The firm represented RCM Capital Management Ltd. and SESA-BC Holdings Ltd. in the Companies’ Creditors Arrangement Act proceedings of Quest University Canada (Quest), an accredited private university operating in Squamish, BC. Quest had indebtedness in excess of C$50 million. SESA-BC Holdings Ltd. was the interim lender to Quest, advancing more than C$10 million to fund the university’s operations and professional costs while it undertook a sale and investment process as part of its restructuring.
The case involved the restructuring of an operating university with multiple stakeholder groups, including secured lenders, lessors, students and faculty. The process involved numerous contested applications, including the application to approve the interim financing, and resulted in a sale by way of a contested reverse vesting order. The interim lender was at risk of having to enforce its security and was actively involved in advocating for the approval and completion of the sale.
Fasken advised RCM Capital Management Ltd. and SESA-BC Holdings Ltd., with a team led by Kibben Jackson, and included, Brent Clark, Glen Nesbitt and Mishaal Gill (Insolvency and Restructuring).
Jurisdiction
- British Columbia
