Triani Canada, the bottling subsidiary of Prime Drink Group, has been placed into receivership and “ceased” operations.
In a statement, the Canadian beverage holding company said Triani, which does business as Prime Bottling, was placed into receivership on 10 June.
The order was issued by the Superior Court in the District of Montreal following a petition by the company’s primary creditors.
In a statement, Prime Drink Group clarified the parent company and its other subsidiaries remain unaffected by this receivership.
The company added its ownership of freshwater rights is separate from Triani, allowing continued operations in those areas.
Olivier Primeau, VP marketing, strategic vision and acquisitions at Prime Drink Group, said the receivership of Triani “puts us in a challenging situation but our resolve and vision remain unwavering”.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalDataThe Québec-based company acquired Prime Bottling in November.
Primeau added: “It is our intention to fight to recover what is owed to Prime and to continue developing our valuable strategic water and beverage assets.”
In February, Prime Drink Group announced a restructuring of Triani following “an objective third-party financial analysis” of operations.
The company said the move would “optimise organisational structures” and “improve the profitability of bottling plant operations and exclusively licenced brands”.
However, nearly two months later, Triani’s principal creditors, Roynat, Financement Agricole Canada and Banque Canadienne Impériale de Commerce, filed for a receiver to be appointed for Triani’s assets.
At the time, Prime Drink Group said: “Triani intends to oppose the application from the creditors to pursue its restructuring plan and will continue to seek alternative solutions to the appointment of a receiver.”
Prime Drink Group is evaluating several options, including submitting an offer to the principal creditors to acquire “certain strategic assets” of Triani.
The company is also exploring “other avenues of recourse” concerning Triani and its stakeholders.
Additionally, Prime Drink Group has appointed Jean Gosselin as its CFO.
Gosselin previously worked as the vice president of finance and corporate secretary of the group.
In April, Prime Drink Group reached an agreement to acquire a majority interest in the company behind Relax Downlow, a Québec-based brand specialising in functional beverages.
