NOTE: This receivership is in progress. We will be updating this article as it progresses. You can also subscribe to our newsletter for updates here!
History and Overview
On February 27, 2018, Grant Thornton (the “Receiver”) was appointed as receiver over BionX Canada Inc. and its subsidiaries (“BionX” or “the Company”), an Aurora, Ontario-based electric bicycle propulsion system company which had two primary products:
- BionX System: Lithium-ion powered electric motor attaching to a bicycle’s back wheel hub, sold under the BionX brand
- General Motors (“GM”) System: Custom-built electric propulsion systems, which were to be designed, developed and manufactured by BionX, and fitted on GM-supplier bicycles
BionX’s main operations were in Aurora, where the bike propulsion systems were manufactured. The Company also had international sales operations, and a research and development arm in Sherbrooke, Quebec.
BionX was founded by Manfred Gingl, a former Magna International (auto part manufacturer) executive. BionX was funded largely by (i) secured loans from Frank Stronach, the founder of Magna, through his Stronach Consulting Corp (“SCC”) entity, and (ii) unsecured intercompany loans from its parent BionX International Corporation.