ClearPier Acquisition Corp. and 1000238820 Ontario Inc., CCAA

ClearPier Acquisition Corp. and 1000238820 Ontario Inc., holding companies for four advertising technology subsidiaries located in Israel and Portugal, obtained CCAA protection on April 2.

The operating subsidiaries specialize in performance app marketing, including user acquisition and engagement, using advanced user acquisition strategies such as targeted advertising and dynamic bidding in order to help customers reach high-quality users and drive app growth.

For the past few years, the companies have been experiencing financial difficulties as a result of a variety of factors, including the "explosion" of the "pandemic bubble" (as the global effects of the COVID-19 pandemic began to faze out), the downturn in the cryptocurrency markets in which several clients of the subsidiaries operated, and the rise of interest rates which contributed to the group’s operating costs.

EDC is the companies’ sole secured creditor, owed in excess of approximately $36 million and US$40 million. Overdue scheduled interest and principal payments are in excess of $11 million and US$11 million.

The purpose of the CCAA proceedings is to conduct a SISP with KPMG acting as sale advisor. The applicants are not currently seeking DIP financing.

Richter is the monitor.

Counsel is Stikeman Elliott for the company, McCarthy Tétrault for the monitor and Norton Rose Fulbright for EDC.