Canada Drives emerges from CCAA

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By Ted Liu

On October 13, 2023, Canada Drives entities emerged from Companies’ Creditors Arrangement Act (CCAA) protection following the completion of a Plan of Compromise and Arrangement.

goeasy Ltd., one of the largest unsecured creditors which owed $40 million in convertible debentures, acted as the Plan Sponsor.

As part of the plan, goeasy agreed to forgive $15 million to hold $25 million in convertible debentures.

goeasy recorded $9.1 million in loss in its annual report for the year ended December 31, 2023 and no change in its quarterly financial report ended March 31, 2024.

goeasy now listed its investment in Canada Drives and Brim Financial as unnamed unlisted companies with total investment cost/fair value of $41.92 million.

Following the completion of the plan, Cody Green and Michael Galpin, together with goeasy, control the new Canada Drives.

Green and Galpin will own [Premium Contents, please Log In or Subscribe]