U.S. Markets closed
  • S&P 500

    4,532.76
    -44.35 (-0.97%)
     
  • Dow 30

    35,028.65
    -339.82 (-0.96%)
     
  • Nasdaq

    14,340.25
    -166.64 (-1.15%)
     
  • Russell 2000

    2,062.78
    -33.44 (-1.60%)
     
  • Crude Oil

    86.58
    +1.15 (+1.35%)
     
  • Gold

    1,841.00
    +28.60 (+1.58%)
     
  • Silver

    24.22
    +0.72 (+3.08%)
     
  • EUR/USD

    1.1352
    +0.0022 (+0.1930%)
     
  • 10-Yr Bond

    1.8270
    -0.0380 (-2.04%)
     
  • Vix

    23.84
    +1.05 (+4.61%)
     
  • GBP/USD

    1.3617
    +0.0019 (+0.1375%)
     
  • USD/JPY

    114.2700
    -0.3150 (-0.2749%)
     
  • BTC-USD

    41,756.06
    -325.11 (-0.77%)
     
  • CMC Crypto 200

    992.50
    -2.24 (-0.23%)
     
  • FTSE 100

    7,589.66
    +26.11 (+0.35%)
     
  • Nikkei 225

    27,467.23
    -790.02 (-2.80%)
     

As authorized by the Receiver, the NIIGON MACHINES Bankruptcy Auction will begin on Tuesday, November 30 and continue until Thursday, December 2, 2021, in Toronto, Ontario, Canada (subject to Secured Creditor Approval)

·2 min read

TORONTO, Nov. 10, 2021 /CNW/ - The Canadian Injection Molding Machinery Manufacturer, NIIGON MACHINES LTD. has filed for bankruptcy and is now in receivership. INFINITY ASSET SOLUTIONS, Toronto, has been authorized to liquidate the two (2) state-of-the-art manufacturing facilities. NIIGON manufactured eight basic models - from 30 to 600 metric tons - of Injection Molding Machinery. According to one industry source, NIIGON covered '60-percent of the injection molding machinery market' in their recently constructed custom-designed and built 155,000 square foot plant that opened in 2016.

The three-day Auction event will occur on Tuesday, November 30, Wednesday December 1 and Thursday, December 2. This timed webcast Auction will proceed online only. Inspection happens on Monday, November 29, 9 AM to 4 PM or by Appointment at the NIIGON facilities at 370 and 372 New Enterprise Way, Woodbridge, Ontario. Featured items include (9) New and Demo Injection Molding Machines; $10MIL+ Cost in New Machine Parts Inventory; Paint Spray and Wash Booths; Clean Room; Resin Drying and Handling Equipment; Material Handling and Rolling Stock; Chiller Systems; Air Management Systems; Electrical Testing Equipment; Plant Support and Maintenance; plus much more. There are ongoing negotiations with potential end-user buyers.

NIIGON MACHINES was founded in 2008 under the original name of Athena Automation Ltd by Canadian plastics pioneer and industrialist, Robert Schad. Previously, Mr. Schad had founded Husky Injection Molding Systems in 1953. 'Athena' changed its name to 'NIIGON' which translates from indigenous Ojibwa meaning 'for the future'. Said Schad in 2018, the new name "aligns us to emphasize the business objective of becoming a global leader in customized injection molding machines". Most recently, NIIGON has used its machines to produce the Health Canada approved 'Shield-U' protective face shields during the pandemic.

For over 85 years of industry experience, Infinity Asset Solutions has been a full-service asset solution provider for businesses of all sizes in a variety of industries including the disposition of industrial, retail and wholesale inventories and real estate. This includes a comprehensive valuation service for collateral-based lending, asset disposition and acquisitions.

SOURCE Infinity Asset Solutions

Cision
Cision

View original content: http://www.newswire.ca/en/releases/archive/November2021/10/c0249.html