UTIL Canada Limited, Receivership

UTIL Canada Limited, an Ontario company that is part of the larger UTIL Group, which specializes in the design and engineering of technological solutions for the production of parts used in various industrial sectors, was placed into receivership on August 8, 2023, on application by DeA CAPITAL ALTERNATIVE FUNDS SGR S.p.A., as managing company of Italian closed-end investment Fund IDeA CCR (Corporate Credit Recovery) I. As at August 8, DeA is owed approximately €11.9 million pursuant to a facilities agreement with UTIL Canada and its Italian parent. The company had previously assigned itself into bankruptcy on August 4. KSV is the Receiver/Trustee, represented by Aird & Berlis. DLA Piper is counsel for DeA and Davies is counsel for Tenneco Inc. 

By: Dina Milivojevic