KSV Restructuring Inc.

Acting for KSV Restructuring Inc. in its role as proposal trustee pursuant to Notices of Intentions filed by YG Limited Partnership and YSL Residences Inc., developer of Yonge Street Living Residences.

Gotham Green Partners, LLC

Acting as special tax and insolvency counsel for Gotham Green Partners, LLC, a New York-based private equity firm focused on global cannabis and cannabis-related enterprises, in the first successful restructuring of a Canadian cannabis company, iAnthus Capital Holdings, Inc., by way of a corporate plan of arrangement.

Fulcrum Capital Partners Inc.

Acted for Fulcrum Capital Partners Inc. and some of its related entities in the context of G.I. Sportz's restructuring under the Bankruptcy and Insolvency Act, utilizing the relatively rare foreign recognized Canadian receivership proceedings to implement a cross-border asset sale to the purchaser of secured debt.

KSV Kofman Inc. (now known as KSV Restructuring Inc.)

Acted for KSV Kofman Inc. (now known as KSV Restructuring Inc.) in its role as monitor of James E. Wagner Cultivation Corporation, a Canadian licensed cannabis producer, in connection with proceedings under the Companies' Creditors Arrangement Act, the first ever successful sale of a Canadian cannabis company without using a reverse vesting order.

KSV Restructuring Inc.

Acting for KSV Restructuring Inc. as court appointed receiver in the restructuring proceedings of Vert Infrastructure Ltd.'s, resulting in the first ever reverse vesting order in a receivership proceeding.

Target Corporation

Acted for Target Corporation in connection with winding down of Target Canada Corporation under the Companies' Creditors Arrangement Act.

Gotham Green Partners, LLC

Acted as Canadian insolvency counsel for Gotham Green Partners, LLC, a New York-based private equity firm focused on global cannabis and cannabis-related enterprises, with respect to its US$50-million investment in iAnthus Capital Holdings, Inc. (iAnthus), consisting of, in part, high-yield senior secured notes of a subsidiary of iAnthus, which are exchangeable for shares of iAnthus. iAnthus, a Canadian publicly listed company, owns, operates and partners with licensed cannabis operations throughout the United States.

Canadian Imperial Bank of Commerce

Acting for Canadian Imperial Bank of Commerce, as a secured creditor of Discovery Air Inc., in the latter's restructuring attempt under the Companies' Creditors Arrangement Act proceedings.

GSO Capital Partners LP

Acted for GSO Capital Partners LP and its affiliates in the negotiation and establishment of two credit facilities, and the acquisition of substantially all of the assets of Grafton-Fraser Inc., former owner of Tip Top Tailors and other men's retail chains across Canada, pursuant to the Companies' Creditors Arrangement Act.

Goldman Sachs

Acting for Goldman Sachs in connection with Tervita Corporation's, a leading environmental solutions provider, Chapter 15 proceedings and the plan of arrangement under the Canada Business Corporations Act.

KSV Restructuring Inc.

Acting for KSV Restructuring Inc. in its roles as Monitor of the Urbancorp Group of Companies in connection with proceedings under the Companies' Creditors Arrangement Act and as Information Officer for Urbancorp Inc.

Ascribe Capital

Acting for Ascribe Capital in connection with Sanjel Corporation's Companies' Creditors Agreement Act proceedings.

Nortel Networks UK Limited

Acted as Canadian counsel to Nortel Networks UK Limited together with 18 of its subsidiaries and their Joint Administrators (the EMEA Estate), in connection with the global liquidation of the Nortel group of companies.

Jaguar Mining Inc.

Acted for the Special Committee of the Board of Directors of Jaguar Mining Inc. in connection with its non-brokered private placement of convertible senior secured debentures for aggregate proceeds of up to US$21.5 million.

Ironbridge Equity Partners

Acted for Ironbridge Equity Partners in its acquisition of Advance Engineered Products Ltd.'s tank production and services business under a sale proceeding conducted pursuant to the Companies' Creditors Arrangement Act. The assets purchased also include the mobile vacuum systems business carried on under the Westech Vac Systems name and the metal fabrication and machining business carried on under the Dumur Industries name.

Danier Leather Inc.

Acted for Danier Leather Inc. in connection with an amended and restated secured asset-based loan facility for an initial commitment of up to $35 million.

Noteholders of Armtec Infrastructure Inc.

Acted on behalf of a committee of noteholders in connection with proceedings affecting Armtec Infrastructure Inc. and its subsidiaries under the Companies' Creditors Arrangement Act.

Alvarez & Marsal

Acted for Alvarez & Marsal in its capacity as the court-appointed monitor of Nelson Education, Canada's leading education publishing company, in connection with proceedings under the Companies' Creditors Arrangement Act to facilitate the sale and transfer of the business to its first lien lenders, a group of U.S. hedge funds.

Richter Advisory Group

Acted as counsel to Richter Advisory Group Inc. as receiver and manager in the matter of AFI Hydro Inc.

PricewaterhouseCoopers Inc.

Acting for PricewaterhouseCoopers Inc., in its capacity as the court appointed monitor of Great Western Minerals Group Ltd., a TSX Venture Exchange listed company, with debts in excess of $90 million and subsidiaries in the UK and South Africa, in connection with proceedings pursuant to the Companies' Creditors Arrangement Act.

Crystallex International Corporation

Acting as counsel for the debtor in Crystallex International Corporation's proceedings under the Companies' Creditors Arrangement Act.

PricewaterhouseCoopers Inc.

Acted for PricewaterhouseCoopers Inc., in its capacity as Court-appointed Monitor for 923451 Ontario Limited (formerly known as Comstock Canada Ltd.), CCL Realty Inc. and CCL Equities Inc.

Duff & Phelps Canada Restructuring Inc.

Acted as counsel to the liquidator, Duff & Phelps Canada Restructuring Inc. in the court-supervised liquidation of Coventree Inc.

Barzel Industries Canada Inc.

Acted for Barzel Industries Canada Inc. (formerly Novamerican Steel) in its cross-border restructuring proceedings involving independent proceedings under the Companies' Creditors Arrangement Act run in parallel concert with U.S. Chapter 11 proceedings for the U.S. parent company and U.S. subsidiaries and implementing a cross-border "stalking horse" sale agreement, cross-border bidding and auction process and closing of such sale within 65 days of the initial filing.

Coventree Inc.

Acted for Coventree Inc. and the conduits sponsored by it in connection with the restructuring of $32 billion of non-bank sponsored asset-backed commercial paper.

Cooper-Standard Automotive Canada Limited

Acted as counsel for Cooper-Standard Automotive Canada Limited in its filing under the Companies' Creditors Arrangement Act and related proceedings under Chapter 11.

Fried, Frank, Harris, Shriver & Jacobson LLP

Acted as Canadian counsel to the Official Committee of Unsecured Creditors in the cross-border U.S. Chapter 11 and Companies' Creditors Arrangement Act proceedings pertaining to Pope & Talbot Ltd.

2023 Business Insolvencies in Canada

Mar. 05, 2024 - As we predicted in earlier issues of Davies Insolvency Now, the year 2023 reflected the anticipated increase in business insolvency activity. In this issue, we perform a comparative review of business insolvencies from 2023, examine the fluctuating volume and decreasing asset values, look...

Business Insolvency on the Rise in Canada: Understanding the Role of AI

Oct. 12, 2023 - The first half of 2023 saw a significant increase in business insolvencies as economic sectors responded to uncertain financial conditions in Canada and around the world. In this issue of Davies Insolvency Now, we examine the impact of this rolling recession by sector and region. We also...

Rolling Into 2023: Mild Slumps and Jumps in Insolvency Numbers

Mar. 09, 2023 - What does a “rolling recession” mean from an insolvency perspective? In this issue of Davies Insolvency Now, we look to the 2022 Q4 data from across Canada for answers. We also set out the court-supervised arrangement process under the Canada Business Corporations Act, an...

Natasha MacParland and Robin Schwill Compare Crypto Sector Insolvencies to Cannabis Bankruptcies in The Hill Times

Dec. 02, 2022 - In an article published in The Hill Times (available to subscribers), Natasha MacParland and Robin Schwill say insolvencies in the crypto sector raise issues already seen in cannabis bankruptcies. Natasha and Robin note they are looking for the federal government to modernize Canada’s...

Financial Gloom and the Increase in Insolvency Filings

Nov. 16, 2022 - In this issue of Davies Insolvency Now, we highlight the significant data points in rising insolvency filing rates and provide a Canadian lens on the digital asset marketplace. With recent drops in crypto prices severely affecting several digital asset lenders and exchanges, we explore...

Canada’s Shifting Credit and Insolvency Landscapes

July 27, 2022 - In this issue of Davies Insolvency Now, against a backdrop of rising inflation and interest rates, we take a deep dive into the legislation that regulates rates of interest in Canada, drawing on recent court decisions to help parties avoid common pitfalls in structuring deals. We then...

Insolvencies in 2021: A Look Back and the Road Ahead

Apr. 06, 2022 - As government supports recede and the focus shifts toward economic recovery, in this issue of Davies Insolvency Now, we take a deep dive into the implications of 2021 insolvency data for 2022, and explore the Canadian application of two key themes emerging from the 2022 World Development...

International Views: A Canadian Playbook for 2022

Feb. 09, 2022 - In 2022, we expect to see an uptick in restructurings and insolvencies as fiscal protections expire and businesses face continued cash shortfalls, mounting debt obligations, altered consumer behaviours and rising interest rates. Despite these challenges, while we recognize the immeasurable human...

Q2 2021 Insolvencies: Crunching the Numbers and Keeping Good Faith

Oct. 21, 2021 - Most of us have stopped asking, “When will it be over?” and have started wondering how we can live with COVID-19 – and how it will change our behaviour from now on. In the context of restructuring, as we saw during the recent Canadian federal election, bankruptcy and insolvency have become topics...

Monetizing Public Listings in Receiverships

June 21, 2021 - The Commercial List of the Ontario Superior Court of Justice recently granted an order structurally similar to a reverse vesting order in the receivership proceedings of Vert Infrastructure Ltd. (Vert). This first-of-its-kind order was granted on the motion of Vert’s receiver, KSV Restructuring...

Davies Restructuring Review 2021: Issue 2

June 17, 2021 - Canada’s economy has continued to fare surprisingly well since we published the first issue of our 2021 Restructuring Review in March, despite continuing pandemic restrictions. However, insolvency-related concerns, such as long-term unemployment and the continued struggles of locked-down...

Natasha MacParland and Robin Schwill Explain Drop in Business Insolvencies to the Toronto Star

Apr. 05, 2021 - In a recent article in the Toronto Star, Davies partners Natasha MacParland and Robin Schwill discuss the reasons why fewer businesses than normal went bust in 2020 despite the pandemic lockdowns. Natasha, one of the authors of a recent report by Davies on business insolvencies, said the...

Davies Restructuring Review 2021: Issue 1

Mar. 02, 2021 - Although 2020 may be behind us, the economic conditions and lockdowns caused by the COVID-19 pandemic still linger. With the emerging picture for Canada in 2021 looking to largely resemble that of 2020, many are wondering how long struggling businesses and their creditors can hold their breath...

Canadian Insolvency Trends in 2020: A Pandemic Year in Numbers

Dec. 17, 2020 - The economic conditions caused by the COVID-19 pandemic are unprecedented: unemployment is up, consumer confidence is down, countless businesses have permanently closed and many others are barely holding on. Yet the number of bankruptcies of individuals and small and medium-sized businesses has...

Natalie Renner and Robin Schwill Detail First-Ever “Going Concern” Sale of Cannabis Producer in Canadian Lawyer

Sept. 17, 2020 - Davies partners Natalie Renner and Robin Schwill were featured by Canadian Lawyer this week in an article on their facilitation of a “going concern” asset sale of an insolvent cannabis company – a Canadian industry first. The sale involved a complete transfer of the business, and the...

Canada – COVID-19 Response Search, contributor

Apr. 15, 2020 - Global Insolvency (American Bankruptcy Institute)
Read the article.

COVID-19: Preserving Your Business in a Pandemic

Mar. 27, 2020 - There is abundant information circulating about the extreme financial toll that the COVID-19 pandemic is expected to take on businesses across the globe. Here we address what creditors and debtors can do now to manage risk and preserve their value through this crisis. What...

Insolvency Institute of Canada, Annual Conference and General Meeting, “In Good Faith: Recent Amendments to the BIA and CCAA”; Naples, Florida

Oct. 26, 2019

Liquidating CCAAs and Pension Deemed Trust Priorities

Sept. 14, 2017 - The very clearly written decision of Québec Superior Court Justice Stephen Hamilton in the Bloom Lake and Wabush Mines Companies’ Creditors Arrangement Act (CCAA) proceedings is certain to be the topic of current discussion in the Canadian insolvency and secured lending communities. See...

Ryerson University, Ted Rogers School of Management, workshop, “Good Faith, Honesty and the Bhasin v. Hrynew Decision: Where to From Here?”; Toronto, ON

Apr. 28, 2017

Did the Supreme Court Clarify or Muddy the Duty of Good Faith? – Lexpert

May 25, 2015 - Davies partner Robin Schwill is quoted in an article published by Lexpert that considers how the Supreme Court of Canada’s landmark decision in Bhasin v. Hrynew may affect Canadian contract litigation.

Guest lecturer, Queen’s University Faculty of Law, “Distressed M&A”

Mar. 05, 2012