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Definitions
- CCAA:
- The Companies' Creditors Arrangement Act (CCAA) is a federal law allowing insolvent corporations that owe their creditors in excess of $5 million to restructure their business and financial affairs. CCAA proceedings are carried out under supervision of the courts.
- North American Industry Classification System (NAICS):
- The NAICS is an industry classification system that classifies economic units that have similar production processes in the same industry. This is a supply-based or production- oriented economic concept.
Highlights
Five Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the second quarter of 2021. Please refer to the CCAA Records List for additional details regarding each filing.
Company Name | Province | Sector | Monitor | Liabilities (in millions) |
---|---|---|---|---|
Spartan Bioscience Inc. | Ontario | Manufacturing | Ernst & Young Inc. | $64 |
Clearbeach Resources Inc. and Forbes Resources Corp. | Ontario | Mining, quarrying and oil and gas extraction | MNP Ltd. | $22 |
Salt Bush Energy Ltd. and 2345141 Alberta Ltd. | Alberta | Mining, quarrying and oil and gas extraction | Deloitte Restructuring Inc. | $20 |
Bioénergie AE Côte-Nord Canada Inc. | Quebec | Manufacturing | Raymond Chabot Inc. | $136 |
Coalspur Mines (Operations) Ltd. | Alberta | Mining, quarrying and oil and gas extraction | FTI Consulting Inc. | $591 |
Filings by regionFootnote *
For more information, see Table 2: Total CCAA Proceedings Filed by Province.
Filings by NAICS economic sector
For more information, see Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada.
Recently closed filesFootnote **
Company Name | Sector | Monitor | Outcome | Duration of the Proceeding (in days) | Liabilities (in millions) |
---|---|---|---|---|---|
Elia Fashions Ltd. and Bossa Nova Fashions Ltd. | Retail trade | Deloitte Restructuring Inc. | Terminated – no compromise or arrangement sanctioned by court | 3,487 | $13 |
Redrock Camps Inc., Sockeye Enterprises Inc., Sweetwater Hospitality Inc. and Baldr Construction Management Inc. | Construction | BDO Canada Limited | Concluded - compromise or arrangement completed | 365 | $27 |
Sunniva Inc., Sunniva Medical Inc., 111111035 Canada Inc. and 1167025 BC Ltd. | Agriculture, forestry, fishing and hunting | Alvarez & Marsal Canada Inc. | Concluded - compromise or arrangement completed | 255 | $90 |
Lightstream Resources Ltd., 1863359 Alberta Ltd., LTS Resources Partnership, 1863360 Alberta Ltd. and Bakken Resources Partnership | Mining, quarrying, and oil and gas extraction | FTI Consulting Canada Inc. | Terminated – no compromise or arrangement sanctioned by court | 1,680 | $1,912 |
Salt Bush Energy Ltd. and 2345141 Alberta Ltd. | Mining, quarrying, and oil and gas extraction | Deloitte Restructuring Inc. | Terminated – no compromise or arrangement sanctioned by court | 7 | $20 |
Quest University Canada | Educational services | PricewaterhouseCoopers Inc. | Taken up under BIA | 519 | $47 |
- | Volume | +/- Change | 12-Month Period Ending | |||||
---|---|---|---|---|---|---|---|---|
Q2 2021 | Q1 2021 | Q2 2020 | Q1 2021 – Q2 2021 | Q2 2020 – Q2 2021 | 06-30-2021 | 06-30-2020 | +/- Change | |
Total Domestic Proceedings FiledFootnote 1 | 5 | 12 | 27 | -7 | -22 | 39 | 59 | -20 |
Filing Affiliates | 2 | 104 | 114 | -102 | -112 | 198 | 284 | -86 |
Filed by Publicly-Traded Companies | 0 | 1 | 7 | -1 | -7 | 4 | 17 | -13 |
Filed by Privately-Held Companies | 5 | 11 | 20 | -6 | -15 | 35 | 42 | -7 |
Total Liabilities - Book ValueFootnote 2 | $831.806 | $2,777.853 | $6,078.279 | -$1,946.047 | -$5,246.473 | $5,700.729 | $11,584.129 | -$5,883.400 |
% of Secured Liabilities | 56.32% | 19.97% | 51.95% | n/a | n/a | 31.80% | 60.78% | n/a |
% of Unsecured Liabilities | 43.68% | 80.03% | 48.05% | n/a | n/a | 68.20% | 39.22% | n/a |
Total Assets - Book Value | $854.693 | $2,388.875 | $6,600.273 | -$1,534.183 | -$5,745.580 | $5,004.080 | $17,489.025 | -$12,484.945 |
- | Volume | +/- Change | 12-Month Period Ending | |||||
---|---|---|---|---|---|---|---|---|
Q2 2021 | Q1 2021 | Q2 2020 | Q1 2021 – Q2 2021 | Q2 2020 – Q2 2021 | 06-30-2021 | 06-30-2020 | +/- Change | |
Newfoundland and Labrador | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Prince Edward Island | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Nova Scotia | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
New Brunswick | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quebec | 1 | 3 | 5 | -2 | -4 | 12 | 13 | -1 |
Ontario | 2 | 6 | 7 | -4 | -5 | 17 | 20 | -3 |
Manitoba | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Saskatchewan | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 |
Alberta | 2 | 1 | 9 | 1 | -7 | 4 | 13 | -9 |
British Columbia | 0 | 2 | 3 | -2 | -3 | 6 | 9 | -3 |
Northwest Territories | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Yukon | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Nunavut | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Canada | 5 | 12 | 24 | -7 | -19 | 39 | 56 | -17 |
- | Volume | +/- Change | 12-Month Period Ending | |||||
---|---|---|---|---|---|---|---|---|
Q2 2021 | Q1 2021 | Q2 2020 | Q1 2021 – Q2 2021 | Q2 2020 – Q2 2021 | 06-30-2021 | 06-30-2020 | +/- Change | |
Agriculture, Forestry, Fishing and Hunting | 0 | 1 | 3 | -1 | -3 | 4 | 8 | -4 |
Mining, Quarrying and Oil and Gas Extraction | 3 | 1 | 7 | 2 | -4 | 5 | 15 | -10 |
Utilities | 0 | 1 | 0 | -1 | 0 | 1 | 0 | 1 |
Construction | 0 | 0 | 2 | 0 | -2 | 0 | 4 | -4 |
Manufacturing | 2 | 3 | 4 | -1 | -2 | 8 | 10 | -2 |
Wholesale Trade | 0 | 1 | 0 | -1 | 0 | 1 | 2 | -1 |
Retail Trade | 0 | 1 | 4 | -1 | -4 | 8 | 6 | 2 |
Transportation and Warehousing | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 |
Information and Cultural Industries | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 |
Finance and Insurance | 0 | 2 | 0 | -2 | 0 | 3 | 0 | 3 |
Real Estate, Rental and Leasing | 0 | 0 | 2 | 0 | -2 | 1 | 4 | -3 |
Professional, Scientific and Technical Services | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
Management of Companies and Enterprises | 0 | 0 | 1 | 0 | -1 | 2 | 2 | 0 |
Administrative and Support, Waste Management and Remediation Services | 0 | 0 | 2 | 0 | -2 | 1 | 3 | -2 |
Educational Services | 0 | 1 | 0 | -1 | 0 | 1 | 1 | 0 |
Health Care and Social Assistance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Arts, Entertainment and Recreation | 0 | 0 | 1 | 0 | -1 | 1 | 1 | 0 |
Accommodation and Food Services | 0 | 1 | 0 | -1 | 0 | 2 | 0 | 2 |
Other Services (except Public Administration) | 0 | 0 | 1 | 0 | -1 | 0 | 1 | -1 |
Public Administration | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Canada | 5 | 12 | 27 | -7 | -22 | 39 | 59 | -20 |