Regional news: Canada

Knotel sold out of Chapter 11 after Canadian recognition

Struggling flexible office space operator Knotel has received court approval for its sale to a subsidiary of US commercial real-estate giant Newmark, after its Chapter 11 proceedings were recognised in Canada.

24 March 2021

Opioid maker Purdue submits US$10 billion Chapter 11 plan

A year and a half since it entered bankruptcy, Purdue Pharma has submitted a U$10 billion Chapter 11 plan before a New York court that it says will shift it from opioid drug marketer to a company owned by a public trust dedicated to addressing addiction.

16 March 2021

Canadian energy provider enters CCAA, files for US recognition

Months after completing a balance sheet restructuring, Canadian retail energy provider Just Energy Group has entered CCAA protection in Toronto and sought Chapter 15 recognition, blaming an “unforeseeable liquidity trap” caused by Texas’ unprecedented winter storm.

10 March 2021

Transatlantic private equity company seeks protection in Canada

A private equity company with investments across North America and the UK has filed CCAA proceedings in British Columbia, with DLA Piper acting for KSV Advisory as its monitor.

09 March 2021

Cayman oil company wound-up after Canadian action withdrawn

An Australian litigation funder has obtained a Cayman winding-up order against a client that had its arbitral award sequestered in Albania, after withdrawing enforcement proceedings in Canada.

08 March 2021

Cayman avoidance order overturned against Canadian businessman

An avoidance order handing shares in a Canadian businessman’s companies to his Cayman bankruptcy trustee has been overturned by a Cayman appeal court, but litigation against his wife is set to continue.

25 February 2021

Smoking Hot: Canada Worked Out

Featured in Worked Out

GRR turns to Canada for the latest instalment of its Worked Out series, where restructuring professionals face a boom from the newly legalised cannabis industry as they sense the opportunity to attract work from their US neighbours. We talked to practitioners in Toronto, Edmonton and Vancouver to find out more.

19 February 2021

Canada’s names to know

Featured in Worked Out

The legal side of Canada’s restructuring market is dominated by local firms, save for a small group of international outfits with offices there. Advisory firms, meanwhile, compete for industry-shaping court-appointed roles such as the monitors in Companies’ Creditors Arrangement Act (CCAA) proceedings and information officers in recognition cases. GRR lists the key names to know.

17 February 2021

Cross-border solutions

Featured in Worked Out

Canada has been at the forefront of cross-border innovation for many years, primarily because of its proximity to the US and the plethora of trade and business relationships across the North American border. GRR investigates the techniques devel­oped since the multi-jurisdictional insolvency of telecoms giant Nortel, and hears why the monitor and its international cousin the “information officer” can sometimes cause confusion in cross-border cases.

17 February 2021

CCAA: flexible and unique

Featured in Worked Out

Canada’s restructuring statute has some unique tools for saving large companies – particularly the court-appointed monitor. But its legislation is fairly light on prescriptive detail. Though some have reservations about its lack of structure, Canada’s restructuring community says it appre­ciates the freedom afforded by it, and the role that the statute has carved out for consulting firms.

17 February 2021

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