Billdidit Assets Being Auctioned Off
The assets of Sydport drum hardware designer Billdidit are being auctioned off after the company recently went bankrupt.
Bidding in the online sale of its machine shop equipment closes on June 23.
Billdidit went into receivership in March after the company laid off 16 employees last August due to cash flow problems.
At the time, ACOA had put 500-thousand dollars in funding to the company on hold as it reviewed the file.
Company president Joe Mencheski said that put an additional 500-thousand in provincial funding up in the air.
Billdidit has received at least $1.55 million in loans from both the federal and provincial governments.
The company was owned by internationally renowned cymbal designer and New Brunswick-based Sabian.
It a statement, it says it’s very disappointed to see Billdidit in receivership but adds there was limited market for the product it produced.