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Debt Restructuring Canada

Bennett Jones LLP

Spartan Delta Appeal Raises Uncertainty for Co-Lessees After Insolvency

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Years after an insolvency proceeding is closed, can a solvent co-lessee/working interest participant (WIP) still be on the hook for their former partner’s share of unpaid Crown royalties? A recent Alberta Court of Appeal...more

Blake, Cassels & Graydon LLP

Un dossier mené à bon port : Cinq points à retenir de la restructuration transfrontalière de Red Lobster

En mai 2024, Red Lobster Management LLC (« RL Management ») et quatorze membres de son groupe, y compris Red Lobster Canada Inc. (« Red Lobster Canada ») (collectivement, « Red Lobster »), ont entamé des procédures devant la...more

Bennett Jones LLP

It's Official—Proposed Criminal Interest Rate Amendments Introduced

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On April 20, 2023, the Canadian government introduced Bill C-47, the Budget Implementation Act, 2023, No. 1 (the Bill), which includes the long awaited proposed amendments to the criminal interest rate....more

Bennett Jones LLP

Government Seeks Feedback on Lowering the Criminal Rate of Interest

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The government of Canada is seeking feedback on proposed changes to lower the criminal rate of interest (currently set at 60%), with a focus on high-cost installment loans. The criminal interest rate provisions in the...more

Harris Beach Murtha PLLC

Hard Money to Owe: Gotham Green Partners v. iAnthus Capital Holdings, Inc.

A dispute making its way through Canadian courts shows how cannabis companies in the United States face stiff challenges raising money to expand their operations, even as states begin regulating cannabis markets across the...more

Blake, Cassels & Graydon LLP

Expanding Court Discretion in Court-Approved Arrangements Under the Alberta Business Corporations Act

The Business Corporations Act (Alberta) (ABCA) received an overhaul this week. Bill 84, Business Corporations Amendment Act, 2021 came into force on May 31, 2022. That Bill introduced several changes to the ABCA. These...more

Bennett Jones LLP

Stoneway: Use of the CBCA as a Cross-Border Restructuring Tool

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In May 2022, the Canada Business Corporations Act (CBCA) was used to implement a cross-border and international restructuring of a group of companies (collectively known as Stoneway),1 whose principal business is the...more

Bennett Jones LLP

Class Action Waiver Unenforceable Due to Unconscionability and Public Policy

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Contractual terms that prevent a party from participating in a class action may be unenforceable for unconscionability and public policy when they preclude access to justice, the British Columbia Court of Appeal recently held...more

Bennett Jones LLP

Mind Your Appeal Route: Insolvency Rules Likely to Prevail over Provincial Legislation

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The Court of Appeal for Ontario's decision in Dal Bianco v Deem Management Services Limited, 2020 ONCA 585 [Dal Bianco] is the most recent pronouncement on resolving procedural conflicts between the Bankruptcy and Insolvency...more

Blake, Cassels & Graydon LLP

Blakes Continuity Podcast: What to Expect When Insolvency Crosses the Border

The turbulent COVID-19 economy has put a spotlight on the complex and often delicate insolvency process on both sides of the border. Listen to partners Linc Rogers, Kelly Bourassa and Sébastien Guy on our latest podcast as...more

Hogan Lovells

First English Scheme of Arrangement Recognised in Canada under the CCAA

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In a recent decision, the Ontario Superior Court of Justice recognised the English law schemes of arrangement of the Syncreon group under the Companies’ Creditors Arrangement Act, RSC 1985, c C-36 (“CCAA“). ...more

Herbert Smith Freehills Kramer

Southern District of New York Dismisses Securities Law Claims on Grounds of International Comity; No Chapter 15 Proceeding...

Recently in Ema Garp Fund v. Banro Corp., Case No. 18-01986 (S.D.N.Y. Feb. 21, 2019), the District Court for the Southern District of New York dismissed the plaintiffs’ claims against defendants Banro Corporation ("Banro")...more

Blake, Cassels & Graydon LLP

Concordia International Corp.’s Canada Business Corporations Act Proceedings Explained

The recent restructuring proceedings of Concordia International Corp. (Concordia) demonstrate that the arrangement provisions of the Canada Business Corporations Act (CBCA) remain as a powerful tool for balance sheet...more

Blake, Cassels & Graydon LLP

Retail Insolvencies in Canada Series, #4: Lender Perspectives

This is the fourth and final instalment in a series examining large retail insolvencies in Canada from the perspective of various stakeholders. This article discusses retail insolvencies from the perspective of lenders to...more

Orrick, Herrington & Sutcliffe LLP

Orrick's Financial Industry Week In Review

CFTC Comparability Determination on EU Margin Requirements and a Common Approach on Trading Venues - On October 13, 2017, the U.S. Commodity Futures Trading Commission ("CFTC") announced determinations by the CFTC and the...more

Katten Muchin Rosenman LLP

Sears Canada Files for CCAA Protection: A Distressed Investor's Overview of US Bankruptcy and Canadian Insolvency Law

On June 22, Sears Canada Inc. ("Sears Canada") and certain affiliates1 (collectively, the "Sears Canada Group") sought and obtained insolvency protection under the Companies' Creditors Arrangement Act (CCAA) from the Ontario...more

Shumaker, Loop & Kendrick, LLP

Throwback Thursday From Shumaker Manufacturing: Insolvency Laws In Canada, Mexico And The U.S.

I had an occasion recently to compare the preference laws of the US and Canada in a cross-border matter, and wanted to share the attached compendium comparing the insolvency laws of the U.S., Canada and Mexico, Insolvency...more

Bennett Jones LLP

Transfer of Operatorship of Oil and Gas Assets Upon Insolvency

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Operating agreements for oil and gas assets typically contemplate the immediate replacement of the operator by another working interest owner in the event of the operator’s insolvency. However, these provisions often become...more

Bennett Jones LLP

Important Restrictions Placed on use of CBCA for Debt Restructurings

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In a recent unreported decision denying approval of a plan of arrangement under the Canada Business Corporations Act (CBCA) proposed by Connacher Oil and Gas Limited, Justice C.M. Jones of the Alberta Court of Queen's Bench...more

Blake, Cassels & Graydon LLP

Plans of Arrangement under CBCA: Lessons from Connacher Oil

In early 2015, 9171665 Canada Ltd. and Connacher Oil and Gas Ltd. (together Connacher) applied to the Alberta Court of Queen's Bench (Court) for a final order pursuant to section 192 of the Canada Business Corporations Act...more

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