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Sections
- Highlights
- Table 1: Total CCAA ProceedingsDomestic
- Table 2: Total CCAA Proceedings Filed by Province
- Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada
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
Eleven Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the first quarter of 2020. Please refer to the CCAA Records List for additional details regarding each filing.
Company Name | Province | Sector | Monitor | Liabilities (in millions) |
---|---|---|---|---|
CannTrust Holdings Inc, CannTrust Inc., CTI Holdings (Osoyoos) Inc. and Elmcliffe Investments Inc. | Ontario | Manufacturing | Ernst & Young Inc. | $57.8 |
Pure Global Cannabis Inc., Puresinse Inc., 237A Advance Inc., 237B Advance Inc., SPRQ Health Group Corp., and The Great Canadian Hemp Company Ltd. | Ontario | Agriculture, forestry, fishing and hunting | Ernst & Young Inc. | $13.6 |
Spectra Premium Industries Inc., Spectra Premium Holdings (USA) Corp., Spectra Premium (USA) Corp., Spectra Premium Properties (USA) Corp., Spectra Premium Taiwan Co. Ltd., Spectra Premium (Shanghai) Automotive Technical Services Co. Ltd. and Spectra Premium (Chongqing) Automotive Services Co. Ltd. | Quebec | Manufacturing | Ernst & Young Inc. | $264.6 |
2607380 Ontario Inc. | Ontario | Real estate, rental and leasing | Richter Advisory Group Inc. | $27.8 |
Invictus MD Strategies Corp., Greener Pastures MD Ltd., Acreage Pharms Ltd., and 2015059 Alberta Ltd. | British Columbia | Management of companies and enterprises | PricewaterhouseCoopers Inc. | $36.5 |
Ontario Graphite Ltd. | Ontario | Mining, quarrying and oil and gas extraction | Deloitte Restructuring Inc. | $25.7 |
1034179 B.C. Ltd. | British Columbia | Construction | The Bowra Group Inc. | $16.7 |
Rebuts Solides Canadiens Inc., La Compagnie de Recyclage de Papiers MD Inc., Col Sel Transit Inc., Recy-Compact Inc. et Transport de Matières Recyclables Optimum Inc. | Quebec | Administrative and support, waste management and remediation services | PricewaterhouseCoopers Inc. | $21.0 |
SFP Canada Ltd. | Ontario | Retail Trade | Richter Advisory Group Inc. | $15.6 |
Quest University Canada | British Columbia | Educational services | PricewaterhouseCoopers Inc. | $47.5 |
101098672 Saskatchewan Ltd., Morris Industries Ltd., Morris Sales and Service Ltd., Contour Realty Inc. and Morris Industries (USA) Inc. | Saskatchewan | Manufacturing | Alvarez & Marsal Canada Inc. | $62.5 |
Figure 1: Filings by regionFootnote*
For more information, see Table 2: Total CCAA Proceedings Filed by Province.
Figure 2: Filings by NAICS economic sector
For more information, see Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada.
Company Name | Sector | Monitor | Outcome | Duration of the Proceeding (in days) | Liabilities (in millions) |
---|---|---|---|---|---|
Express Fashion Apparel Canada Inc. and Express Canada GC GP, Inc. | Retail trade | Alvarez & Marsal Canada Inc. | Concluded - compromise or arrangement completed | 218 | $11.9 |
Target Canada Co., et al | Retail trade | Alvarez & Marsal Canada Inc. | Concluded - compromise or arrangement completed | 1,737 | $5,118.2 |
Souris Mini Inc., Les Boutiques Souris Mini Inc. et Souris Mini International Inc. | Retail trade | Richter Advisory Group Inc. | Terminated – no compromise or arrangement sanctioned by court | 788 | $17.8 |
Divestco Inc. | Professional, scientific and technical services | Grant Thornton Limited | Taken up under BIA | 336 | $20.9 |
- Footnote *
Some files may have been closed before the beginning of the quarter. For exact closing dates, please refer to the CCAA Records List.
Volume | +/- Change | 12-Month Period Ending | ||||||
---|---|---|---|---|---|---|---|---|
Q1 2020 | Q4 2019 | Q1 2019 | Q4 2019 – Q1 2020 | Q1 2019 – Q1 2020 | 03-31-2020 | 03-31-2019 | +/- Change | |
Total Domestic Proceedings FiledFootnote1 | 11 | 15 | 13 | -4 | -2 | 36 | 29 | 7 |
Filing Affiliates | 24 | 106 | 152 | -82 | -128 | 195 | 210 | -15 |
Filed by Publicly-Traded Companies | 3 | 5 | 3 | -2 | 0 | 11 | 4 | 7 |
Filed by Privately-Traded Companies | 8 | 10 | 10 | -2 | -2 | 25 | 25 | 0 |
Total Liabilities — Book Value ($ millions)Footnote2 | $589.213 | $3,811.814 | $3,633.198 | -$3,222.601 | -$3,043.985 | $6,113.614 | $5,162.486 | $951.128 |
% of Secured Liabilities | 49.02% | 75.62% | 37.76% | n/a | n/a | 67.58% | 41.41% | n/a |
% of Unsecured Liabilities | 50.98% | 24.38% | 62.24% | n/a | n/a | 32.42% | 58.59% | n/a |
Total Assets — Book Value ($ millions) | $1,059.618 | $8,775.944 | $10,633.090 | -$7,716.326 | -$9,573.472 | $11,844.675 | $11,857.239 | -$12.564 |
Volume | +/- Change | 12-Month Period Ending | ||||||
---|---|---|---|---|---|---|---|---|
Q1 2020 | Q4 2019 | Q1 2019 | Q4 2019 – Q1 2020 | Q1 2019 – Q1 2020 | 03-31-2020 | 03-31-2019 | +/- Change | |
Newfoundland and Labrador | 0 | 0 | 0 | 0 | 0 | 1 | 0 | 1 |
Prince Edward Island | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Nova Scotia | 0 | 0 | 1 | 0 | -1 | 0 | 3 | -3 |
New Brunswick | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quebec | 2 | 5 | 2 | -3 | 0 | 9 | 6 | 3 |
Ontario | 5 | 6 | 6 | -1 | -1 | 14 | 11 | 3 |
Manitoba | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Saskatchewan | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 1 |
Alberta | 0 | 4 | 2 | -4 | -2 | 5 | 4 | 1 |
British Columbia | 3 | 0 | 2 | 3 | 1 | 6 | 5 | 1 |
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 | 11 | 15 | 13 | -4 | -2 | 36 | 29 | 7 |
Volume | +/- Change | 12-Month Period Ending | ||||||
---|---|---|---|---|---|---|---|---|
Q1 2020 | Q4 2019 | Q1 2019 | Q4 2019 – Q1 2020 | Q1 2019 – Q1 2020 | 03-31-2020 | 03-31-2019 | +/- Change | |
Agriculture, Forestry, Fishing and Hunting | 1 | 3 | 0 | -2 | 1 | 5 | 1 | 4 |
Mining, Quarrying and Oil and Gas Extraction | 1 | 4 | 2 | -3 | -1 | 10 | 4 | 6 |
Utilities | 0 | 0 | 0 | 0 | 0 | 0 | 1 | -1 |
Construction | 1 | 1 | 0 | 0 | 1 | 3 | 2 | 1 |
Manufacturing | 3 | 3 | 3 | 0 | 0 | 7 | 6 | 1 |
Wholesale Trade | 0 | 1 | 3 | -1 | -3 | 2 | 3 | -1 |
Retail Trade | 1 | 0 | 1 | 1 | 0 | 2 | 3 | -1 |
Transportation and Warehousing | 0 | 1 | 1 | -1 | -1 | 1 | 3 | -2 |
Information and Cultural Industries | 0 | 1 | 1 | -1 | -1 | 1 | 1 | 0 |
Finance and Insurance | 0 | 0 | 1 | 0 | -1 | 0 | 1 | -1 |
Real Estate, Rental and Leasing | 1 | 1 | 0 | 0 | 1 | 2 | 0 | 2 |
Professional, Scientific and Technical Services | 0 | 0 | 1 | 0 | -1 | 0 | 2 | -2 |
Management of Companies and Enterprises | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 1 |
Administrative and Support, Waste Management and Remediation Services | 1 | 0 | 0 | 1 | 1 | 1 | 2 | -1 |
Educational Services | 1 | 0 | 0 | 1 | 1 | 1 | 0 | 1 |
Health Care and Social Assistance | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Arts, Entertainment and Recreation | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Accommodation and Food Services | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Other Services (except Public Administration) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Public Administration | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Canada | 11 | 15 | 13 | -4 | -2 | 36 | 29 | 7 |