VBI Vaccines Inc. (NASDAQ), a biopharmaceutical group specializing in vaccine development, obtained protection under the Companies' Creditors Arrangement Act (CCAA) on July 30, 2024. The company reported approximately $81 million in liabilities, with over $50 million owed to its senior lender, K2 HealthVentures. Despite having its registered head office in British Columbia, VBI's core research operations, human resources, cash management, and accounting functions were based in Ottawa, Ontario, employing 21 staff. VBI also operated internationally, including a manufacturing site in Israel with 93 employees and management operations in the U.S. with 11 employees.

VBI faced severe cash flow issues, ongoing net losses, and minimal revenues, exacerbated by intense industry competition and the expensive, uncertain process of clinical development. A strategic review conducted throughout 2023 and the first half of 2024 failed to yield a viable transaction, prompting the company to seek CCAA protection. The company also sought recognition in the U.S. and Israel. Ernst & Young (EY) was appointed as the monitor, with Stikeman Elliott representing the VBI Group, McCarthy Tétrault advising the monitor, and McMillan acting for K2 HealthVentures.