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ARTICLE · 28 JULY 2022

BlackRock Metals: Québec Court Grants Contested RVO, Again

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In 2020, the Superior Court of Québec considered for the first time a contested reverse vesting order (RVO) transaction, in the proceedings of Nemaska Lithium Inc. pursuant...

CanadaInsolvency/Bankruptcy/Re-Structuring
David Bish
David Bish
Julie Himo
Julie Himo
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In 2020, the Superior Court of Québec considered for the first time a contested reverse vesting order (RVO) transaction, in the proceedings of Nemaska Lithium Inc. pursuant to the Companies' Creditors Arrangement Act (CCAA). That RVO was granted, with leave to appeal twice denied1. Now the Court has once again approved the use of this innovative restructuring tool, in the recent CCAA proceedings of BlackRock Metals2.

What you need to know

  • In late 2021, BlackRock Metals commenced CCAA proceedings. In January 2022, the Court approved a sale and investment solicitation process (SISP) in which BlackRock Metals' existing secured lenders/debtor-in-possession lenders were approved as stalking horse purchasers. The bid was structured as a credit bid for which an RVO would be sought.

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