How this register is built

The rules

• Every row traces to a public document. A court filing, a monitor's report, an exchange bulletin or an issuer's own release. The document is named and linked. Where the officer of record publishes nothing, the row says so rather than leaving a blank.
• Licensed terminals are never a source. Nothing here comes from a subscription data terminal, a data room or anybody's deal flow. That is what makes the register quotable and it is also why it can be sold.
• Figures are as disclosed, and never converted. A price stated in US dollars stays in US dollars. An exchange rate we chose would be our number rather than the issuer's, so the currency is marked and the figure is left alone.
• Completeness is measured against a federal record. Restructuring coverage is checked against the Office of the Superintendent of Bankruptcy's CCAA Records List. Receiverships have no such register in Canada, so no completeness claim is made about them.
• An issue does not publish when a source is thin. If ingestion reports a source degraded, the week is held. A wrong absence is worse than a late issue.
• One transaction is one entry, across all time. A deal announced, upsized, priced and closed arrives as four releases. The register groups them under the transaction and lists each release beneath it rather than folding them into one line.

Where the coverage claim stops

Restructuring completeness is measured against the Office of the Superintendent of Bankruptcy's CCAA Records List, which is the federal record of every CCAA proceeding in Canada. That measurement covers CCAA proceedings and nothing else. Receiverships have no equivalent public register in Canada, so no completeness claim is made about them and none should be read into the listing. The stake-change listing is what the newswire carried rather than every early warning report filed, and the page says so in its own first sentence. Where a league table would rank firms drawn only from the websites we read, it is not published: a ranking's shape asserts a market share, and four of the seven computed rankings have no denominator that would support one.

What a subscription adds

The register is free to browse and every company is named. What a subscription buys is depth on each entry: the consideration, the stated terms with the value, unit and basis of each, the court file number and judicial district, the date the proceeding opened, the next court date, the adviser and officer credits, and the cited documents named and linked. The league tables are free in full.

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