The private equity firm now responsible for the Stephenville Airfield mortgage has filed for receivership for those airport facilities. The Newfoundland and Labrador Supreme Court will decide Tuesday whether an outside administrator is needed to protect the airport’s assets.
BTG Capital said action must be taken immediately
due to a persistent mismanagement
.
In a document, the lawyers of this firm justify their request by the chronic lack of capital which threatens the protection and continued preservation of the assets of the aerodrome.
In 2025, the airfield mortgage was transferred from Matthew Poppel to BTG Capital Inc. This firm is responsible for collecting the sum that the owner of the airfield, Carl Dymond, owes to investor Matthew Poppel.
The amount owed, as of January 12, is nearly $2.5 million.
Legal documents indicate the lawyers made a request for reimbursement on that date. It was accompanied by a proposal to execute a guarantee and a notice of sale.
This Alberta firm cites several reasons to explain this request, including these:
- The interruption of electricity supply to the airport last year.
- The fact that the sites inspected have
raised concerns about the condition and maintenance of air fuel storage infrastructure
. - Risks associated with the absence of operational safety equipment and personnel on site.
- Lack of confirmation of airport insurance coverage.
- Its current status downgraded from registered aerodrome.
A financial odyssey
Carl Dymond announced its plan to acquire this airport in 2021. It committed to injecting millions of dollars into this project as well as creating thousands of jobs and restoring regular air service.
Although the agreement was concluded in 2023, none of its commitments have been realized to date. The airport faces numerous lawsuits, operational problems and debts.
Carl Dymond, CEO of the Dymond Group, during a press briefing on September 9, 2021.
Photo : Troy Turner/CBC
A $2.4 million lawsuit over allegations of unpaid bills for track lighting is pending. The one-day trial is scheduled to take place in March.
The former Stephenville mayor said in February 2025 the airport would owe $500,000 in unpaid property taxes.
The Canada Revenue Agency, for its part, declared last fall in documents filed with the Federal Court that the numbered company Carl Dymond owed $820,000 in unpaid taxes.
BTG Capital had not yet responded to the interview request from CBC at the time of publishing this article. Carl Dymond declined our request under the advice of his lawyer. He says he will comment once the appearance is scheduled
and that he will have filed his response to the request.
According to the report of Rob Antle and of Troy Turner, CBC
