Grand Prix de Valcourt files for bankruptcy

July 20, 2009
The Board of Directors of the Grand Prix de Valcourt has filed for bankruptcy because the organization has been the victim of an alleged fraud, according to a press release supplied by Super Competition Motorsport (SCM) President Marcel Fontaine. The SCM is a Québec-based snowmobile racing circuit that competes at the Grand Prix.
The fraud is estimated at “a few hundred thousand dollars” and is part of the current overall debt that includes a $230,000 loan from a financial institution and almost $270,000 owed to 70 suppliers.
The Board also announced the dissolution of Grand Prix de Valcourt Inc. and that it has suspended the event known as the Grand Prix Ski-Doo de Valcourt, at least for February 2010. The event was established in 1983.
With hopes to minimize its financial burden, the town of Valcourt, Québec, has received a $100,000 grant from Bombardier Recreational Products.
The Board has taken all necessary actions to assess the estimated fraud, including civil action against the alleged fraudulants and a criminal investigation by the Québec Provincial Police, the release said.