Regional news: Canada
Canadian recycling company obtains Ch15 recognition despite creditor objections
An Ontario-based industrial recycling company has secured recognition of its Canadian restructuring in the US, despite claims the relief sought was “manifestly contrary” to US public policy.
21 March 2023
Another Akin Gump partner joins Gibson Dunn in Texas
Gibson Dunn & Crutcher has recruited its second partner from Akin Gump in Texas in less than a year, as it continues to invest in its finance and restructuring offering in the US.
09 March 2023
Canadian men’s health pharma group secures Chapter 15 relief
An Ontario-headquartered men’s health group and three of its subsidiaries have obtained US recognition of their Canadian CCAA proceedings, allowing them to tap a US$7 million debtor-in-possession facility that is crucial to their survival.
03 March 2023
B Riley acquires Farber’s corporate arm in Canada
Los Angeles-headquartered financial services platform B Riley Financial has expanded into Canada after acquiring Toronto-headquartered restructuring and advisory firm Farber’s corporate arm.
27 February 2023
Bed Bath & Beyond secures protection in Canada after last-minute US deal
After buying time to restructure its US business with an offering of so-called “death spiral convertibles” to institutional investors last week, American homeware chain Bed Bath & Beyond has placed its Canadian arm into bankruptcy.
13 February 2023
Willkie Farr advising Canadian office furniture manufacturer in Ch15
A 130-year-old Canadian office furniture manufacturer, whose already shaky financial position deteriorated with the pandemic, has tapped Willkie Farr & Gallagher as counsel as it seeks recognition of its Canadian Companies’ Creditors Arrangement Act liquidation in New York.
31 January 2023
California court allows cannabis company to sell assets in bankruptcy
A former cannabis products manufacturer has been allowed to sell its assets and distribute the proceeds in a Chapter 11 case in Los Angeles, in a ruling that lawyers say could open the door for distressed cannabis companies to complete orderly wind downs in bankruptcy.
30 January 2023
Weil and Gibson Dunn advising as Serta Simmons files Ch11
North American bedding group Serta Simmons has sought bankruptcy protection in Texas, automatically staying a claim brought against it in New York last year by lenders who claim they were robbed of their rights during a refinancing in 2020.
25 January 2023
New Silkroutes Group seeks moratorium in Singapore after asset sales falter
Shook Lin & Bok and KordaMentha are advising a Singaporean investment holding company that has applied for a moratorium amid a delayed restructuring with a Canadian group, a failed deal to sell some dental clinics, and letters of demand from a bank.
16 January 2023
Canadian construction group to sell US assets after Ch15 approval
A US-registered subsidiary of Calgary-based construction group Nilex has had its Canadian restructuring recognised in Colorado, allowing it to proceed with asset sales in the US.
13 January 2023