King & Spalding partners Marisa Sotomayor and Eric Wise, together with Natalie Renner of Davies Ward Phillips & Vineberg, examine how companies with operations in both the U.S. and Canada are handling a growing range of restructuring options. Published in the October 2026 issue of The Review of Banking & Financial Services, the article compares chapter 11 of the U.S. Bankruptcy Code with Canada's Companies' Creditors Arrangement Act (CCAA) and covers the key procedural, strategic and economic factors that shape where companies choose to file. Drawing on cases including Nortel Networks, Toys "R" Us Canada, Just Energy and Coach USA, the authors also look at the growing use of liability management transactions, reverse vesting orders and other new restructuring tools.