STS Renewables Ltd. et al., CCAA

STS Renewables Ltd. et al., a group of companies which provide full-service turnkey geothermal heating and cooling to large-scale buildings across Canada and the US, obtained CCAA protection on May 15 listing liabilities of approximately $75.2 million, including $41 million to BNS.

The companies operate two complementary business segments in the geothermal industry: (1) one focused on utility development; and (2) another focused on geothermal, geotechnical, oil sands and mineral exploration drilling. The companies work with public institutions, energy companies, real estate developers and other businesses.

Over the course of late 2024 to early 2025, the companies’ senior secured creditor, BNS, agreed to increase the principal amount of the operating facility on four occasions to address the companies’ liquidity issues. BNS is not willing to provide further advances without the protections of a DIP loan, which it has agreed to provide in the CCAA proceedings so that, among other things, a SISP can be conducted. Chapter 15 recognition is being sought in the US. 

PwC is the monitor.

Counsel is Bennett Jones / Pachulski Stang Ziehl & Jones for the companies, Reconstruct for the monitor and Cassels for BNS.