Failing Maax bought by creditor

Fibreglass and acrylic bathware producer Maax Corp. (Ste-Marie, Que.) is being bought by its senior lender, Brookfield Bridge Lending Fund Inc. The purchase price is the amount Maax owes Brookfield, plus Maax’s other liabilities, or about $280-million plus fees and interest.

Brookfield bridge will retain management and continue to pay suppliers. Maax lost $180 million last year. It was offered for sale earlier this year, but no good bids were received.