On March 13, 2026, the Supreme Court of Nova Scotia granted an initial order placing CFFI Ventures Inc., a Halifax-based investment holding company, under the protection of the Companies’ Creditors Arrangement Act (CCAA). CFFI commenced the CCAA proceedings while pursuing a restructuring of approximately $2 billion in liabilities and evaluating strategic alternatives for its investment portfolio. FTI Consulting Canada Inc. was appointed as Monitor.
CFFI moved into the CCAA after an earlier restructuring attempt under Nova Scotia’s Companies Act drew opposition from creditors, including the Canada Revenue Agency and unsecured creditor Brendan Paddick, who argued that the CCAA was the appropriate statute for the transaction. The company’s liabilities were driven largely by a secured credit facility from HPS Investment Partners that had grown substantially following years of capitalized interest, alongside disputed unsecured claims.
As part of the process, New Tide Capital LP, an affiliate of HPS Investment Partners and BlackRock, agreed to acquire substantially all of CFFI’s assets through a court-approved transaction that includes the assumption of approximately US$1.12 billion of indebtedness. CFFI’s investment portfolio spans interests across sectors including energy, marine services, life sciences, and financial technology. The transaction preserves value for stakeholders through the transfer of the portfolio to a lender-backed acquisition vehicle.
Stikeman Elliott LLP acted as counsel to FTI Consulting Canada in its capacity as the court-appointed Monitor, with a team that included Maria Konyukhova, Nicholas Avis, Ryan Albaum, Giovanni Boscariol, Logan Copen, Jennifer G. Legge, Garett Morin, Ashley Mulrooney, John O’Connor, Meaghan Obee Tower, Nancy Ramalho, and Shajan Sritharan. McInnes Cooper acted for CFFI; Osler, Hoskin & Harcourt LLP and Cox & Palmer acted for HPS; and Davies Ward Phillips & Vineberg LLP acted for Brendan Paddick.