Coverage of the latest Canadian insolvency filings, court cases, news and more
Aspen Air
Aspen Air, a Calgary, Alberta-based manufacturer and distributor of industrial gases, and Aspen Air U.S., filed NOIs on June 6, respectively listing $11.2MM and $7.5MM in liabilities. Deloitte is the proposal trustee.
Bobcaygeon Shores Developments
Bobcaygeon Shores Developments, a Bobcaygeon, Ontario-based real estate company with real property located in Kawartha Lakes, Ontario, was placed in receivership on May 30 on application by BMO, owed approximately $970.0M. Although BMO has provided the company ten years to repay its loan, and has not received any payments for three and a half years, the company has yet to cure its defaults, refinance the loan, or sell the property. msi Spergel (ICIN) was appointed receiver. Cassels Brock is counsel to the applicant.
Stone Hammer Brewing
Stone Hammer Brewing, a Guelph Ontario-based brewer and beer retailer was adjudged bankrupt on May 30, listing $1.5MM in liabilities. BDO is the bankruptcy trustee. Miller Thomson is counsel to the applicant creditors.
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Re Topsyn Flexible Packaging Ltd., 2018 MBQB 83
Must the superintendent’s levy always be deducted from distributions to secured creditors in a bankruptcy?
Jonathan Solursh on the role of a CRO
In a restructuring, time is more valuable than money. This is the key advice of Jonathan Solursh, who, with his team at R.e.l. group inc., has acted as Chief Restructuring Officer (CRO) in many complex restructurings. Here, he gives us an inside look at the role of a CRO and the key part it can play when a company is in a distressed situation.
Roll-up DIPs: The other “shoe” drops
Rachel Bengino of TGF explains why the Court recently refused to recognize in Canada the debtor-in-possession financing facility granted to Payless Shoes in its US Chapter 11 proceeding.