Perativ Holdings Ltd., a leading Canadian operator of ATMs, has filed for creditor protection after several years of operating losses, citing a pandemic-related decline in consumers’ use of cash, as well as two major thefts.
Perativ and related companies were granted protection under the Companies’ Creditors Arrangement Act (CCAA) on July 3, 2023.
PricewaterhouseCoopers Inc. (PwC) acted as the court monitor.
At the time of the CCAA filing, Perativ's main creditors were Bank of Montreal and a distressed debt fund managed by Sandton Capital Partners. BMO and Sandton decided to proceed with the filing of the CCAA Proceedings against Perativ with the goal of ultimately buying the assets of Perativ through a new corporation owned by BMO Capital Partners and Sandton for the amount of their outstanding debt.
The sale of Perativ assets to Perativ Newco was approved by the Superior Court on August 28, 2023, and ultimately closed on September 1st, 2023.
Fasken represented PwC. BLG acted for BMO and Sandton with a team that includes Kevin Mailloux.