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ARTICLE · 15 JULY 2013

Lenders React To Indalex Decision – Pension Deficits In Canada

Osler, Hoskin & Harcourt LLP
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Kevin Morley and Richard Borins recently authored an article in ABL Advisor titled "Pension Deficits in Canada – Lenders React to Indalex Decision".

CanadaFinance and Banking
Osler, Hoskin & Harcourt LLP
Osler, Hoskin & Harcourt LLP
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Kevin Morley and Richard Borins recently authored an article in ABL Advisor titled "Pension Deficits in Canada – Lenders React to Indalex Decision".  The article looks at how Canadian lenders have responded to the decision of the Supreme Court of Canada in Indalex Limited (Re) (Sun Indalex Finance, LLC v. United Steelworkers , 2013 SCC 6) that was released this past February.  The decision stemmed from a priority dispute between the holder of a "debtor-in-possession" (DIP) priority charge and the beneficiaries of provincial statutory deemed trusts in respect of wind-up deficits in defined benefit pension plans.  Earlier, lower court decisions in the Companies' Creditors Arrangment Act (Canada) proceedings had created uncertainty in loan markets. 

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