Skip to main content
PLEASE NOTE: For everyone’s safety, Fasken requires anyone on-site at our Canadian offices to provide proof of full vaccination against COVID-19. This applies to lawyers, staff, clients, service providers and other visitors.
Client Work

Azure enters into restructuring proceedings under the Companies’ Creditors Arrangement Act and Chapter 15

Fasken
Reading Time 1 minute read Subscribe
Client

Azure Dynamics Corporation

Azure Dynamics Corporation (“Azure”), a publicly traded supplier of electric and hybrid electric powertrain technologies and vehicles voluntarily entered restructuring proceedings under the Companies’ Creditors Arrangement Act (CCAA) and Chapter 15 of the US Bankruptcy Code. In the course of its restructuring proceedings the Azure group secured debtor-in-possession financing, which was used to fund its operations and a sale and investment solicitation process. That process resulted in a transaction whereby the Azure group sold its patent portfolio to a strategic buyer and series of transactions for the sale of its most valuable inventory to several industry participants. The last of these transactions closed in November 2012.
 
In December 2012 the directors of the Azure group companies resigned and the CCAA monitor’s powers were expanded to permit it to pursue a possible transaction to monetize certain tax attributes on behalf of the Azure group.
 
Fasken Martineau advised Azure Dynamics, with a team led by Stuart Brotman, Kibben Jackson, Conor O’Neill, Vicki Tickle, Graham Phoenix, Aubrey Kauffman, Daniel Batista, Fiona Coady, Robert Paydon, Sergio Custodio and Karam Bayrakal.

    Subscribe

    Receive email updates from our team

    Subscribe