Infor Financial Group Inc., an independent investment bank advising on cannabis and mining deals, is preparing for a major shakeout in corporate credit as Canadian companies pile on too much debt.
Weakness AppearsPotential cracks have started to show. Toronto-Dominion Bank and Canadian Imperial Bank of Commerce, the country’s second and fifth largest banks, bolstered provisions in the last fiscal quarter, citing a rise in corporate arrears among the reasons. Business Ramp UpInfor is getting ready — it’s hired veteran restructuring expert Paul Liebovitz, who is already advising publicly listed companies in the renegotiation of their debt facilities, Selfe said, declining to provide the name of the firm. Infor is also turning to pension funds and insurance companies to fund debtor-in-possession loans, a type of credit for distressed companies, said Selfe.
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