Sandvine Corporation, a network optimization firm based in Waterloo, Ontario, obtained CCAA protection on November 7, 2024. This move follows the company’s recent removal from the U.S. Department of Commerce’s Entity List, a designation it faced in February 2024 that severely restricted access to essential hardware and software. As a result, Sandvine exited over 50 countries, representing approximately 45% of its 2023 revenue, further straining its financial stability. Despite an earlier reorganization with lenders, which reduced its debt by about US$92 million from over US$500 million, Sandvine remained heavily leveraged.

The new restructuring plan includes a proposed debt-to-equity conversion to be tested through a CCAA sale process and approximately US$125 million in fresh first lien financing. The company also filed for recognition under Chapter 15 of the U.S. Bankruptcy Code.

Legal advisors on the deal are Osler (Canadian counsel) and Paul Weiss (U.S. counsel) for Sandvine, with Cassels representing the monitor and Goodmans acting for the lenders. KSV is the court-appointed monitor, and GLC Advisors serves as Sandvine's financial advisor.