STACE Company must sell its Matane factory

A building valued at $16 million in Matane and several million dollars worth of equipment must be sold due to significant financial difficulties at the STACE company.

The building that formerly housed the ÉNERCON factory and was purchased by the company Saint-Augustin Canada Electric (STACE) in 2021 still needs to find a buyer.

The Superior Court of Quebec has ordered MNP Ltée as receiver to manage the assets of one of STACE's real estate branches. This is what was decided on January 30 under the Insolvency and Bankruptcy Act.

Order, received by monmatane.comSTACE must dispose of its building at 300, rue du Port in Matane to repay its creditors.

The company owed several million dollars, including $5.29 million to the Business Development Bank of Canada (BDC).

Raymond Chabot is responsible for selling the company's merchandise, machinery and equipment. A total of $17 million is up for sale, according to a sales book obtained by monmatane.com. These assets are distributed between the Matane and Trois-Rivières facilities. Those in Matane can also be inspected by potential buyers on February 20.

Quebec company STACE landed in Matanis in 2021 and bought the factory for $9 million. At the time, the company specialized in solar energy had big ambitions, with its Matane factory promising to become a pillar in the sector with exports around the world.