CCAA Statistics—Third 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

Three Companies' Creditors Arrangement Act (CCAA) proceedings were filed with the OSB in the third 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)
Canada North Group Inc. AB Accommodation and Food Services EY $77
Index Energy Mills Road Corporation ON Utilities Grant Thornton $156
Toys “R” Us (Canada) Ltd. ON Retail Trade Grant Thornton $380

Figure 1: Filings by regionFootnote*

Line chart representing the number of CCAA filings by region from Q3 2015 to Q3 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 third quarter of 2015 to the third quarter of 2017. The note to the table explains that the East Region includes Quebec, New Brunswick, Nova Scotia, Prince Edward Island, Newfoundland and Labrador; the Ontario Region includes Ontario; and the 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 third quarter of 2015 and continuing for each quarter until the third 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 the East Region is represented by a blue line with diamonds to mark data points; the 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 third quarter of 2015, the East Region had three filings for the quarter; the Ontario Region dropped to zero filings; and the West Region dropped to one filing.

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

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

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

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

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

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

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

For the third quarter of 2017, the Ontario Region remained at two filings, the West Region remained at one filing and the East Region dropped to zero filing.

To the left of the line graph is a summary of CCAA filings by province for the most recent quarter, the third quarter of 2017. Alberta had 1 filing for 33% and Ontario had 2 filings for 67%.

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 third quarter of 2017.

The x-axis represents the sectors which had filings in the third quarter of 2017. There are 3 sectors represented, each shown with a blue vertical bar. The 3 sectors represented in the third quarter of 2017 are as below:

  1. The Accommodation and Food Services sector had 1 filing.
  2. The Utilities sector had 1 filing.
  3. The Retail Trade 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 2.

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)
Alliance Hanger Inc. Manufacturing KPMG Concluded – compromise or arrangement completed 81 $17
Pacific Exploration & Production Corporation Mining, quarrying, and oil and gas extraction PwC Concluded – compromise or arrangement completed 463 $6,976
Comstock Canada Ltd. Construction PwC Terminated – no compromise or arrangement sanctioned by court 1,512 $76
Northstar Aerospace, Inc. Manufacturing EY Taken up under the BIA 1,884 $156
4519922 Canada Inc. (Coopers) Professional, Scientific and Technical Services EY Concluded – compromise or arrangement completed 1,005 $1,525
Hefler Forest Products Limited Manufacturing Green Landers Limited Taken up under the BIA 413 $33
Table 1: Total CCAA Proceedings—Domestic
Type Volume +/− Change 12-Month Period Ending
Q3 2017 Q2 2017 Q3 2016 Q2 2017 –
Q3 2017
Q3 2016 –
Q3 2017
09-30-2017 09-30-2016 +/− Change
Total Domestic Proceedings FiledFootnote1 3 5 9 -2 -6 21 40 -19
Filing Affiliates 9 174 24 -165 -15 369 103 266
Filed by Publicly-Traded Companies 0 2 3 -2 -3 5 10 -5
Filed by Privately-Held Companies 3 3 6 0 -3 16 30 -14
Total Liabilities - Book Value ($ millions)Footnote2 $611.930 $1,959.885 $3,171.142 -$1,347.955 -$2,559.212 $4,148.340 $17,374.191 -$13,225.851
% of Secured Liabilities 69.77% 27.72% 51.75% n/a n/a 46.59% 27.13% n/a
% of Unsecured Liabilities 30.23% 72.28% 48.25% n/a n/a 53.41% 72.87% n/a
Total Assets - Book Value ($ millions) $574.613 $2,153.967 $2,455.897 -$1,579.354 -$1,881.285 $4,331.098 $13,761.685 -$9,430.587
Table 2: Total CCAA Proceedings Filed by Province
Volume +/- Change 12-Month Period Ending
Q3 2017 Q2 2017 Q3 2016 Q2 2017 – Q3 2017 Q3 2016 –
Q3 2017
09-30-2017 09-30-2016 +/- 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 2 0 -2 0 2 -2
New Brunswick 0 0 0 0 0 0 0 0
Quebec 0 2 1 -2 -1 5 8 -3
Ontario 2 2 3 0 -1 11 12 -1
Manitoba 0 0 0 0 0 0 1 -1
Saskatchewan 0 0 0 0 0 0 1 -1
Alberta 1 1 3 0 -2 3 14 -11
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 3 5 9 -2 -6 21 40 -19
Table 3: CCAA Proceedings Filed by NAICS Economic Sector, Canada Footnote 3
Sector Volume +/− Change 12-Month Period Ending
Q3 2017 Q2 2017 Q3 2016 Q2 2017 – Q3 2017 Q3 2016 – Q3 2017 09-30-2017 09-30-2016 +/− Change
Agriculture, Forestry, Fishing and Hunting 0 0 1 0 -1 0 1 -1
Mining and Oil and Gas Extraction 0 0 3 0 -3 1 12 -11
Utilities 1 0 0 1 1 1 1 0
Construction 0 0 1 0 -1 3 6 -3
Manufacturing 0 0 2 0 -2 2 5 -3
Wholesale Trade 0 0 0 0 0 0 0 0
Retail Trade 1 2 1 -1 0 3 6 -3
Transportation and Warehousing 0 0 0 0 0 1 1 0
Information and Cultural Industries 0 0 0 0 0 2 2 0
Finance and Insurance 0 0 1 0 -1 0 1 -1
Real Estate, Rental and Leasing 0 1 0 -1 0 3 0 3
Professional, Scientific and Technical Services 0 0 0 0 0 0 1 -1
Management of Companies and Enterprises 0 0 0 0 0 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 0 0 0 0 0 0 1 -1
Arts, Entertainment and Recreation 0 0 0 0 0 0 1 -1
Accommodation and Food Services 1 0 0 1 1 1 0 1
Other Services (except Public Administration) 0 0 0 0 0 0 0 0
Public Administration 0 0 0 0 0 0 0 0
Canada 3 3 9 0 -6 18 40 -22
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