Regional news: Canada

Cannabis producer files CCAA after class actions commenced in US and Canada

A Canadian cannabis producer and its subsidiaries have filed CCAA proceedings in Ontario, after multiple securities class actions were brought against the company in Canada and the United States.

08 April 2020

Creditors race to put Tough Mudder in bankruptcy

Creditors of obstacle course organiser Tough Mudder have filed an involuntary Chapter 11 petition against it in Delaware, claiming management is “content to let the business fail”.

09 January 2020

Gold miner files for bankruptcy in Canada as Armenia arbitration looms

A Jersey-registered gold miner has filed for bankruptcy protection in Canada as it weighs up an investment treaty arbitration against the Armenian government.

06 January 2020

Crypto exchange creditors seek founder’s exhumation

Creditors of cryptocurrency exchange platform Quadriga CX have asked Canadian police to exhume the corpse of its founder Gerald Cotten, to see whether he “is in fact deceased”.

17 December 2019

British Steel liquidation recognised in Canada

A Toronto court has recognised the liquidation of collapsed UK steelmaker British Steel in the face of threats of legal action by Canada’s tax authorities.

19 November 2019

Kalo appoints new managing director in Cayman

Offshore restructuring and insolvency boutique Kalo has hired a former AlixPartners managing director for its Cayman Islands office.

01 November 2019

”Candy store for grownups” gets DIP financing

A Delaware court has allowed US and Canadian arms of a confectionary seller to access debtor in possession (DIP) financing for its Chapter 11 proceedings.

13 September 2019

CCAA super-priority charges upheld by divided appeal court

Alberta’s Court of Appeal has put to bed a long-running dispute over whether the state or restructuring participants should get super-priority in Companies’ Creditors Arrangement Act proceedings.

03 September 2019

Oil company directors escape liability over leapfrog restructuring

US distressed debt buyers primed in the restructuring of Canadian oil and gas company Lightstream have had their claims against all but one of its directors thrown out in an Alberta court.

29 August 2019

Canadian deep sea miner’s creditors approve Australian takeover plan

Creditors have unanimously backed a seafloor mining company’s acquisition agreement that will see its Australian funding partner assume its C$534 million (US$402 million) indebtedness.

13 August 2019

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