Goldray Glass

How to win through a solid restructuring game plan
Cathie Saroka - CEO of Goldray Glass

Award-winning, prestigious projects, with a focus on innovation and product creation.

About the company

Leading manufacturer of architectural decorative glass for both interior and exterior building projects.

Location: Calgary, Alberta

Industry: Architectural glass design

Entrepreneur challenge

The company faced an unexpected change of ownership, increasing financial difficulties largely due to cost challenges at its Ontario plant and an uncertain future. The CEO called on experts to guide her in a restructuring game plan and get back on the road to recovery.

BDC expertise

BDC’s Growth & Transition Capital collaborated with the CEO and the senior lender to develop a joint restructuring roadmap, including a restructuring of the loan for greater financial flexibility. The team also worked with advisors to acquire accounts receivable insurance to bolster the company’s borrowing base and sourced an external advisor to sell the Ontario plant.


  • Helped CEO make a smooth transition of ownership
  • Bolstered company’s senior borrowing base
  • Company sold its Ontario plant to speed up recovery
  • Significantly lowered debt
  • Achieved positive cash flow
  • Operational efficiency assessment showed positive results
  • Positioned the company for further growth

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