Regional news: Canada

IWIRC launches Korea network

The International Women’s Insolvency & Restructuring Confederation has launched a new network in Korea, led by AlixPartners director Jungmin Lee and Alvarez & Marsal manager Jiwon Nam.

08 December 2020

Nortel’s Irish and Italian arms to end administrations

Nortel Networks has moved another step closer to finalising its UK administrations after the joint administrators of its Irish and Italian arms secured termination and discharge orders from the High Court in London.

30 November 2020

Argentine energy provider amends Canadian restructuring

A Buenos Aires-headquartered power plant producer has modified the terms of a restructuring it is carrying out under the Canada Business Corporations Act, ahead of an upcoming creditors vote.

23 November 2020

Universality and comity: the Royal Court of Jersey and Lydian International

Partner Stephen Alexander and associate Max Galt of Mourant Ozannes in Jersey acted for Canada-headquartered Lydian International in an application before the Royal Court seeking cross-border insolvency assistance in aid of proceedings before the Ontario Superior Court of Justice. They explain why universality and comity principles underpinned the Royal Court’s 9 October decision.

21 October 2020

Alvarez & Marsal appointed monitor to struggling cannabis company

Alvarez & Marsal has been appointed to act as monitor of California-based cannabis company Sunniva Group, which obtained an initial order from a Canadian court under the Companies' Creditors Arrangement Act last week.

14 October 2020

US courts grant emergency recognition of Canadian and English proceedings

A global group of satellite technology companies has secured preliminary US recognition of its Canadian restructuring in Minnesota despite creditor objections – while Swiss vending machine company Selecta has secured the same relief for its English scheme of arrangement in Texas.

12 October 2020

Canadian court approves cannabis company’s plan with narrowed releases

A British Columbia court has approved a revised restructuring plan for New York-based marijuana company iAnthus, telling opposing shareholders that not doing so would reward parties bringing “tactical” litigations at the expense of those with less “aggressive” lawyers.

08 October 2020

Canadian court upholds anti-deprivation rule

The Supreme Court of Canada has upheld the common law "anti-deprivation" rule that parties cannot enforce contractual provisions triggered by insolvency where they remove value otherwise available to creditors.

07 October 2020

Jackson Walker, Munsch Hardt and Weil advise as Texas takes on more Chapter 15s

Jackson Walker is helping British restaurant chain PizzaExpress seek recognition of its UK restructuring plan in Texas, while Munsch Hardt Kopf & Harr and Weil Gotshal & Manges are advising two Canadian energy companies on separate recognition cases in the same court.

05 October 2020

Sweeping release sends cannabis company’s plan up in smoke

New York-based marijuana operator iAnthus Capital Holdings has days to review its Canadian plan of arrangement after a British Columbia court rejected a sweeping release that would have shielded the company and its directors from ongoing shareholder suits in the US and Canada.

01 October 2020

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