Regional news: Canada

Pacific Exploration gets go-ahead on debt deal

Canadian-Colombian oil company Pacific Exploration has won court approval in Canada for its restructuring deal with Canadian financier Catalyst.

24 August 2016

US court examines jurisdiction, rejects motion to compel Chapter 15 debtor to perform contracts

A judge in Illinois has become the latest to examine the scope of a US bankruptcy court's jurisdiction, denying a motion to compel a Canadian gaming company in the throes of Chapter 15 proceedings to perform a series of contracts with a customer in the US.

15 August 2016

Bermudian oil group's 15 entities file joint Chapter 11 in Texas

US, Bermudian and Canadian affiliates of the oil drilling group C&J Energy have filed for Chapter 11 protection in Texas, with securities filings revealing ancillary proceedings outside the US.

27 July 2016

Israeli bankruptcy case declared foreign main proceedings despite COMI in Canada

A Canadian court recently recognised Israeli bankruptcy proceedings relating to Canadian property developer Urbancorp as foreign main proceedings, in what it described as “a very unusual situation” since the property developer’s centre of main interests (COMI) is not in Israel.

22 July 2016

Chapter 15: Hong Kong and Canadian cases recognised in NY, Cayman filing lands in Dallas

Over the past two weeks, judges in New York have recognised foreign proceedings in Hong Kong and Canada under Chapter 15, while a further filing in the Wyly saga was registered in Texas.

13 June 2016

Canadian Court throws out Nortel “lockbox” appeal

A Canadian court has dismissed an appeal against the pro rata distribution of a US$7.3 billion escrow fund accumulated from the sale of collapsed Canadian telecoms group Nortel’s assets.

04 May 2016

Pacific Exploration secures protection in Canada, looks to other jurisdictions

Distressed Canadian-Colombian oil company Pacific Exploration has been granted protection from creditors in Canada and will look to acquire further protection in the US and Colombia.

28 April 2016

Israeli court appoints manager for property developer in Canadian bankruptcy

An Israeli court has appointed a manager to draft a settlement for Israeli creditors of a distressed Canadian property developer, days after it filed for bankruptcy protection in Canada.

26 April 2016

Norton Rose, Proskauer and Garrigues advise Pacific Exploration on restructuring

Canadian-Colombian oil company Pacific Exploration has reached a deal with an investment group to restructure most of its US$5 billion debt, advised by Norton Rose Fulbright in Canada, Proskauer Rose in the US and Garrigues in Colombia.

20 April 2016

Oil company to negotiate restructuring with Canadian financier despite Colombian protests

Canadian-Colombian oil company Pacific Exploration has announced plans to negotiate a restructuring deal with a Canadian investment group, despite attempts by shareholders to enlist Colombia’s market regulator to block the deal.

15 April 2016

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