Green Impact Partners Inc V.GIP

On CEO.ca WEII CCAA late Nov, now receivership

[AndyNewmark]

Wolverine Energy & Infrastructure Inc. et al. (the “Wolverine Group”), an Alberta-based diversified energy and infrastructure service provider in Western Canada and the United States, was placed into receivership on December 8 on application by Canadian Western Bank, owed approximately $16.8 million. Certain of the companies obtained an initial order under the CCAA on November 30, with the comeback hearing scheduled for December 11. However, the companies elected not to extend the stay of proceedings under the CCAA and consented to the appointment of a receiver. The cyclical nature of the business, the lasting effects of pre-covid expansion, rising interest rates, ongoing legal disputes, costs related to the acquisition of a non-viable business, work disruption due to natural disasters, and slowing economic conditions, among other factors, have resulted in the Wolverine Group being unable to meet its obligations, including to Canadian Western Bank, as they fall due. FTI was appointed receiver. Counsel is Torys for the receiver, McCarthys for Canadian Western Bank, Bennett Jones for the Wolverine Group, and TGF for Fiera Capital.