August 31, 2020
RGN-National Business Centers and other debtors-in-possession (collectively, the "Chapter 11 Debtors") obtained protection under the CCAA on August 31. The Chapter 11 Debtors are subsidiaries of Regus Corporation, which together with its affiliates (collectively, "IWG"), offer a network of on-demand office and co-working spaces in over 1,000 locations in the US and Canada. The Chapter 11 Debtors currently owe approximately $433.0 million to Regus Corporation. IWG, which operates 137 centres in Canada, has been severely impacted by the COVID-19 pandemic. The principal purpose of the CCAA proceedings is to prevent certain Canadian leases from being terminated while the company and Chapter 11 Debtors develop a plan to restructure the global business of Regus Corporation and its affiliates. KSV was appointed monitor. Canadian counsel is Stikeman Elliott for the company and Bennett Jones for the monitor.