By Ahmad Hathout
TORONTO — Digitcom Telecommunications Inc., the voice and data communications company founded in 1991 that over the past couple of years grew through acquisitions, is insolvent.
On October 31, the Markham-based company filed with the Superintendent of Bankruptcy Canada an intention to propose a plan to its creditors to pay off debts. A subsequent note went out to its creditors on November 2.
The company, which hired accounting firm Grant Thornton as trustee, has a long list of creditors with debts amounting to millions, including a $3.5-million loan from TD Bank — its senior lender.
The proposal halts legal proceedings by the creditors against the company.
Not long ago, the company, which also has operations in Calgary and Vancouver, was merging with and acquiring businesses to expand. Last year, it bought Quebec-based 6Telecom, a telephone communications systems company that helped Digitcom expand in the greater Montreal area and eastern Canada.
The company previously expanded in Greater Vancouver and British Columbia with the acquisition of Algo’s Interconnect Division, which provided business telecommunications systems, in January 2020.
