VTB Insurance

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by a searcher from HEC Montréal
in Montreal, QC, Canada

2h ago

VTB Insurance

Looking for a product that insures the balance of a seller note (VTB/vendor take-back) if the target company goes bankrupt before it's fully repaid, insurer covers the remaining payments to the seller, premiums based on the outstanding balance. I know EDC offers something similar in certain M&A deals. Curious if other banks or insurers offer comparable coverage in Canada. Anyone come across this?

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reply by a professional 54m ago
from American University in Irvine, CA, USA

Thank you for the tag ^redacted‌. ^redacted‌, having represented companies in US-Canadian cross-border transactions, if I were looking for this type of insurance, I would talk to brokers who place private credit or trade insurance, as they may look at this transaction in a similar way, and have a product that can help you. Failing that, you may be able to secure the debt through a Standby Letter of Credit, or performance bond, which would pay out upon non-performance on the Note, although, these companies often have minimum principal amounts that need to be met. You might also collateralize the debt with the target company, such that upon a default, the company would be returned to the Seller. Happy to discuss further, if you would like to DM me.

reply by a searcher 52m ago
from University of California, Berkeley in San Francisco, CA, USA

Thanks ^redacted‌. I have not heard of such a thing but wonder about structural feasibility ie liquidation waterfall in case of BK. Senior lender would have full blanket on assets including insurance policy. I am not an attorney but I dont think it matters where the seller sits in the cap stack...the senior lender (behind taxes and before employees) will have preference. How are you structuring the note ie who is the note issuer and what collateral?