Ardenton Capital Corporation (“ACC”) is the parent company of an integrated multinational private equity business.
Through various holding companies, ACC acquired, with monies raised from its investors, majority ownership interests in portfolio companies, which are privately-owned mid-market businesses. ACC has indirect majority ownership interests in fourteen portfolio companies located in Canada, the United States and the United Kingdom.
Due to the Covid-19 pandemic, among other factors, ACC’s ability to continue to raise capital through the issuance of new securities was impaired, resulting in it being unable to meet its debt service obligations.
KSV was appointed CCAA Monitor of ACC by the Supreme Court of British Columbia. As CCAA Monitor, KSV is assisting ACC and its related entities to:
- consider refinancing opportunities;
- restructure their debt obligations;
- develop a plan of arrangement or compromise that is intended to provide creditors with a better outcome than an immediate liquidation of the business and assets; and
- expeditiously complete the proceeding with the goal of emerging as a going concern.