The firm represented BDO Canada LLP in its role as court-appointed monitor of Creditloans Canada Financing Inc. and Creditloans Canada Capital Inc. (together, “Creditloans”) in their Companies’ Creditors Arrangement Act proceedings. Creditloans is in the business of making small consumer loans, including at the point of sale. The successful restructuring involved the approval and implementation of a plan of arrangement which saw, among other things, all of the equity of the operating company transferred to a purchaser, and the restructuring of secured bonds.
The case involved the restructuring of an operating fintech company in a very short timeline over the opposition of a number of stakeholders, including service providers and other potential purchasers. Given concerns about conflicts of interest among management and certain directors, the monitor was required to take a more active role in the approval of sale process, including dealing with other parties interested in acquiring the assets and business. There were several contested applications, including an application to the court to adjourn the meeting of creditors. The involvement of various stakeholder groups, including the bondholders, was significant.
Fasken advised BDO Canada LLP with a team led by Kibben Jackson and includes Glen Nesbitt (Insolvency and Restructuring) and Samuel Li (Corporate/Commercial).
The case involved the restructuring of an operating fintech company in a very short timeline over the opposition of a number of stakeholders, including service providers and other potential purchasers. Given concerns about conflicts of interest among management and certain directors, the monitor was required to take a more active role in the approval of sale process, including dealing with other parties interested in acquiring the assets and business. There were several contested applications, including an application to the court to adjourn the meeting of creditors. The involvement of various stakeholder groups, including the bondholders, was significant.
Fasken advised BDO Canada LLP with a team led by Kibben Jackson and includes Glen Nesbitt (Insolvency and Restructuring) and Samuel Li (Corporate/Commercial).
Juridiction
- Colombie-Britannique
