Arctic Glacier's $434M Sale To HIG Gets US Approval

Law360, Wilmington (July 17, 2012, 10:51 PM EDT) -- Troubled Canadian ice maker Arctic Glacier Inc., which sought cross-border bankruptcy protection while undergoing restructuring in advance of a sale, received approval from a Delaware bankruptcy judge Tuesday for its $435 million purchase by private equity firm HIG Capital LLC.

Dogged by rising debts and fines and fees stemming from U.S. antitrust litigation, Winnipeg-based Arctic Glacier initiated a recapitalization in Manitoba court Feb. 21 under the Companies’ Creditors Arrangement Act. The American affiliates of the packaged-ice producer filed for Chapter 15 protection in Delaware court the...
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