Beginning in the second half of 2016, the Canadian mining sector started to crawl out of the prolonged downturn that started in 2011, when commodity prices peaked and started a long, slow decline. That decline prompted many in the turnaround and restructuring sector to plan for a lot of work in the sector.

Ultimately, however, a much smaller number of formal restructuring cases than anticipated materialized, along with a much greater move by debtors and their stakeholders to find practical ways to implement turnaround strategies. The outcomes were positive for a large number of...