In September 2021, Cambridge Group Inc. (“Cambridge Group”), the owner of the historic Cambridge Club, Toronto Athletic Club, and the Adelaide Club in Toronto, successfully emerged from protection under the Companies’ Creditors Arrangement Act (“CCAA”).
Due to the impact of the global COVID-19 pandemic, Cambridge Group had sought and obtained CCAA protection on December 11, 2020 with Grant Thornton Limited as Court-appointed Monitor, and listed approximately $7 million in liabilities. Despite sweeping cost cutting measures, the elimination of a substantial portion of Cambridge Group’s revenue had resulted in a financial strain that could not continue on the current path. Over the course of nine months, Miller Thomson LLP assisted Cambridge Group in a plan of arrangement which was ultimately approved by its creditors and the Court.
Cambridge Group manages and operates clubs that offer athletic and social memberships to more than 6000 members from across the Greater Toronto Area. Cambridge’s clubs include the Toronto Athletic Club, the Adelaide Club and the Cambridge Club.
The Miller Thomson team advising Cambridge Group included Larry Ellis, David Ward, Sherry Kettle and Sam Massie (Restructuring & Insolvency).
