The Xebec Group in its cross-border restructuring and eleven plans of arrangement under the Companies’ Creditors Arrangement Act

In late 2023, the restructuring of the Xebec Group concluded with the successful sanctioning of eleven plans of arrangement under the Companies’ Creditors Arrangement Act, recognized by the United States Bankruptcy Court for the District of Delaware. This achievement marked the end of a highly complex and contentious process, involving multiple cross-border challenges and the disposition of operating businesses across ten countries in North America, Europe and Asia.

Throughout the proceedings, several precedent-setting court orders were secured, including one that approved a complex allocation methodology and another that granted a third-party release outside of a plan of arrangement. The process also involved settling disputes with several litigants, including securities class action plaintiffs. This turnaround included 15 transactions, overseas and cross-border, all negotiated and closed within a matter of weeks.

The restructuring resulted in a favorable outcome for all stakeholders of the Xebec Group: the majority of the businesses continued under new ownership, preserving hundreds of jobs, while unsecured creditors of most Xebec Group members received distributions, and secured creditors were nearly repaid in full.

Headquartered in Montréal, Québec, and established in 1967, the Xebec Group operated in the energy transition sector as a global provider of sustainable gas solutions for energy, mobility, and industrial applications.

Osler, Hoskin & Harcourt LLP advised the Xebec Group with a team consisting of Sandra Abitan, Julien Morissette, Ilia Kravtsov, Sophie Courville, Maggie Fortin (Insolvency and Restructuring), François Paradis, Bastien Gauthier, Issa Ammari, Stefane Manolakis, Daniel Stysis (Corporate), Mary Angela Rowe (Research), Julien Ranger-Musiol (Pensions and Benefits), Allan Coleman, Jessica Harding and François Laurin-Pratte (Disputes).