Tacora Resources Inc., an iron ore mining and development company based in Wabush, Newfoundland and Labrador, obtained CCAA protection on October 10, 2023, listing approximately $427 million in liabilities. The filing followed years of liquidity issues and operational challenges, including volatility in iron ore prices, increased operational costs due to reduced production levels, and disruptions from the Quebec wildfires in June 2023, which restricted transportation.

During the restructuring proceedings, Tacora aimed to secure financing and preserve the value of the Scully Mine. Cargill Inc. agreed to provide a DIP loan of up to $75 million to support Tacora through the process. FTI served as the monitor for the proceedings. Legal advisors included Stikeman Elliott for Tacora Resources, Cassels for the monitor, Goodmans for Cargill, and Langlois for Québec North Shore and Labrador Railway Inc.