Concrete, steel and lumber make the building, but people make the community. Starting as a sidewalk operation in 1974, Medican grew to build luxury condominiums with over forty completed projects as part of its unique history.

With the unavoidable ups and downs in the real estate market, Medican is now excited to be returning to its core competencies with a focus on civil work, concrete, single family dwellings and affordable housing.

Desire is the key to motivation, but it is our determination and commitment to an unrelenting pursuit of our goal - ‘a commitment to excellence’ - that will enable Medican to attain the success we seek.

To download our corporate brochure, please click here.

State Of The Company ...

Medican originated as a concrete company in the Medicine Hat, Alberta area. From 1974, the company expanded to include housing developments (with a focus on condominium projects). By 2007, Medican had over 30 projects underway.

With most of this explosive growth happening within just the previous five years, the company encountered significant challenges with certain projects which were exacerbated by the economic recession and the resulting residential real estate decline. These factors led to the need for Medican to seek an Order pursuant to the Companies’ Creditors Arrangement Act (“CCAA”) before the Court of Queen’s Bench of Alberta, Judicial District of Calgary in order to restructure the company. On May 26th, 2010 Medican obtained this order.

The CCAA process involves presenting a plan to the Court that clearly outlines how a company might proceed to restructure resulting in the company being able to honour its obligations, if given the protection afforded by this Act. This step was taken with great reluctance, but was necessary in order for Medican to be granted the protection needed to honor its creditor obligations. In accepting Medican’s restructuring plan, the Court appointed RSM Richter Inc. as ‘Monitor’ to oversee all operations and assist in the restructuring of the executive management of Medican.

Since the 2010 filing, great progress has been made in restructuring the company. Part of the overall process involves creating a plan of arrangement that explains how monies owed may be returned (in part or in full) to the creditors. On January 11, 2012, an overwhelming majority (95.5 per cent) of the creditors agreed to the restructuring plan Medican brought forward. With new management in place, Medican is looking forward to building on the strengths that led it to become a Western Canadian leader in construction and development.

Information on this progression (and other existing files for the courts) are available to be shared with the public, and can be accessed by clicking here.



Questions and Comments

From general inquiries to comments on the current company status, Medican welcomes your thoughts and opinions. Please click on the button below to submit anything you would like to ask or share.