The owner of sports drink company BioSteel says it has filed for creditor protection in the U.S. and Canada and is trying to find a buyer for the business. Companies undergo CCAA when they seek a court's help to protect them from their creditors. Alongside the Canadian CCAA proceedings, the company will also undergo creditor protection under Chapter 15 of the U.S. bankruptcy code. While companies do often shut down completely as a result of CCAA proceedings, they don't always. BioSteel sought creditor protection under the CCAA to conduct a court-supervised sale process for its business and property for the benefit of its stakeholders.

Source: CBC News September 14, 2023 16:45 UTC