Pluribus Technologies Corp. Obtains CCAA Protection Amid Liquidity Crisis

On December 17, 2024, Pluribus Technologies Corp. (TSXV: PLRB) and its subsidiaries (collectively, “Pluribus Group”), Toronto-based companies focused on acquiring and optimizing small business-to-business technology companies across various industries, sought and were granted protection under the Companies’ Creditors Arrangement Act (the “CCAA”), pursuant to the terms of an order (the “Initial Order," as subsequently amended) issued by The Honourable Mr. Justice Cavanagh of the Ontario Superior Court of Justice (Commercial List) (the “CCAA Proceedings”). 

As part of the Initial Order, B. Riley Farber Inc. was appointed as the Monitor of the Pluribus Group.

Pluribus, which has been in default under its credit agreement with the National Bank of Canada since November 2023, faced a liquidity crisis after exhausting its cash resources and access to financing. The CCAA Proceedings aim to facilitate Pluribus’ restructuring efforts and the implementation of a sales and investment solicitation process, which sale process was approved by the court on December 23, 2024.

Aird & Berlis is advising the Monitor, B. Riley Farber, in the CCAA Proceedings with a team led by Kyle Plunkett and Miranda Spence and including Cristian Delfino (Financial Services).