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Restructuring and insolvency


Meet the team

We are at the forefront of complex cross-border restructuring and insolvency work with considerable practical experience in dealing with problems that arise when companies face financial difficulties.

Clients come to us for several reasons, including:

  • Our bench strength across Canada: Our Canadian restructuring and insolvency team, located across five offices, has worked on many of the largest and most complex insolvencies in North America and numerous team members are recognized in Canada and abroad as leading lawyers by authoritative sources including Chambers Global, the Canadian Legal Lexpert Directory and IFLR
  • A seamless, multi-jurisdictional service: Our team led by highly experienced partners can leverage our international capabilities throughout North America, Europe, Asia Pacific, Africa, the Middle East and Latin America to navigate through business complexities, anticipate challenges and provide practical solutions.
  • Experience with high yield debt, DIP financing and M&As: Term loan, high yield, mezzanine and subordinate debt financing expertise are reinforced by our ability to advise our clients on underwriting, credit and work-outs. Our team also has a proven track record of effectively executing strategic mergers and acquisitions of companies which are under protection or in distress.
  • A depth of experience across multiple sectors: Companies in the manufacturing, financial institutions; energy; infrastructure, mining and commodities, pulp and paper, transport, technology and innovation, and pharmaceuticals and life sciences sectors benefit from our many years of experience in restructuring companies and coordinating legal proceedings in and across multiple jurisdictions.
  • A full service law firm: Our firm offers a full range of services and experts in different areas which may be called upon by our restructuring and insolvency team. This is a key advantage of working with a full service law firm as we may tap into our expertise in various areas including tax, labour and employment, pensions, intellectual property, M&A, product liability, class actions and insurance to name a few.

Rankings and accolades

  • Chambers Canada, Nationwide: Restructuring/Insolvency, Chambers and Partners, 2018
  • Chambers Global, Canada: Restructuring/Insolvency, Chambers and Partners, 2017
  • Legal 500, Canada: Restructuring and Insolvency, The Legal 500, 2018
  • IFLR 1000, Canada: Restructuring and Insolvency, IFLR 1000, 2017

Select client work

  • Nortel Networks Corporation in connection its multi-jurisdictional restructuring proceedings, the largest and most high-profile restructuring in Canada. The mandate involved several high profile asset sales, totalling over $7 billion; including the US$4.5 billion auction sale of its patent portfolio - the highest value sale of technology patents in history
  • OPTI Canada, an oilsands company, holding a 35% interest in the Long Lake steam assisted gravity drainage and associated upgrader in its CCAA/CBCA restructuring and subsequent $2.1 billion sale of the company to China National Offshore Oil Corporation, China’s largest producer of offshore crude oil and natural gas
  • The Special Committee of the Board of Directors of Canwest Global Communications in the $2 billion sale of its broadcasting business to Shaw Communications and to Postmedia Network of $1.1 billion of assets which included the largest publisher of English-language newspapers in Canada, both sales were effected under the CCAA
  • The Caisse de dépôt et placement du Québec (member of the investors committee who held $13 billion of the $32 billion market) in connection with the restructuring of the asset-backed commercial paper market in Canada
  • Quebecor World Inc. in its successful emergence from creditor protection under the CCAA in Canada and, in respect of certain U.S. subsidiaries, Chapter 11 of the U.S. Bankruptcy Code, including in connection with US$800 million in exit financing facilities
  • Bank of America, as administrative agent and lender in a senior secured syndicated credit facility made available to Golden Gate Private Equity in order to serve the liquidity needs of Eddie Bauer Holdings, acquired by Golden Gate under Chapter 11 of the United States Bankruptcy Code and the Companies’ Creditors Arrangement Act
  • Bank of America, N.A., as administrative agent, in connection with a debtor-in-possession credit facility for InterTAN Canada Ltd. (a wholly-owned, indirect subsidiary of Circuit City Stores, Inc.), in Bell Canada’s acquisition of The Source By Circuit City
  • Visa Canada Corporation in connection with the global restructuring of the Visa worldwide enterprise
  • Catalyst Capital Group Inc., senior lender and DIP financier and purchaser of the assets of Richtree and Richtree Markets
  • Fleet Capital as a lender to Stelco Inc. in connection with the debtor in possession financing for Stelco’s restructuring and under a statutory plan of arrangement
  • BMO Capital as financial advisor to Tembec Inc. in connection with Tembec’s debt for equity restructuring by way of a statutory plan of arrangement
  • Tricap Partners Ltd. in connection with its $113 million recapitalization of Central Alberta Well Services Inc.