Restructuring and insolvency in Canada
Goodmans LLP
Goodmans LLP houses one of the largest and most respected restructuring practices in Canada. The team handles the full spectrum of work, with balanced strength advising on all elements of a restructuring and recapitalization transactions, acting for creditors, debtors, sponsors, lenders and court appointed officials. Recently the group acted for the ad hoc group of first lien lenders holding $1.4bn of debt of Skillsoft Corporation in connection with an international restructuring and recapitalization of the business. Supported by the firm's highly regarded M&A, corporate finance and securities, tax and litigation practices, the department is also a popular choice for distressed M&A work. Though the team is largely based in Toronto, the practice group is more than capable of handling mandates across Canada. Key figures in the team include practice head Joseph Pasquariello, Jay Carfagnini, Robert Chadwick, Brendan O’Neill all of whom are highly recommended in this space. Melaney Wagner retired in January 2020.
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Key clients
Bellatrix Exploration Ltd
Algoma Steel Inc.
Ernst & Young
Kew Media Group
Advanz Pharma Corp. (formerly known as Concordia International Corp.)
Sherritt International
Fairfax Financial Holdings Limited
Nuvo Pharmaceuticals Inc.
Gramercy Funds Management LLC
Alvarez & Marsal Canada ULC
FTI Consulting
PricewaterhouseCoopers (PwC)
The Province of Ontario
The Superintendent of Financial Services as Administrator of the Pension Benefits Guarantee Fund
Pengrowth Energy Corporation
Work highlights
- Advising Bellatrix on a recapitalization that reduced debt obligations by $110m and thereafter in connection with Company’s CCAA proceedings, DIP financing and an ultimate sale of assets.
- Acted for ad hoc group of first lien lenders holding $1.4bn of debt of Skillsoft Corporation in connection with an international restructuring and recapitalization of the business, including Chapter 11 and CCAA proceedings and DIP financing.
- Acted for Nordic Trustee AS as bond trustee and ad hoc group of bondholders holding in excess of $235m of bonds of Nemaska Lithium Inc. in connection with Nemaska’s CBCA and CCAA proceedings and litigation and settlement pertaining to entitlement to “Make Whole Payments” under the bonds in question.
Bennett Jones LLP
Bennett Jones LLP's insolvency group works closely with the firm's premier oil and gas practice, having recently been involved in a number of debt restructurings in this sector. Other areas in which the department has a strong track record include manufacturing, real estate and retail. The practice covers the entire range of mandates, acting for creditors, debtors, and investors in and acquirers of distressed assets, as well as for court-appointed officers. Toronto based co-head Kevin Zych and his Calgary-based counterpart Christopher Simard are both highly regarded in this field. Sean Zweig is another key up-and-coming name in the practice.
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Key clients
American Roads
Bellatrix Unsecured Bondholders
Board of Directors of Sears Canada
Bybrook Capital
Clover Leaf Holdings Seafood Company
Contrarian Capital Management
Ernst & Young Inc.
FTI Consulting Canada Inc.
Grant Thornton Limited
KSV Kofman Inc.
NCSG Crane & Heavy Haul Services
Nine Dragons Paper (Holdings) Limited
PricewaterhouseCoopers Inc.
Solus Alternative Investments
SunEdison Canada
Syncora Guarantee
Wilmington Trust, National Association
Work highlights
- Acted for the primary party the Orphan Well Association (OWA), an independent, not-for-profit organization operating under the delegated authority of the Alberta Energy Regulator.
- Acted for Sears Canada in proceedings under the Companies’ Creditors Arrangement Act in 2017 in order to attempt to find a going concern solution for all or part of its business.
- Acting for the Clover Leaf companies in their filing under the CCAA.
Blake, Cassels & Graydon LLP
With a network of offices spread across the country, Blake, Cassels & Graydon LLP is routinely involved in restructuring and insolvency mandates in Toronto, Vancouver, Calgary and Montréal. The breadth of its geographic reach is matched by the breadth of its client base, with regular instructions from Canadian and US financial institutions, corporate debtors, and restructuring financial advisory firms. The practice group is complemented by the wider firm's highly regarded banking and finance, M&A, tax and disputes groups. It also handles a steady flow of work off the back of the firm's premier oil and gas practice. Toronto-based Pamela Huff leads the national practice group, while Peter Rubin, Kelly Bourassa and Bernard Boucher head up the Vancouver, Calgary and Montréal offices, respectively.
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Key clients
Barings Finance LLC
Carillion Canada Group
City of Montreal
Cona Resources Ltd., a portfolio company of Waterous Energy Fund
Corner Flag LLC
Deloitte Canada
Dominion Diamond Mines ULC
Ernst & Young Inc.
KPMG Inc.
Morneau Shepell Ltd.
National Bank of Canada
Wells Fargo
Work highlights
- Advised Dominion Diamond Mines ULC on its Companies’ Creditors Arrangement Act filing.
- Represented the court-appointed monitor in the CCAA proceedings of JTI-Macdonald Corp., which is playing a central role in developing a structured settlement to resolve over half-a-trillion dollars of litigation claims that, if implemented, will in effect restructure Canada’s entire tobacco industry.
- Canadian counsel to the Syncreon Group in connection with its multi-jurisdiction balance sheet restructuring of over $1bn in funded debt.
McCarthy Tétrault
McCarthy Tétrault houses a nationwide restructuring department with a strong reputation acting in cross-border cases, frequently working alongside co-counsels in Europe and the US. The group is instructed by creditors, debtors and financial institutions across Canada, undertaking the full breadth of work. Among its recent highlights, the team represented Diaquem in its involvement in the reorganization of Stornoway Diamonds under CCAA proceedings, including in the credit bid and re-financing of existing credit facilities. Names to note include James Gage, who leads the national group from Toronto, and Montréal-based Philippe Bélanger, who has expertise in bankruptcy and restructuring matters, as well as in related commercial litigation.
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Philippe Bélanger; Heather Meredith; Barbara Boake; Sean Collins
Key clients
Alaris Royalty Corp.
Bank of Montreal as Agent for syndicate of banks
CannTrust Holdings and Affiliates
Deloitte Restructuring Inc.
Diaquem (a subsidiary of Investissement Québec)
Ernst & Young, court-appointed monitor to various entities of Aldo Group
Ernst & Young Inc., as court-appointed Monitor of Connacher Oil and Gas Limited
The Hertz Corporation and Affiliates
International Game Technology, Deloitte S.E.N.C.R.L., Luc Carignan, François Vigneault, Philippe Millette, Francis Proulx, François Pelletier as members of an ad hoc creditors’ group.
National Bank of Canada in the restructuring and receivership of Armoires Fabritec Ltée
National Bank of Canada in the restructuring of Bouclair inc.
Nemaska Lithium Inc.
PricewaterhouseCoopers Inc.
Rothmans, Benson & Hedges Inc.
TD Bank as agent
Work highlights
- Acted for senior secured creditor in responding to an application for a CCAA initial order presented by the debtor companies.
- Representing CannTrust in its CCAA restructuring proceedings.
- Representation of Diaquem in its involvement in the reorganization of Stornoway Diamonds under CCAA proceedings, including Diaquem’s involvement in the credit bid and re-financing of existing credit facilities.
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP attracts prominent debtor-side mandates, but is best known in the market for its premier bondholder practice. In addition to its significant bondholder experience, the practice group advises a diverse mix purchasers of distressed assets, directors and senior executives, credit and investment officers and fund managers on the full range of restructuring work. The national practice group is chaired from Toronto by Marc Wasserman, who is highly regarded in this field. Other key figures in the team include Michael De Lellis and Tracy Sandler, the latter of whom is known both for her work in recapitalizations and restructurings, as well as for her thought leadership.
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Other key lawyers:
Michael De Lellis; Tracy Sandler; Sandra Abitan; Jeremy Dacks
Key clients
Imperial Tobacco Canada Limited
Forever 21, Inc.
The Ad Hoc Committee of Term Lenders to Essar Steel Algoma Inc.
Secured Debtholder Committee of Concordia International Corp.
Ad Hoc Committee of Secured Noteholders to Toys “R” Us
FAAN Mortgage Administrators Inc.
GSO Capital Partners
Barings European Loan Limited
Alcentra Limited
Carlyle Investment Management LLC
Pacific Investment Management Company, LLC
GoldenTree Asset Management LP
Bain Capital Credit
Oak Hill Advisors
Brookfield Capital Partners/Brookfield Asset Management
Barclays Bank PLC
JP Morgan Chase
Goldman Sachs
Morgan Stanley
Royal Bank of Canada
Alvarez & Marsal Canada Inc.
PricewaterhouseCoopers Inc.
Deloitte Restructuring Inc.
FTI Consulting Canada Inc.
Richter Advisory Group Inc.
Ernst & Young Inc. / KPMG Inc.
Hollander Sleep Products, LLC
Jack Cooper Transport Canada Inc.
Sears Canada Inc.
Bondfield Construction Company Limited
Wayland Group Corp.
Atlas Healthcare (Richmond Hill) Ltd.
Work highlights
- Counsel to Imperial Tobacco Canada Limited (“ITCAN”) and Imperial Tobacco Company Limited.
- On behalf of New Walter, litigated a “long-arm” pension law claim asserted by the 1974 Pension Plan.
- Acting as counsel to the Alvarez & Marsal Canada in its role as monitor in CCAA proceedings.
Thornton Grout Finnigan LLP
Toronto-based boutique Thornton Grout Finnigan LLP is highly specialized in complex and contested bankruptcies, practising exclusively in litigation and restructuring. The department represents a wide range of clients including financial institutions, regulatory agencies, publicly traded companies and officers and directors. Robert Thornton and DJ Miller are among the key contacts in the team.
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Torys
Torys has a strong national presence, but is particularly strong in the Calgary market, where it generates a significant amount of work in the oil and gas space, working closely alongside the firm's top-tier oil and gas practice. Acting for a wide range of core parties, including debtors, court officers and creditors, the team is also active outside of the oil and gas space, boasting the ability to bring in 'the right resources from the firm to think through complex issues'. Tony Demarinis leads the national team from Toronto, and is recognized for his work in the high-end restructuring and insolvency field. Also recommended is David Bish, who leads the corporate restructuring practice and focuses on bankruptcies, insolvencies, receiverships and restructurings.
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Testimonials
‘The team brings the right resources from the firm to think through complex issues, are extremely responsive, able to take into account various viewpoints and bridge the commercial/legal aspects.‘
‘A balanced approach that took into consideration both the commercial and legal aspects.‘
‘David Bish laid out the paths and clearly articulated the considerations in a very complex and unique matter.‘
Key clients
PIMCO
Barings LLC. Brigade Capital Management. DDJ Capital Management
Ernst & Young Inc.
QuadReal
Home Trust
Morneau Shepell
Canadian Imperial Bank of Commerce
The Toronto-Dominion Bank
Canada Pension Plan Investment Board (CPPIB)
Fairfax Financial Holdings
Sagard Credit Partner
Resources Partners
The Cadillac Fairview Corporation Limited
Tarion Warranty Corporation
FTI Consulting
Clairvest
Medical Pharmacies Group Limited
General Nutrition Centres
Work highlights
- Representing Ernst & Young Inc. in its capacity as the Court-appointed Information Officer in the Part IIV CCAA Recognition Proceedings of Purdue Pharma et al. Purdue Pharma is a central figure in the opioid pharmaceutical products market, including its OxyContin brand.
- Advising JT Canada LLC Inc. as the lender on the receivership proceedings of JTI-MacDonald TM Corp., a Canadian division of Japan Tobacco International and one of the oldest companies in Canada.
- Acting for KSV Kofman Inc. as court officer in the receivership proceedings of Bondfield Construction Company Limited, a family-owned Canadian construction company.
Borden Ladner Gervais LLP
Borden Ladner Gervais LLP 's restructuring department has a strong reputation working for senior secured lenders and secured noteholders. The group is also instructed by a range of insolvency professionals, including the Big Four, where it acts as monitors, court appointed receivers and trustees in bankruptcy proceedings. Montréal-based Marc Duchesne jointly leads the department alongside practice co-head Alex MacFarlane in Toronto. The firm has a significant presence across Ontario, Quebec, Alberta and British Columbia.
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Roger Jaipargas; Josef Krüger; Mathieu Levesque; François Gagnon
Key clients
Bank of Montreal
The Royal Bank of Canada
The Bank of Nova Scotia
National Bank of Canada
Ernst & Young
PwC
Deloitte
MNP
KPMG
Grant Thornton – Raymond Chabot Grant Thornton
Work highlights
- Counsel to Ascent Industries and its subsidiaries in its CCAA proceedings.
- Counsel to Energold Drilling and its subsidiaries in ongoing CCAA proceedings.
- Acting for the Court appointed Monitor (PwC) in the CCAA proceedings of Bioamber Canada Inc., Bioamber Sarnia Inc. and Bioamber Inc.
Cassels Brock & Blackwell LLP
Cassels Brock & Blackwell LLP is highly regarded in international markets, regularly acting for foreign clients in Canadian and cross-border restructurings and insolvencies. Specialized in distressed M&A, DIP lending transactions and security enforcement issues, the team has won instructions from a variety of financial institutions and investors, creditors’ committees, receivers, monitors and trustees. Shayne Kukulowicz chairs the group from Toronto. Ryan Jacobs is another key contact specializing in cross-border cases.
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Davies Ward Phillips & Vineberg LLP
Davies Ward Phillips & Vineberg LLP's restructuring group is retained by creditors, suppliers, landlords and banks, drawing on the firm's strength in financing and M&A to offer comprehensive support in insolvencies and receiverships. Cross-border work continues to be a primary work stream for the department, which handles a significant number of insolvencies involving the UK and US. Robin Schwill and Natasha MacParland jointly lead the team from Toronto, and litigation specialist Denis Ferland is a key contact in Montréal.
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Key clients
Target Corporation
Alvarez & Marsal Canada
PwC
EY
HSBC Bank Canada
FTI Consultin, Inc.
Richter Advisory Group Inc.
Crystallex International Corporation
Hale Capital Partners
The Cadillac Fairview Corporation Limited
Work highlights
- Acting for Reitmans (Canada) Limited, a TSX-listed clothing retailer with approximately 600 stores across Canada, operating under five different banners (Reitmans, Penningtons, Addition Elle, Thyme Maternity and RW&CO), in its restructuring under the Companies’ Creditors Arrangement Act.
- Acting for The Aldo Group Inc., a Canadian footwear retailer, in its restructuring attempt under the Companies’ Creditors Arrangement Act.
- Acting for KSV Kofman Inc. in its role as monitor of James E. Wagner Cultivation Corporation, a Canadian-licensed cannabis producer, in connection with proceedings under the Companies’ Creditors Arrangement Act.
Dentons
Dentons' restructuring team has developed deep expertise in the areas of energy, mining and natural resources, retail and real estate. The team regularly attracts restructuring mandates from accounting firms and lenders, and is also recognized for its work on distressed asset sales and various security issues. David Mann leads the department from Calgary and is assisted by Vancouver-based John Sandrelli, who has handled restructuring matters for a variety of international companies.
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Key clients
Ascent Industries Corp.
Ernst & Young Inc.
Alvarez and Marsal Canada Inc.
PricewaterhouseCoopers Inc.
HSBC Canada
Wilmington Trust, National Association
Guy Gissin
KPMG Inc.
Work highlights
- Sought and obtained, on behalf of the receiver, the approval of the proposal submitted by Alexco Environmental Group Inc. and JDS Energy & Mining Inc. to carry out the work and acquire nearly all remaining assets of the debtor with a value of approximately C$150m.
- Counsel for Ascent Industries in the first instance of a cannabis business restructuring under the CCAA in Canada
- Assisted with developing a plan of arrangement and negotiating various asset purchase agreements to implement a sale of Miniso Canada’s business to Miniso China.
Fasken
Fasken boasts a broad national restructuring practice, with a presence across Toronto, Vancouver, Montréal and Calgary. The department has a strong record representing accountants and lenders, and generates a steady stream of work from its premier mining practice. Contacts in Vancouver include Kibben Jackson and John Grieve QC, who is highly regarded for his work on complex CCAA proceedings. The group is led by Stuart Brotman in Toronto.
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Work highlights
- Represented the ad hoc committee of term loan lenders in connection with all aspects of the CCAA proceedings and certain Canadian issues that arose in the Chapter 11 proceedings.
- Represented private equity firm Centre Lane Partners, as Canadian counsel, in connection with its successful bid and acquisition of the North American operations of the Hollander Group.
- Acted for the Miniso Group in relation to a creditor-initiated Companies’ Creditors Arrangement Act proceeding concerning the Miniso Group’s former Canadian licenses, Migu Investments Inc. and numerous related parties.
Gowling WLG
Gowling WLG is distinguished in part by its strength in creditor-side work, in which it is regularly instructed by several of Canada's largest banks. The firm's global network places the practice group in an excellent position to advise on multi-jurisdictional restructurings and insolvencies. In terms of industry expertise, the team has been especially active in the areas of construction and retail. Litigator Clifton Prophet leads the department from Toronto alongside David Cohen, who heads up the financial services industry group. Derrick Tay, who had led the corporate restructuring practice, retired in December 2019.
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Key clients
The Bowra Group
Farm Credit Canada
Philip Morris International Inc.
Callidus Capital Corporation
Ivanhoé Cambridge
Work highlights
- Acting for the receiver in connection with a coal mine.
- Counsel to the largest secured creditor for a grain company with six plants in Saskatchewan.
- Counsel to Philip Morris International Inc. in the Companies’ Creditors Arrangement Act proceedings of Rothmans, Benson & Hedges Inc.
Norton Rose Fulbright
Spread across the firm's offices in Calgary, Toronto, Ottawa, Montréal, Quebec City and Vancouver, Norton Rose Fulbright has experience of domestic and cross-border restructuring and insolvency matters and is well versed in advising companies facing financial difficulties before they reach insolvency. The practice group has built a reputation for representing debtors and court-appointed officers, and is especially well known for its work in the energy and mining sectors. Managing partner Kieran Siddall is based in Vancouver; Sylvain Rigaud and Luc Morin are contacts in the Montréal office; and Howard Gorman QC is a name to note in Calgary.
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Key clients
FTI Consulting Canada Inc.
Stornoway Diamond Corporation
Cirque du Soleil
Noteholders and Pengrowth Energy Corporation
Noteholders of Bonavista Energy Corporation
Alvarez and Marsal Canada Inc.
Bank of New York Mellon
Ernst & Young Inc.
Bank of America
Novelion Therapeutics Inc.
Insolvency Institute of Canada
HSBC Canada
KSV Advisory Inc.
Work highlights
- Acted for Stornoway Diamond Corporation in its successful CCAA restructuring process involving over $700m of outstanding liabilities and the Renard Mine, one of only four diamond mines in Canada and a flagship component of Québec’s Plan Nord, employing over 500 employees.
- Acting for FTI Consulting Canada Inc., as monitor, in the insolvency proceedings of Sears Canada Inc., formerly one of Canada’s largest retailers with over 16,000 employees and over 100 full-line department stores.
- Representing the noteholders of Bonavista Energy Corporation in connection with a proposed comprehensive restructuring under the Canada Business Corporations Act.
Stikeman Elliott LLP
Stikeman Elliott LLP leverages the firm's expertise in litigation, banking, M&A, pensions, employment, securities, tax and regulatory law to provide clients of all types with full-service legal support in insolvency and restructuring matters. Toronto-based litigator David Byers has acted both for lenders and debtors in court supervised restructurings. Jean-Marie Fontaine in Montréal jointly leads the department alongside Elizabeth Pillon in Toronto.
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Chaitons
Chaitons has built a strong reputation in contentious mid-market restructuring mandates, working alongside the firm's litigation and corporate teams. Foreign financial institutions, equipment lessors and various other secured creditors are among the team's core clients. The practice group is led by Harvey Chaiton in Toronto, who has broad expertise in corporate restructuring and bankruptcy matters, but is recognized in particular for his work in receivership proceedings and insolvency litigation.
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DLA Piper (Canada) LLP
DLA Piper (Canada) LLP acts for creditors, debtors and court officers in a range of restructuring mandates. The firm's global network, as well as its full service legal offering, makes it an attractive choice for clients with issues spanning multiple jurisdictions. Brian Davison QC leads the group from Calgary, and has extensive experience in the oil and gas sector.
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Key clients
Canadian Tire REIT
Intercap Equity Inc
Atlantic Auto Performance Ltd.
Toronto-Dominion Bank
RioCan REIT
Celadon Group Inc.
The Royal Bank
Computershare Trust Company of Canada
MNP Ltd.
Alberta Securities Commission (ASC)
Lightstream Resources Ltd
Work highlights
- Advised Intercap Equity Inc. on the Bankruptcy and Insolvency Act proposal proceedings of Viafoura Inc.
- Represented Celadon Group Inc., and its Canadian operating subsidiary, Hyndman Transport Limited, in respect of the Celadon Group Chapter 11 proceedings commenced in Delaware and the cross-border recognition proceedings in the Ontario Superior Court of Justice under Part XIII of the BIA.
- Advised Atlantic Auto Performance Ltd. in respect of the bankruptcy of EncoreFX Inc. The firm was successful in recovering the entirety of Atlantic’s funds (approx. $2m) back from the trustee.
Lax O'Sullivan Lisus Gottlieb LLP
Lax O'Sullivan Lisus Gottlieb LLP is regularly engaged as trial and appellate co-counsel by peer law firms, and also serves as court appointed officers in large and sensitive bankruptcy matters. The Toronto-based firm specializes in contentious bankruptcy work and has also acted as counsel in, class actions, securities litigation and administrative law matters. Matthew Gottlieb and Jonathan Lisus jointly lead the practice.
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Key clients
Sears Canada
Nortel Networks Corp.
KingSett Capital Inc.
Canadian Overseas Petroleum Limited
Mizrahi Developments Inc., et al.
PWC Canada (PricewaterhouseCoopers LLP)
KingSett Mortgage Corporation
J. Douglas Cunningham, Q.C., in his capacity as Litigation Trustee to Sears Canada
2668602 Ontario Inc. (Bowring Canada/Bombay & Co. Insolvency)
The Honourable Warren K. Winkler in his capacity as the Tobacco Claimants Coordinator in the Imperial Tobacco Limited CCAA proceeding
Purdue Pharma
Trump Organization
Praxair Canada Inc.
Quadrangle Group
Qikiqtani Inuit Association
Parc-IX Limited
Minotar Holdings Inc
Canadian Network Operators Consortium Inc.
Coxswain Row Capital Corporation
Strada Crush Limited
Work highlights
- Counsel to the court appointed mediator in the Imperial Tobacco Limited, JTI-MacDonald Corp. and Rothmans, Benson & Hedges Inc. CCAA proceedings.
- Appointed litigation investigator by the Ontario Superior Court of Justice to investigate potential claims on behalf of Sears Canada and its creditors to increase assets within the estate and to review payments made to Sears Canada shareholders.
- Counsel to the Sackler Families in the Purdue Pharma CCAA proceeding and a proposed national class action. The CCAA matter is a Canadian recognition proceeding related to the US Chapter 11 insolvency proceeding for Purdue Pharma L.P. and related entities.
Lenczner Slaght LLP
Toronto-based litigation boutique Lenczner Slaght LLP acts for creditors and debtors in a full range of contentious insolvency work. The team has substantial experience of commercial reorganizations and restructurings, personal property security matters, creditors' rights, receiverships and bankruptcies. Key contacts include Matthew Lerner and Peter Osborne.
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Key clients
DBDC Spadina Ltd. and a series of other companies (owned beneficially by Dr. Stanley Bernstein)
Third Eye Capital
Blue Goose Capital Corporation and Blue Goose Foods Ltd.
Sears Holding Corporation
Ernst & Young Inc
Carillion
Zurich
KSV Advisory Inc. and KSV Kofman Inc.
Work highlights
- Counsel to the applicant in bankruptcy proceedings and at the Court of Appeal for Ontario relating to a mining company.
- Counsel to the applicants in an application to appoint a receiver / manager and to recover C$110m from a real estate venture with Norma Walton.
- Representing Sears Holdings Corporation (the US Parent) in connection with four Canadian class actions and related CCAA insolvency proceedings in Canada arising out of the payment by Sears Canada Inc. of payments of $509m and allegations of oppression and bad faith.
McMillan LLP
Toronto-based McMillan LLP regularly works with distressed companies, boards of directors, Canadian and US financial institutions, lending syndicates and bondholders, advising on the full range of restructuring and insolvency issues. In particular, the firm has built a track record in the mining, oil and gas and print media sectors. Waël Rostom is a key contact in the department.
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