Regional news: Canada

Akin Gump and Cassels advising as BioSteel secures Ch15 stay

An eco-friendly sports energy drink manufacturer owned by a Canadian cannabis company has secured approval to conduct a sale process as part of its Toronto-based insolvency, two days after obtaining a temporary stay to block a class action launched against it in New York.

28 September 2023

US Trustee loses second attempt to throw out cannabis company’s Ch11

The US Trustee has failed for a second time to dismiss the Chapter 11 liquidation of a former cannabis products manufacturer, despite a Los Angeles court finding the company is engaged in activities that are “probably” illegal under US federal law.

25 September 2023

UAE bank turns to UK after Abu Dhabi court declares personal guarantees unenforceable

The English High Court has been asked to consider whether it can enforce two UAE judgment debts that became unenforceable in Abu Dhabi when a recent law limiting the use of personal guarantees was applied retroactively.

19 September 2023

Canadian investor agrees DIP funding deal with Singapore’s New Silkroutes

Singapore-listed healthcare and energy holding company New Silkroutes has entered a debtor-in-possession facility agreement with Canadian real estate investment group Ontario, a week after launching a pre-packaged scheme.

14 September 2023

Italy’s Furla closes stores and files for bankruptcy in Canada

The Canadian branch of Italian leather goods retailer Furla has filed for bankruptcy in Ontario, three years after the group’s US arm sought Chapter 11 protection in New York due to the covid-19 pandemic.

13 September 2023

New York judge to seek aid from China in Schahin unjust enrichment suit

A US judge has agreed to issue a letter of request to a Chinese court to help the Brazilian administrators of oil and gas group Schahin secure documents to support their unjust enrichment claims against a host of international banks.

01 September 2023

Canadian art group secures Ch15 recognition to stall JV dispute

A Canadian immersive art exhibit company has secured US recognition of a restructuring it launched in Ontario last month, blocking an action brought against it over a failed joint venture.

30 August 2023

That’s a wrap: Bron Media obtains Ch15 order despite venue dispute

Canada-headquartered production company Bron Media, responsible for financing and producing critically acclaimed films such as Joker and Liquorice Pizza, has secured Chapter 15 recognition of its Canadian restructuring in the face of opposition from two US-based investors.

21 August 2023

NextPoint secures US recognition as Canadian sale process moves ahead

The Canadian parent company of tax preparation service provider Liberty Tax has secured full Chapter 15 recognition of its CCAA restructuring in Delaware, with an auction for its assets set to take place next month.

18 August 2023

Scottish energy company calls in administrators after permitting issues in Nova Scotia

Edinburgh-based Sustainable Marine Energy has entered administration in England, blaming problems at its Canadian subsidiary caused by its failure to obtain permits from the Canadian government.

18 August 2023

Unlock unlimited access to all Global Restructuring Review content