Regional news: Canada

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Cayman oil company wound-up after Canadian action withdrawn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

Up in smoke

Featured in Worked Out

The newly legalised cannabis industry was one of the most active sources of work for Canadian restructuring practitioners over the past year. But as with any new industry, it presents a novel set of challenges - such as the treatment of cannabis licences in insolvency cases, and whether companies spanning both sides of the US–Canada border will be able to secure Chapter 15 recognition while their business remains illegal under US federal law.

17 February 2021

New York Ch15s for Brazilian cement maker and ex-Aegerion owner

A Brazilian cement maker is seeking US recognition of its restructuring in New York, while the former owner of US pharmaceutical company Aegerion has asked the same court for recognition of its Canadian liquidation.

16 February 2021

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