Regional news: Canada
Argentina's Stoneway Capital plans sale to UK-based company
Argentina-headquartered power plant owner Stoneway Capital has received court approval to solicit votes on US and Canadian restructuring plans that pave the way for it to sell its assets to a newly formed UK-based entity.
28 March 2022
Urbancorp foreign rep denied leave to appeal anti-deprivation claims
The Israeli foreign representative of Canadian property group Urbancorp will not be able to appeal failed claims based on the common law anti-deprivation rule, so the value of a 50-year land lease could remain in the debtor’s estate for creditors rather than benefitting the group’s controlling family.
04 March 2022
Dentons advising receiver of Canadian developer’s US properties
Five Florida properties controlled by a Canadian real estate developer have been placed into receivership in Ontario after an intervention by a group of investors, including US-based Christiansen Investments and Toronto-registered MLC Financial.
25 February 2022
Canadian court sets out conditions for granting reverse vesting orders
In an important decision for distressed Canadian companies in license-heavy industries like natural resources and cannabis, an Ontario court has laid out a series of questions that must be answered before permitting debtors in Companies Creditors Arrangement Act proceedings to pursue the “extraordinary measure” of a reverse vesting order.
23 February 2022
Canadian court appoints receiver over Finnish gold mine operator
An insolvent Canadian company that owns a gold mine in Finland has been placed into receivership, while fraud litigation between its majority shareholder and only secured creditor play out in the US and Canada.
02 February 2022
China Aoyuan sells assets in Canada
Defaulting real estate developer China Aoyuan has agreed to sell some of its properties in Canada to repay loan facilities, while Evergrande says it aims to come up with a restructuring plan in the next six months.
27 January 2022
Alvarez & Marsal hires new bank restructuring co-head from AlixPartners
AlixPartners’ head of distressed financial services has joined Alvarez & Marsal to co-lead its European bank restructuring practice in London, while the firm has also made nine promotions in its restructuring group around the world.
20 January 2022
J&J Chapter 11 recognised in Canada
A Canadian court has recognised healthcare conglomerate Johnson & Johnson’s controversial “Texas two-step” Chapter 11 restructuring and US injunction, temporarily blocking personal injury claims against the group in the country.
05 January 2022
Canadian oil group seeks US recognition following failed refinancings
The Canadian receiver of oil and gas exploration group Cuda has sought US recognition to help it liquidate all the group’s assets, after one lender raised “serious concerns" over its ability to repay its debts.
26 November 2021
Stoneway parent files Chapter 11 as group prepares new restructuring plan
Canadian power plant owner Stoneway Capital is preparing to announce a new restructuring plan after its British Virgin Islands-registered parent joined it in Chapter 11 proceedings in New York.
26 October 2021