The Stel Salaried Pensioners Organization wishes to thank The Hamilton Spectator for permission to post the following article published in the March 9, 2004 edition

Mar. 9, 2004. 12:46 AM

Industry Canada data on CCAA cases

Nobody keeps formal track of the number of CCAA cases in Canada. Industry Canada asked major accounting firms, which act as the watchdog in CCAA cases, to send them a list of cases they worked on, which are shown below.

Number of CCAA cases reported:

2002: 11

2001: 28

2000: 16

1999: 11

1998: 11

1997: 2

Cases included:

Algoma Steel Corp.

AT&T Canada Inc.

Canada 3000 Inc.

Cineplex Odeon Corp.

Laidlaw Inc.

Lakeport Brewing Corp.

Sky Dome

T. Eaton Company Ltd.

Provinces in which most of them are filed are:

Ontario: 39 cases

BC: 12 cases

Quebec: 10 cases

Outcomes as judged by Industry Canada:

Successful: 29 cases

Unsuccessful: 36 cases

Ongoing: 14

Average length of the successful cases:

About 14 months (about 7 months to come up with a final restructuring plan, the rest to carry it out).

Size of the companies:

Assets ranged from $800,000 to $6.75 billion. Eight companies had more than $1 billion.

Liabilities ranged from $5 million to $5.1-billion.

Nine companies owed more than $1 billion.