Riot Kayaks operations continue as closure of Voodoo Technologies Inc. leaves investors and vendors $1.18 million in unpaid bills.
Riot Kayaks parent company Voodoo Technologies has closed its doors, leaving about 68 creditors unpaid and debts totalling $1.183 million dollars.
Riot Kayaks founder and president Jeff Rivest had previously moved Riot operations and production overseas, leaving just a skeletal staff at the Montreal office.
The Montreal office has since closed.
Key creditors left unpaid by Voodoo include the National Bank of Canada, $447,833, the Development Bank of Canada, $90,976, and RESO, a Montreal-based capital development fund, at $37,000. Because some of the government funding is secured, other creditors and investors are unlikely to see any money returned, with some in the high five figures. Many were likely surprised that the debt lies with Voodoo Technologies and not Riot Kayaks, which is still continuing to operate from overseas. The Riot web presence (www.teamriotkayaks.com) includes a recent redesign and daily updates, with no reference as of Feb. 8 to the bankruptcy or its change in operational status.
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