Contract Pharmaceuticals Limited et al., Mississauga, Ontario-based companies in the business of developing, manufacturing, packaging and testing non-sterile liquid and semi-solid pharmaceutical and regulated over-the-counter products, selling to companies such as Johnson & Johnson and Pfizer, obtained CCAA protection on December 15. The companies, which employ approximately 300 people, have over $50.0 million in liabilities and are facing a looming liquidity crisis. They intend to use the CCAA proceedings to seek additional financing, continue to implement their restructuring efforts, and pursue a refinancing, sale and investment solicitation process. KSV was appointed monitor. Counsel is Goodmans for the companies, Cassels for the monitor, Chaitons for EDC, Aird & Berlis for RBC, and Bennett Jones for Deerfield Management (the DIP lender).

By: Dina Milivojevic