On June 9, 2015, North American Tungsten Corporation Ltd. (“NATC”) filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”) in the Supreme Court of British Columbia. The Court’s Initial Order appointed Alvarez & Marsal Canada Inc. (“A&M”) as Monitor of the business and financial affairs of NATC in the CCAA proceedings.
These proceedings initially included several contested applications, including an application to stay a secured creditor from offsetting post-filing payables against a pre-filing secured loan.
NATC was unable to find a purchaser for its operating mine, and transitioned to a care and maintenance program funded primarily by the Government of Canada. By court order, the Monitor’s powers were enhanced such that the Monitor oversaw the operations of the company in care and maintenance.
Since the enhancement of the Monitor’s powers, Fasken has continued to advise A&M with respect to matters relating to NATC, including the sale of its Mactung property to the Government of the Northwest Territories as well as ongoing care and maintenance activities, regulatory activities in relation to the Cantung Mine site and procurement matters relating to the sale of NATC’s assets and the management of environmental liabilities.
In 2019, the Supreme Court of British Columbia granted an order approving a competitive selection process, whereby the Monitor established and now manages a procurement process to identify a potential operator to purchase the Cantung Mine and the Mactung property as well as to manage the long term environmental liabilities at the Cantung Mine site.
Fasken acts for Alvarez & Marsal Canada Inc. in its capacity as Court-appointed Monitor, with an insolvency and restructuring team that included Kibben Jackson, Fergus McDonnell and Johanna Fipke.
Jurisdictions
- British Columbia
- Northwest Territories
