Insolvent Dynamic Group: Start of Sales & Investment Solicitation Process
Toronto, Canada-based Dynamic Technologies Group (Dynamic Group), which also includes the corporate units Dynamic Attractions Ltd., Dynamic Attractions Inc., Dynamic Entertainment Group Ltd. and Dynamic Structures Ltd., gives note that on March 9th, 2023, it sought and obtained an order from the Court of King’s Bench of Alberta under the Companies’ Creditors Arrangement Act (CCAA). On March 16, 2023, an Order was granted authorizing the Monitor, FTI Consulting, Inc., to conduct a sales and investment solicitation process (SISP), soliciting interest in and opportunities for a sale of, or investment in, all or part of the Dynamic Group’s assets and business operations. The SISP includes a two phase bid process: By April 28, 2023, non-binding letters of interest must be received by the Monitor (Phase 1); binding offers to purchase must be submitted by May 26, 2023. The financial auction is scheduled to take place on June 8, 2023.
The Dynamic Group, who is a specialist in the development and production of large-scale amusement rides and is also active in the aerospace industry, counts well-known theme parks and amusement facilities worldwide among its customers. Despite the great success of their products, the group has fallen into permanent financial difficulties due to the interplay of several factors over the past years. The international manufacturer’s attraction portfolio includes the elaborately developed SFX coaster (which recently opened at Ferrari World Abu Dhabi and was also supplied to Genting SkyWorlds). Among Dynamic’s recently completed installations are also the Motion Theater (the world’s first installation of this ride type opened last year at the French theme park Futuroscope, read also our cover story in EAP 5/2022), the Synergy Coaster at Genting SkyWorlds and large Flying Theater models. (eap)
