Regional news: Canada

Pacific Exploration sells stake in Brazilian oil field

The Ontario Superior Court of Justice has approved Canadian-Colombian oil company Pacific Exploration’s plan to sell its stake in exploration projects in Brazil as part of its restructuring efforts.

05 October 2016

US remedy off-limits in CCAA proceedings, says Ontario appeals court

Employees of the insolvent steel producer US Steel Canada cannot use the US remedy of equitable subordination in Canadian Companies’ Creditors Arrangement Act (CCAA) proceedings to prioritise their claims over those of the debtor’s US parent, an Ontario appeals court has upheld.

13 September 2016

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

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