Éclairage Contraste M.L. Inc. and Immeubles Lecluze Inc. obtain substantive consolidation under the Bankruptcy Insolvency Act
February 14, 2022
13.50 Million CAD
On February 14, 2022, Éclairage Contraste M.L. Inc. ("Éclairage") and Immeubles Lecluze Inc. ("Immeubles") obtained substantive consolidation of their proceedings instituted under the Bankruptcy and Insolvency Act (the “BIA”), each by the filing of a notice of intention to make a proposal. A first Sale and Investment Solicitation Process (“SISP”) was launched permitting the sale of almost all of Éclairage and Immeubles’ tangible assets for which secured creditors were reimbursed in full. McCarthy also successfully led a second SISP that result in the commercialization of tax losses and the filing of a proposal (approved by 100% of the creditors).
Based in Québec, Éclairage Contraste M.L. Inc. manufactures electric lamps for the commercial and high-end residential market.
Immeubles Lecluze Inc., also headquartered in Québec, specializes in real property leasing.
McCarthy Tétrault advised Éclairage Contraste M.L. Inc. and Immeubles Lecluze Inc. with a team led by Hugo Babos-Marchand that included Gabriel Faure and Frédérique Drainville (Bankruptcy and Restructuring).