One of the Huot Group’s largest subsidiaries, Millénum Construction, filed for $84 million in bankruptcy last week, our investigative office has learned.
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Stéphan Huot’s company, which built several rental complexes belonging to the Huot Group, was declared bankrupt last Wednesday.
Millenum Construction has filed $84.3 million in debt to 250 creditors, almost all of whom are subcontractors. The top three creditors are Fiera Financing Fund with a claim of nearly $13 million, Construction Edguy with a claim of $9 million and Finar Bâtiments d’acier with a claim of $7.4 million. More than fifteen others owe more than $1 million in debt, according to bankruptcy records.
It should also be noted that Revenu Québec is on the list of creditors with an amount in excess of $307,000, along with the City of Québec ($139,000) and Hydro-Québec ($45,000).
The company says it has total assets of less than $70,000.
The KPMG insolvency administrator ensures that the file continues to exist.
Remember that Millénum had already announced the closure of its construction sites in mid-February, as well as the dismissal of several employees.
The debacle continues
This is a new brick falling on the Huot Group, which has been struggling with financial difficulties for several months.
Last month, the Transrapide distribution center placed itself under the protection of the Creditors Arrangement Act. Stéphan Huot has since left all his positions in this company.
Last week, the Quebec real estate developer was expropriated from six rental complexes that were placed under bankruptcy protection. A liquidator was appointed to take possession of the assets of these property parks, sell them and liquidate them to ensure business continuity and to repay debts.
The Complexe Capitale Hélicoptère in L’Ancienne-Lorette has ceased all its activities and the air rescue company Airmedic is now up for sale.
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