Touche Inc. was appointed Hunjan's monitor in early May, when Hunjan first sought protection under the Companies' Creditors Arrangement Act. At the time, Hunjan Chief Executive Officer Balbir Hunjan swore in a court document that his company was suffering a cash-flow shortage that threatened to shut it down.