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Client Work

Walton International Group in largest active CCAA filing

Fasken
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Client

HSBC Bank Canada

Fasken is currently playing a key role in the largest active CCAA in Alberta. Walton International Group Inc. (“WIGI”) WIGI and its subsidiaries are an international real estate investment and development firm headquartered in Calgary with 100’s of subsidiaries only 20 of which are subject to this CCAA filing. Fasken acts for HSBC, the main operating Lender and a lender to various specific projects. The WIGI group has raised more than $3 billion in recent years and has suffered as a result of the decline in oil and gas prices and the malaise in the Alberta real estate market. HSBC, with Fasken as its counsel, has supported WIGI and continued to operate its line of credit on a declining basis pursuant to a forbearance agreement. HSBC was originally owned approximately $70,000,000 and there is another $200,000,000+ in indebtedness specifically owing by WIGI Group.

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