Regional news: Canada

Canadian cryptocurrency exchange enters CCAA

A cryptocurrency exchange has entered Companies’ Creditors Arrangement Act proceedings in Canada after its director died suddenly in India, leaving at least 92,000 customers unable to withdraw over C$260 million worth of cash and cryptocurrency.

08 February 2019

A new dawn for HMV as business sold to Sunrise Records

A multidisciplinary team from Browne Jacobson has been advising Canadian music company Sunrise Records as it acquires insolvent UK-based entertainment retailer HMV’s business and assets.

06 February 2019

Environmental obligations survive bankruptcy, Canadian Supreme Court rules

An insolvent oil producer under the receivership of Grant Thornton must use its assets to satisfy its environmental clean-up obligations before addressing creditors’ claims, following a ruling by Canada’s highest court.

04 February 2019

Gymboree to wind down in US and Canada

Children’s clothes retailer Gymboree has filed for Chapter 11 protection in Virginia and commenced parallel proceedings in Ontario under the Bankruptcy and Insolvency Act, just over a year after it exited another bankruptcy process.

23 January 2019

Texas holdem... fraud actions: Canadian court says claim against gambler must wait

A Texas couple’s request for leave to purse a claim against a professional gambler, whom they say defrauded them out of US$9.7 million for a “show of wealth” at an elite Las Vegas casino, must be heard with an appeal of a decision by his Canadian bankruptcy trustee.

30 November 2018

Venezuela to keep Citgo in Crystallex deal

Canadian mining company Crystallex, which is undergoing CCAA proceedings in Toronto, has received US$500 million from Venezuela as partial payment for an arbitral award, under a deal allowing the state to keep hold of its national oil company’s US refining subsidiary.

29 November 2018

Weil Gotshal & Manges advising as Sears files Chapter 11 in New York

Historic US department store chain Sears has filed for Chapter 11 protection in New York, with counsel from Weil Gotshal & Manges.

15 October 2018

Sears adds restructuring expert to board ahead of potential bankruptcy filing

With US$134 million worth of notes set to mature on 15 October, US department store chain Sears has added a restructuring expert to its board and reportedly hired the services of boutique advisory firm M-III Partners in New York.

10 October 2018

Toys “R” Us braced for $50m hedge fund battle in UK, as US Trustee objects to Chapter 11 plan

The administrators of Toys “R” Us UK are facing a US$50 million claim from US hedge funds over an alleged charge held over the chain, while on the other side of the Atlantic the US Trustee has again objected to the Chapter 11 plans of some of the retailer’s US debtors.

28 September 2018

Quebec Superior Court annuls Ontario bankruptcy assignment

An absconding debtor accused of “dilatory manoeuvres” and “bad faith” has had her Toronto voluntary assignment in bankruptcy annulled by the Quebec Superior Court.

20 September 2018

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