CCAA Statistics—Second Quarter of 2017

Sections

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 2017. Please refer to the CCAA Records List for additional details regarding each filing.

Companies' Creditors Arrangement Act (CCAA) proceedings filed with OSB
Company Name Province Sector Monitor Liabilities
(in millions)
Walton International Group Inc. Alberta Real estate and rental and leasing EY $629
Express Fashion Apparel Canada Inc. Ontario Retail trade Alvarez & Marsal $132
Orbite Technologies Inc. Québec Manufacturing PwC $51
Gestion Eric Savard Inc., et al. Québec Health care and social assistance Raymond Chabot $41
Sears Canada Inc. Ontario Retail trade FTI Consulting Canada $1076

Figure 1: Filings by region

Line chart representing the number of CCAA filings by region from Q2 2015 to Q2 2017 (the long description is located below the image)
Description of Figure 1

This line graph presents the number of filings per quarter under the Companies’ Creditors Arrangement Act (CCAA), broken down by the East, Ontario and West Regions from the second quarter of 2015 to the second quarter of 2017. The note to the table explains that East Region includes Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador; Ontario Region includes Ontario; and West Region includes British Columbia, Yukon, Alberta, Northwest Territories, Saskatchewan, Manitoba and Nunavut.

The x-axis represents the quarters for the data points, starting at the second quarter of 2015 and continuing for each quarter until the second quarter of 2017.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 8. The legend on the right side of the chart shows that East Region is represented by a blue line with diamonds to mark data points; Ontario Region is represented by a purple line with asterisks for data points; and the West Region is represented by a green line with triangles for data points.

Starting in the second quarter of 2015, the East and Ontario regions each had five filings, and West Region had four filings.

In the third quarter of 2015, the number of CCAA filings dropped for all three regions. East Region dropped to three filings for the quarter; Ontario Region dropped to zero filings; and West Region dropped to one filing.

For the fourth quarter of 2015, East Region remained at three CCAA filings; Ontario Region increased to two filings; and West Region matched East Region at three filings.

For the first quarter of 2016, East Region remained at three CCAA filings; Ontario Region increased to three filings; and West Region climbed to four filings.

For the second quarter of 2016, East Region dropped to one CCAA filing; Ontario Region increased to five filings; and West Region climbed to seven filings.

For the third quarter of 2016, all three regions had three CCAA filings: an increase for East Region, and a decline for the Ontario and West regions.

For the fourth quarter of 2016, East Region dropped to one CCAA filing; Ontario Region increased to six filings; and West Region remained at three filings.

For the first quarter of 2017, East Region increased to two filings and Ontario Region decreased to one filing. The West Region dropped to zero filings.

For the second quarter of 2017, the Ontario Region increased to two filings, the West increased to one filing and the East remained at two filings.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the second quarter of 2017. Alberta had 1 filing for 20%, Ontario had 2 filings for 40% and Quebec had 2 filings for 40%.

East Region includes Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador
Ontario Region includes Ontario
West Region includes British Columbia, Yukon, Alberta, Northwest Territories, Saskatchewan, Manitoba and Nunavut

For more information, see Table 2: Total CCAA Proceedings Filed by Province

Figure 2: Filings by NAICS Economic Sector

Bar chart representing the filings by NAICS Economic Sector (the long description is located below the image)
Description of Figure 2

This bar graph breaks down filings under the Companies’ Creditors Arrangement Act (CCAA) by economic sector as defined by the North American Industry Classification System (NAICS). The data is for the second quarter of 2017.

The x-axis represents the sectors which had filings in the second quarter of 2017. There are 4 sectors represented, each shown with a blue vertical bar. The four sectors represented in the second quarter of 2017 are as below:

  1. The real estate and retail and leasing sector had 1 filing.
  2. The retail trade sector had 2 filings.
  3. The manufacturing sector had 1 filing.
  4. The health care and social assistance sector had 1 filing.

The y-axis shows the number of CCAA filings. The baseline is zero, increasing by increments of 1 until it reaches 3.

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 Proceedings
(in days)
Liabilities
(in millions)
TLC The Land Conservancy of British Columbia, Inc. Arts, entertainment and recreation Wolrige Mahon Limited Concluded – compromise or arrangement completed 1246 $8
Becker Cogeneration Plant Utilities PwC Terminated – no compromise or arrangement sanctioned by court 395 $71
McDiarmid Lumber Ltd. Retail trade PwC Terminated – no compromise or arrangement sanctioned by court 1418 $55
Yukon Zinc Corporation  Mining, quarrying, and oil and gas extraction PwC Concluded – compromise or arrangement completed 745 $672
MBAC Fertilizer Corp. Mining, quarrying, and oil and gas extraction EY Concluded – compromise or arrangement completed 186 $351
Ben Moss Jewellers Western Canada Ltd. Retail trade Alvarez & Marsal Terminated – no compromise or arrangement sanctioned by court 345 $130
Magasin Laura (P.V.) Inc. Retail trade KPMG Concluded – compromise or arrangement completed 491 $90
iMarketing Solutions Group Inc.  Professional, scientific and technical services KSV Terminated – no compromise or arrangement sanctioned by court 1489 $13
Table 1: Total CCAA Proceedings—Domestic
Type Volume +/−
Change
12-Month Period Ending
Q2 2017 Q1 2017 Q2 2016 Q1 2017 –
Q2 2017
Q2 2016 –
Q2 2017
06-30-2017 06-30-2016 +/−
Change
Total Domestic Proceedings FiledFootnote1 5 3 13 2 -8 27 35 -8
Filing Affiliates 174 4 41 170 133 384 85 299
Filed by Publicly-Traded Companies 2 0 3 2 -1 8 7 1
Filed by Privately-Held Companies 3 3 10 0 -7 19 28 -9
Total Liabilities—Book Value ($ millions)Footnote2 $1,959.885 $153.220 $9,808.433 $1,806.664 -$7,848.548 $6,707.552 $14,435.303 -$7,727.752
% of Secured Liabilities 27.72% 20.03% 12.04% n/a n/a 46.92% 22.22% n/a
% of Unsecured Liabilities 72.28% 79.97% 87.96% n/a n/a 53.08% 77.78% n/a
Total Assets—Book Value ($ millions) $2,153.967 $124.030 $7,365.518 $2,029.936 -$5,211.552 $6,212.383 $11,558.581 -$5,346.198
Table 2: Total CCAA Proceedings Filed by Province
Province/territory Volume +/−
Change
12-Month Period Ending
Q2 2017 Q1 2017 Q2 2016 Q1 2017 –
Q2 2017
Q2 2016 –
Q2 2017
06-30-2017 06-30-2016 +/−
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 2 1 1
New Brunswick 0 0 0 0 0 0 0 0
Quebec 2 2 1 0 1 6 9 -3
Ontario 2 1 4 1 -2 12 9 3
Manitoba 0 0 1 0 -1 0 1 -1
Saskatchewan 0 0 1 0 -1 0 1 -1
Alberta 1 0 6 1 -5 5 12 -7
British Columbia 0 0 0 0 0 2 2 0
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 3 13 2 -8 27 35 -8
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, CanadaFootnote 3
Sector Volume +/− Change 12-Month Period Ending
Q2 2017 Q1 2017 Q2 2016 Q1 2017 –Q2 2017 Q2 2016 –Q2 2017 06-30-2017 06-30-2016 +/− Change
Agriculture, Forestry, Fishing and Hunting 0 0 0 0 0 1 1 0
Mining and Oil and Gas Extraction 0 0 5 0 -5 4 10 -6
Utilities 0 0 0 0 0 0 1 -1
Construction 0 0 3 0 -3 4 5 -1
Manufacturing 1 1 0 0 1 5 3 2
Wholesale Trade 0 0 0 0 0 0 0 0
Retail Trade 2 1 2 1 0 4 6 -2
Transportation and Warehousing 0 0 1 0 -1 1 2 -1
Information and Cultural Industries 0 0 1 0 -1 2 2 0
Finance and Insurance 0 0 0 0 0 1 0 1
Real Estate, Rental and Leasing 1 1 0 0 1 3 0 3
Professional, Scientific and Technical Services 0 0 0 0 0 0 1 -1
Management of Companies and Enterprises 0 0 1 0 -1 1 2 -1
Administrative and Support, Waste Management and Remediation Services 0 0 0 0 0 0 0 0
Educational Services 0 0 0 0 0 0 0 0
Health Care and Social Assistance 1 0 0 1 1 1 1 0
Arts, Entertainment and Recreation 0 0 0 0 0 0 1 -1
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 5 3 13 2 -8 27 35 -8
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