For many distressed companies, an in-court restructuring — a CCAA or Chapter 11 process built around a court-supervised sale — is the right and well-tested path. But for certain industries and certain situations, it isn't. Over the past eight months, we've closed four out-of-court recapitalizations, and the pattern across all of them was the same: speed, confidentiality and immediate liquidity mattered more than the protections a formal process offers, and the industry's own