BFKN’s Bankruptcy & Creditor Rights Group represented, as co-counsel with Pachulski Stang Ziehl & Jones, Nexii Building Solutions Inc. (together with certain of its affiliates, “Nexii”), a designer and manufacturer of high-performance and sustainable building products, as a foreign representative in a Chapter 15 proceeding under the Bankruptcy Code. In an order entered on February 9, 2024, the court found Nexii to be a duly appointed “foreign representative” under the Bankruptcy Code. Under the order, BFKN also obtained formal court recognition of Nexii’s restructuring proceedings originating in Canada under its Companies’ Creditors Arrangement Act (the “CCAA”).
The decision aims to safeguard the interests of Nexii as debtors and their creditors during the CCAA sale and restructuring process. The court’s order, effective immediately, establishes Nexii (as foreign representative) as the exclusive representative of the debtors in the U.S. and extends comity to the CCAA court’s orders, providing essential protections under the Bankruptcy Code.
BFKN’s legal team was led by Bankruptcy & Creditor Rights chair Nathan Q. Rugg and associate Alexander F. Berk.
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