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ARTICLE · 05 JANUARY 2015

Canadian And U.K. Creditor Protection In The Mining Context

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It is no secret that the mining sector is facing tough times. In recent boom years, mining companies took on unprecedented amounts of debt.

CanadaEnergy and Natural Resources
Catherine Graham
Catherine Graham
Jonathan Ross
Jonathan Ross
Sam Fenwick
Sam Fenwick
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It is no secret that the mining sector is facing tough times. In recent boom years, mining companies took on unprecedented amounts of debt. Now that commodity prices have dropped and sources of refinancing have dried up, debt obligations have become overwhelming for many companies, posing a serious risk to their survival.

Canada

If negotiated business solutions with creditors are becoming unworkable, companies should consider seeking protection from creditors under insolvency legislation. Protection under the federal Companies' Creditors Arrangement Act (CCAA) is available to companies having assets or doing business in Canada, with more than $5 million in debt.

The CCAA allows a company to keep its creditors at bay while restructuring its affairs, all while maintaining control over its operations subject to some conditions. Companies—particularly those that do not reach the $5 million debt threshold—might also consider the proposal provisions under the federal

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