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Tervita Seeks US Protection To Finalize Canadian Restructure

Law360, New York (October 19, 2016, 10:29 PM EDT) -- Tervita Corp., a midstream services provider that treats waste produced from oil and gas production, on Tuesday sought bankruptcy protection in New York to protect itself from U.S. creditors while it completes a court-monitored restructuring in Canada intended to slash approximately $1.5 billion in debt.

Tervita filed a petition with the court seeking protection under Chapter 15 of the U.S. Bankruptcy Code. The petition was filed weeks after Tervita announced it would initiate restructuring proceedings in Canada to complete a deal with its stakeholders intended to...
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