Antarctica Capital LLC acquires certain assets and subsidiaries of Urthecast following its CCAA filing
February 25, 2021
On February 26, 2021, affiliates of Antarctica Capital, LLC completed their agreement with UrtheCast Corp. and certain of its subsidiaries to acquire the assets and rights associated with the UrtheDaily satellite constellation project under development by UrtheCast, as well as the subsidiaries and assets associated with the UrtheCast’s Geosys agriculture analytics business.
The parties agreed to the acquisition following UrtheCast Corp’s filing for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) in Canada. In connection with UrtheCast’s CCAA filing, Antarctica agreed to provide debtor-in-possession financing to UrtheCast and certain of its subsidiaries, enabling the target business and assets to continue operations prior to the conclusion of the CCAA process and the closing of the asset purchase transaction.
The acquisition engaged cross-border insolvency proceedings across multiple jurisdictions including the plenary CCAA proceedings in the BC Supreme Court in Vancouver, Chapter 15 proceedings in the United States Bankruptcy Court for the District of Minnesota, and redressement judiciare proceedings in Toulouse, France. The acquisition involved subsidiaries of the Canadian parent in the United States, France, Brazil, Switzerland and Australia.
UrtheCast is a Vancouver-based satellite imaging corporation providing data and insights for agriculture, environmental trends, and land/resource usage.
Antarctica Capital is a private equity firm focused on investments in real assets, special situations, and insurance.
McCarthy Tétrault LLP advised Antarctica Capital with a team led by Jonathan See and Robert Richardson that included Scott Bergen, Pavan Jawanda, Gerald Gaunt, Glynnis Morgan, Matthew Sanders and Firuz Rahimi (Business), Raj Juneja and Dean Xiao (Tax), Kelleher Lynch (Pensions), Sean Collins (Bankruptcy & Restructuring), Patrick Pengelly and Lauren Soubolsky (Labour & Employment), Vincent Yip (Intellectual Property), Peter Birkness and Christina Grimes (Financial Services), Victor Choi (Real Property), and Oliver Borgers (Competition/Antitrust).