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Bankrupt Global Sticks owes millions

Thunder Bay-based novelty wood products company Global Sticks is bankrupt and owes more than $15 million dollars — thousands of which are owed to its president, according to a statement of affairs.


August 15, 2012
By John Tenpenny

According to a CBC News report, obtained documents show how much bankrupt Global Sticks owes and to whom. The creditors’ list includes financial institutions, timber and logging companies, various contractors, supply rental businesses and other services, as well as employees.

The Northern Lights Credit Union in Dryden is the biggest creditor and is owed about $4 million. Most of the creditors are in the Thunder Bay area; however the list stretches across Canada and the US and includes a wooden stick manufacturer in China.

Read the full article here.