Wolverine Energy and Infrastructure Inc. et al., CCAA

Wolverine Energy and Infrastructure Inc. et al. (“Wolverine Group”), an Alberta-based diversified energy and infrastructure service provider in Western Canada and the United States, obtained CCAA protection on November 30. The Wolverine Group has over 170 staff. Its business is cyclical in nature, with operations currently beginning to pick up. However, knock on effects of pre-covid expansion, rising interest rates, ongoing legal disputes, costs related to an acquisition of a non-viable business based on alleged misrepresentations, work disruption due to natural disasters, a limited market for currently held third party securities, and slowing economic conditions – in combination with the Wolverine Group's slow season – have resulted in the Wolverine Group being unable to meet its obligations as they fall due. The purpose of the CCAA proceedings is to provide stability in order to address the short and long-term liquidity needs of the group, and to explore potential restructuring options. EY was appointed monitor. Counsel is Bennett Jones for the Wolverine Group, Torys for the monitor, TGF for Fiera, and Miller Thomson for CWB.

By: Dina Milivojevic