restructuring & insolvency - cassels brock · restructuring & insolvency, ... out-of-court...

RestRuctuRing & insolvencyEmerge Stronger

Cassels BroCk | restruCturing & insolvenCy2

table of contentsSuccessful Restructuring Starts Here

What Should You Expect From a Restructuring or Insolvency?

How We Can Help

Industry Involvement

Restructuring & Insolvency Team

Representative Work

www.casselsbrock.com

Cassels BroCk | restruCturing & insolvenCy 1

With the recent addition of five leading Canadian restructuring lawyers, the scope of our cross-border restructuring capabilities is simply unmatched by our peers – an important quality given the ever-increasingly global marketplace. We have more major New York and Magic Circle experience, and more NY- and DC-qualified professionals, than any other team in Canada; and we can leverage the deep relationships we have with key institutional players and professionals in foreign markets for the benefit of our clients.

Our international strength is equally matched by our significant depth and expertise closer to home. Over the years, we’ve developed extensive relationships with leading Canadian insolvency professionals, accounting firms, financiers, institutional and distress investors, purchasers of distressed assets, and boards of private and public companies; all of whom have come to rely on us to solve their complex issues and to achieve a successful outcome in difficult situations.

Our list of recent and currently active public mandates and roles is comprehensive, but demonstrates without question that Cassels Brock’s restructuring and insolvency group is a leader in the field.

successful RestRuctuRing staRts HeRe

“value is maximizing recoveries, retaining employees and successfully reorganizing businesses.”


WHat sHould you expect fRom a RestRuctuRing oR insolvency?In a word, value – from process to outcome to price. But you can also expect a lot more from Cassels Brock.

Our team has some of the best restructuring and insolvency lawyers in Canada and we’re ready to solve your business challenges.

Whatever side of a restructuring or insolvency you’re on today, we can help you emerge stronger and better prepared for tomorrow.

It is our positive, future-focused visioning that draws people to our practice, where benefits can be realized immediately even in the most challenging circumstances.

Whether you’re a company, a creditor or a distressed investor/purchaser, you can expect us to put you in a position to confidently move forward towards your next success.


Recognized leadeRs

7 Cassels Brock lawyers ranked by Martindale-Hubbell’s peer review as either “AV® Preeminent™” or “BV® Distinguished™”

4 Cassels Brock lawyers recognized in Chambers Global

2 Cassels Brock lawyers recognized in Canadian Legal Lexpert Directory

2 Cassels Brock lawyers recognized in IFLR 1000

1 Cassels Brock lawyers recognized in The Legal Media Group Guide to the World’s Leading Insolvency and Restructuring Lawyers and Law Business Research’s Who’s Who Legal (in the area of Insolvency & Restructuring Law)

100 yeaRs of veteRan leadeRsHip — When things get complicated (which often happens in R&I cases) there is no substitute for the experience and calm leadership of someone who’s been there before and is on your side. Our team has played a significant role in virtually every major domestic and cross-border restructuring in recent history.

betteR bencH stRengtH — Applying a complete and integrated team-based approach, our lawyers leverage the expertise that exists both within our core R&I team and in complementary practice areas across the firm. We capitalize on our experience to ensure a better outcome for our clients.

a RigHt-bRain appRoacH to left-bRain laW — Creativity is our firm’s signature commitment. Our team is seasoned yet innovative, finding value for our clients often in places only we’d think to look.

domestic clout — Leading Canadian insolvency professionals, accounting firms, financiers, institutional and distress investors, and boards of private and public companies have all come to rely on us to achieve successful outcomes in difficult situations.

global ReacH — Our team has more lawyers that have practised internationally than any other restructuring group in Canada. The deep relationships we have with key players around the world means we can keep things moving smoothly and alleviate cross-jurisdictional headaches.

RefeRRal ResouRces — We value relationships and enjoy sharing opportunity. Our strong corporate platform supports outbound prospects for trustees, debtors and creditors.

Cassels Brock has been recognized as a leading firm in the area of Restructuring/Insolvency by Chambers Global and the Legal 500

ouR RestRuctuRing & insolvency gRoup offeRs:


HoW We can HelpEvery engagement, no matter how big or small, is carefully managed to keep budgets in check, respect timelines and achieve success. Our deep bench strength allows us to offer tailor-made teams to meet your needs, while still providing incredible value and innovation.

Reorganizations and Restructurings:

IDEnTIFYIng SOLuTIOnS FOR VIABLE BuSInESSES In FInAnCIAL DIFFICuLTY

PLAnnIng AnD ImPLEmEnTIng FORmAL AnD InFORmAL DOmESTIC AnD CROSS-BORDER RESTRuCTuRIngS

nEgOTIATIng, STRuCTuRIng AnD FInAnCIng InVESTmEnTS AnD/OR ACquISITIOnS WITHIn THE InSOLVEnCY PROCESSES

guIDIng CROSS-BORDER LITIgATIOn AnD EnFORCEmEnT PROCEEDIngS

ADVISIng DIRECTORS AnD OFFICERS AS TO THEIR LIABILITIES AnD RESPOnSIBILITIES

REPRESEnTIng AD HOC AnD OFFICIAL CREDITOR gROuPS

STRuCTuRIng DIP LEnDIng TRAnSACTIOnS

COORDInATIng CROSS-BORDER RESTRuCTuRIngS AnD REORgAnIzATIOnS

security enforcement and creditors’ Remedies:

FORmuLATIng STRATEgIES TO mAxImIzE LOAn RECOVERIES

EnFORCIng SECuRITY THROugH COnTRACTuAL OR STATuTORY REmEDIES OR COuRT PROCEEDIngS

mAnAgIng ARRAngEmEnTS, RECEIVERSHIPS, LIquIDATIOnS, AnD BAnkRuPTCIES

mAxImIzIng RESuLTS In COuRT-SuPERVISED RESTRuCTuRIngS FOR LEnDERS AnD InVESTORS

PROVIDIng InSIgHTS InTO PRIORITY LIABILITIES InCLuDIng EnVIROnmEnTAL AnD LABOuR

“ cassels brock is noted for its involvement in cross-border restructurings and insolvencies, and has considerable experience acting for financial institutions, trustees, debtors and receivers.”

– Chambers Global


WHeRe We’ve added valueThe R&I lawyers at Cassels Brock have represented ad hoc and official creditor groups, DIP lenders, institutional and distress investors, receivers, monitors, trustees, debtors and purchasers.

We have experience in virtually every sector of the business community and recent restructuring experience in energy, mining, automotive, power products, manufacturing and banking sectors. We know virtually every industry and its applicable regulations.

Here’s a look at our value propositions in action on a few of our recent transactions:

cReativity — Based on our cross-jurisdictional know how, we were chosen by a new York-based hedge fund to represent it as DIP Lender to a Canadian mining company whose primary asset is a $3.4 billion arbitration claim against the Venezuelan government, that has since involved the World Bank and the Supreme Court of Canada.

inteRnational expeRtise — Chosen by the official committee of unsecured creditors to act in connection with nortel networks — one of the largest and most complicated insolvency proceedings in Canadian history dealing with jurisdictions across the globe.

integRated team — Our team leveraged complementary practices to drive the value of a company as we steered a private equity firm through restructuring, environmental, labour, union and national security issues to complete a $70 million buyout of an international aerospace company in a cross-border restructuring proceeding.

leadeRsHip — Our ability to leverage experience, such as court-appointed representative counsel, made the difference to the over 1,000 investors we represented in a $360 million case against an insolvent investment company.


industRy involvementmembers of our group are active members of numerous industry and trade organizations. Our lawyers teach at universities and are frequently asked to speak at prominent local and international conferences and organziations and to write for industry publications.

organizations

AmERICAn BAnkRuPTCY InSTITuTE

AmERICAn COLLEgE OF BAnkRuPTCY

AmERICAn BAR ASSOCIATIOn (COmmERCIAL FInAnCE AnD BuSInESS BAnkRuPTCY SECTIOnS)

CAnADIAn ASSOCIATIOn OF InSOLVEnCY AnD RESTRuCTuRIng PROFESSIOnALS (CAIRP)

CAnADIAn InSOLVEnCY FOunDATIOn

InTERnATIOnAL BAR ASSOCIATIOn (InSOLVEnCY SECTIOn)

InSOLVEnCY InSTITuTE OF CAnADA

InTERnATIOnAL ASSOCIATIOn OF RESTRuCTuRIng, InSOLVEnCY AnD BAnkRuPTCY PROFESSIOnALS (InSOL)

InTERnATIOnAL InSOLVEnCY InSTITuTE

InTERnATIOnAL WOmEn’S InSOLVEnCY AnD RESTRuCTuRIng COnFEDERATIOn (IWIRC)

nEW YORk BAR ASSOCIATIOn

OnTARIO BAR ASSOCIATIOn — InSOLVEnCY LAW SECTIOn; CAnADIAn BAR ASSOCIATIOn

TuRnAROunD mAnAgEmEnT ASSOCIATIOn

unITED STATES nATIOnAL BAnkRuPTCY COnFEREnCE

TOROnTO CHIEF JuSTICE COmmITTEE On COmmERCIAL COuRT PROCEEDIngS


speaking

THE CAnADIAn ASSOCIATIOn OF InSOLVEnCY AnD RESTRuCTuRIng PROFESSIOnALS (CAIRP)

THE RISk mAnAgEmEnT ASSOCIATIOn

InTERnATIOnAL InSOLVEnCY InSTITuTE

InTER-PACIFIC BAR ASSOCIATIOn

InSOLVEnCY InSTITuTE OF CAnADA

AmERICAn COLLEgE OF BAnkRuPTCY

unITED STATES nATIOnAL COnFEREnCE OF BAnkRuPTCY JuDgES

unIVERSITY OF TOROnTO

unIVERSITY OF WInDSOR

Writing

ResTRuCTuRInG & InsoLvenCy, An AnnuAL PuBLICATIOn FROm LAW BuSInESS RESEARCH LTD., LOnDOn

naTIonaL InsoLvenCy RevIeW

CAIRP’S ReBuILDInG suCCess MaGazIne


seema aggaRWal416 869 5460 [email protected]

bill buRden416 869 5963 [email protected]

laRRy ellis416 869 5406 [email protected]

JosepH J. bellissimo416 860 6572 [email protected]

eRin cRaddock416 860 6480 [email protected]

JonatHan fleisHeR416 860 6596 [email protected]

maRlin HoRst416 860 6446 [email protected]

JoHn biRcH416 860 5225 [email protected]

Jane dietRicH416 860 5223 [email protected]

laRa Jackson416 860 2907 [email protected]

RestRuctuRing & insolvency teamOur highly qualified team of lawyers are innovative, flexible, strategic and client-centred. We are committed to excellence in the delivery and quality of our legal services. We’d like to work with you — contact any member of our team to find out more about our value proposition.

Ryan Jacobs416 860 6465 [email protected]

sHayne kukuloWicz416 860 6463 [email protected]

the cassels brock Restructuring and insolvency group offers decades of collective legal experience, and advises on all aspects of reorganizations, restructurings and insolvency matters.


natalie e. levine416 860 6568 [email protected]

eleonoRe moRRis416 869 5352 [email protected]

keRi Wallace416 860 2954 [email protected]

alison R. manzeR416 869 5469 [email protected]

monique sassi416 860 6886 [email protected]

david WaRd416 869 5960 [email protected]

bRuce leonaRd416 869 5757 [email protected]

maRc meRcieR416 869 5770 [email protected]

alex taRantino416 860 6555 [email protected]

micHael WundeR416 860 6484 [email protected]


TYPE DESCRIPTIOn

Creditors and Investors

Acting for the secured creditor of Jaguar Mining in connection with Jaguar Mining’s recapitalization through CCAA proceedings.

Acting for the Ad Hoc Group of Second Lien Lenders of Quiznos in connection with Quiznos’ out-of-court restructuring.

Acting for Warner Bros., Sony Entertainment and Twentieth Century Fox in connection with the receivership and sale of Blockbuster Canada Co.

Acting for Hilco (UK) Ltd. in connection with the receivership of Kraus Inc., Kraus Canada Inc. and Strudex Fibres Limited.

Acting for the Ad Hoc Group of Investors of Lone Pine Resources in connection with Lone Pine Resources’ recapitalization.

Acting as the court-appointed Representative Counsel for approximately 26,000 Investors in connection with the receivership of The Portus Group.

Acting for Global Resource Fund, a secured creditor and DIP Lender, in connection with the CCAA/receivership proceedings of Tamerlane Ventures Inc.

Acting for secured equipment lenders in connection with the CCAA/receivership proceedings of Cow Harbour Construction Co.

ActingforGenesysCapitalPartnersInc.,asecuredcreditorandsignificantequityholder,inconnectionwiththeBIAreorganizationproceedingsofAffiniumPharmaceuticalsInc.

Acting for Roynat Inc., a secured creditor, in connection with the CCAA proceedings of Brainhunter Inc.

Acting for Roynat Inc., a secured creditor, in connection with the CCAA proceedings of Bruce R. Smith Limited.

Actingforsignificantgroupsofaircraftlessors/financiersintheCCAAproceedingsorbankruptciesofAir Canada, Skyservice Canada 3000 Airlines/Royal Aviation, Jetsgo Corporation and Zoom Airlines.

Acting for the Ad Hoc Investor Group in connection with First Leaside’s CCAA and receivership proceedings.

RepResentative WoRkMembers of our group have acted on the following significant transactions:

canadian Restructurings


TYPE DESCRIPTIOn

Court Officers Acting for Ernst & Young Inc., the court-appointed monitor, in connection with the CCAA proceedingsofAbitibiBowaterInc.andcertainofitsCanadianaffiliates.

Acting for Ernst & Young Inc., the court-appointed monitor, in connection with the CCAAproceedingsofAmcanConsolidatedTechnologiesCorp.anditsaffiliates.

Acting for Alvarez & Marsal Canada Inc., the court-appointed receiver of Rosseau Resort Developments Inc.

Acting for Ernst & Young Inc., the court-appointed receiver of St Marys Paper Corp. and its affiliates.

Acting for Ernst & Young Inc., the court-appointed receiver of Penex Metropolis Ltd. et al.

Acting for Grant Thornton, the national receiver of an international construction company.

Acting for BDO Canada on the court-appointed receivership of Peopledge HR Services Inc.

Acting for BDO Canada in the proposal proceedings and receivership of Strubs Food Corp.

Acting for KPMG Inc., the court-appointed monitor, in connection with the CCAA proceedings of Roman Corporation.

Acting for A. John Page & Associates Inc., the court-appointed monitor, in connection with the CCAA proceedings of Nelson Financial Group Ltd.

Companies Acting for AVEOS Fleet Performance Inc. in connection with its CCAA proceedings.

Acting for Newpage Port Hawkesbury Corp. in connection with its CCAA proceedings.

ActingforKobeSteelLimitedinconnectionwithNewfoundlandandLabradorRefiningCorporation’sreorganization proceedings.

Acting for Burlington Technologies Inc. in connection with its CCAA proceedings.

Acting for Tahera Diamond Corp. in connection with its CCAA proceedings.

canadian Restructurings


TYPE DESCRIPTIOn

Companies Acting for Grant Forest Products Inc. and related companies in connection with their cross-border CCAA/U.S. Chapter 15 proceedings.

Acting for LightSquared LP and related companies in connection with a CCAA recognition of their U.S. Chapter 11 proceedings.

Acting for TerreStar Networks Inc. and for the Creditors’ Committee in connection with a CCAA recognition of its U.S. Chapter 11 proceedings.

Acting for Trident Exploration Corp. and Trident Resources Corp. in connection with their cross-border CCAA/U.S. Chapter 11 proceedings.

Acting for Digital Domain Media Group in connection with its cross-border CCAA/U.S. Chapter 11 proceedings.

Acting for Bombay Furniture Company in connection with its cross-border CCAA/U.S. Chapter 11 proceedings.

Acting for Hunjan International Inc. in connection with its cross-border CCAA/U.S. Chapter 11 proceedings.

Creditors ActingfortheOfficialCommitteeofUnsecuredCreditorsinconnectionwiththecross-borderCCAA/U.S. Chapter 11 proceedings of Nortel Networks Inc. and certain of its direct and indirect subsidiaries.

Acting for the Ad Hoc Group of First Lien Lenders in connection with the cross-border CCAA/U.S. Chapter 15 proceedings of Catalyst Paper Corporation and certain of its subsidiaries.

Acting for an Ad Hoc Group of Bondholders in connection with the cross-border CCAA/U.S. Chapter 11 and South African proceedings of Great Basin Gold Ltd. and certain of its subsidiaries.

ActingfortheOfficialCommitteeofUnsecuredCreditorsinconnectionwiththecross-borderCCAA/U.S. Chapter 11 proceedings of Slater Steel.

Actingforthelendingsyndicatefinancinganewpowerplantandforbondholdersinconnectionwith the cross-border CCAA/U.S. Chapter 11 proceedings of Calpine Corporation.

Acting for Manufacturers and Traders Trust Company, an indenture trustee and unsecured creditor, inconnectionwiththecross-borderCCAA/U.S.Chapter11proceedingsofSmurfit-StoneContainerCanadaInc.andcertainofitsaffiliates.

Acting for an informal group of noteholders and post petition purchasers of Cooper Standard Automotive in connection with its cross-border restructuring.

Acting for Export Development Canada, a senior lender, in connection with the cross-border CCAA/U.S. Chapter 11 proceedings of Veltri Metal Products Company.

cross-border Restructurings


TYPE DESCRIPTIOn

Other Acting for the Federal Government of Canada, through Industry Canada, in connection with the U.S. Chapter 11 proceedings of both General Motors and Chrysler.

Acting for Wynnchurch Capital Inc., a stalking horse purchaser, in connection with the cross-border CCAA/Chapter 11 proceedings of Northstar Aerospace Inc.

Acting for Heico in purchase of Ivaco Ltd. steel manufacturing business.

Acting for Harris N.A./Bank of Montreal, agents of a lending syndicate, in connection with the receiverships of Atchinson Casting Corp. and its subsidiaries, including Canadian Steel Foundries and Anicom Multimedia Wiring Systems Incorporated.

cross-border Restructurings

cassels brock & blackwell llp

Suite 2100, Scotia Plaza 40 king Street West Toronto, On Canada m5H 3C2 Tel: 416 869 5300 Fax: 416 360 8877

Suite 2200, HSBC Building 885 West georgia Street Vancouver, BC Canada V6C 3E8 Tel: 604 691 6100 Fax: 604 691 6120

restructuring & insolvency - cassels brock · restructuring & insolvency, ... out-of-court...

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