Regional news: Canada

Irish oil services group enters Chapter 11, with Irish and Bermudian proceedings to follow

Irish oilfield services group Weatherford International has filed for Chapter 11 protection in a Texas bankruptcy court aiming to cut down its US$8.35 billion debt through a pre-packaged plan that envisages parallel proceedings in Ireland and Bermuda.

04 July 2019

Vantage “discrimination” claims dismissed in Chapter 11 appeal

A Taiwanese businessman contesting the US$2.6 billion restructure of an offshore oil drilling group does not have a dog in the fight, a US district court judge has ruled.

26 June 2019

Advertising tech company’s bankruptcy gets Chapter 15 recognition

Ernst & Young has obtained Chapter 15 protection for a Toronto-based advertising technology company, which it said was hit by Facebook’s deletion of over a billion fake accounts.

21 June 2019

Quadriga founder funnelled client money into personal accounts, monitor says

The court-appointed monitor of bankrupt Canadian cryptocurrency exchange QuadrigaCX said its late founder funnelled client money into personal accounts and spent much of it on real estate and lavish holidays with his wife.

21 June 2019

Dentons partner named Alberta's justice minister

Doug Schweitzer, a restructuring and insolvency partner in Dentons’ Calgary office, has been named as the new justice minister of the Canadian province of Alberta.

03 May 2019

Canadian companies turn to Chapter 15 in Oklahoma and Illinois

Canadian construction group Innova has obtained an emergency order from an Oklahoma bankruptcy court, while a broadcasting equipment retailer has asked an Illinois court for recognition of its Ontario proceedings at the request of its US bank.

08 April 2019

Canada’s largest tobacco vender files Chapter 15 in New York

The Canadian subsidiary of British American Tobacco has sought recognition of its Ontario Companies’ Creditors Arrangement Act proceedings in New York, as it faces billions of dollars’ worth of claims in Canada.

15 March 2019

Cayman conference criticises comity in Congo concealment case

US speakers at GRR Live Offshore have criticised a New York District Court’s dismissal on comity grounds of a litigation against Canada’s Banro Corporation, solely because it is in CCAA proceedings in Ontario.

14 March 2019

Canadian academic named IWIRC Woman of the Year

The International Women’s Insolvency and Restructuring Confederation (IWIRC) has named University of British Columbia law professor Dr Janis Sarra as its 2019 Women of the Year in Restructuring.

12 March 2019

Payless plans to liquidate with latest Chapter 11

Discount shoe retailer Payless has filed for Chapter 11 protection in Missouri, replacing Kirkland & Ellis with Akin Gump for its second bankruptcy in less than two years.

20 February 2019

Get unlimited access to all Global Restructuring Review content