Fasken represents Waterfall Asset Management (“WAM”), an alternative investment management firm specializing in structured credit and private equity investments, in connection with U.S and Canadian bankruptcy proceedings against CURO Group Holdings Corp (“CURO Group”) and its subsidiaries. WAM successfully restructured its C$350 million financing arrangements in favour of CURO Group.
CURO Group owed approximately C$2.1 billion to investment funds including Oaktree Capital Management, Caspian Capital, and Empyrean Capital Partners. To address this debt, CURO Group and its subsidiaries filed for Chapter 11 bankruptcy protection and recognition proceedings in Canada under the Companies’ Creditors Arrangement Act (CCAA). As part of the restructuring, CURO Group secured approximately C$70 million in debtor-in-possession financing from its prepetition stakeholders, subject to customary conditions.
CURO Group has since rebranded to Attain Finance. The company is consolidating its 390 U.S branches under the Heights Finance brand while maintaining its LendDirect and Cash Money brands in Canada through its 154 branches.
Fasken is advising WAM with a team led by Elana Hahn, including Aubrey Kauffman (Bankruptcy and Insolvency), Nathan Gates (Banking and Debt Finance) and Gurkirat Batth (Banking and Debt Finance).
Jurisdiction
- Ontario
