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ARTICLE · 13 APRIL 2016

Legal Trends 2016: Restructuring & Insolvency

Blake, Cassels & Graydon LLP
Blake, Cassels & Graydon LLP
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Blake, Cassels & Graydon LLP

Blake, Cassels & Graydon LLP

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In Canada, exploration and production (E&P) companies have been among the first to struggle in the new oil economy.

CanadaInsolvency/Bankruptcy/Re-Structuring
Blakes Restructuring & Insolvency Group
Blakes Restructuring & Insolvency Group
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ONE | OIL AND GAS SECTOR

Amid the protracted drop in oil prices and the decline of the Canadian dollar relative to the U.S. dollar, capitalizing on distressed opportunities in the oil and gas sector in a low-risk jurisdiction, such as Canada, has never been more attractive. These combined circumstances have resulted in approximately US$112-billion worth of oil and gas assets being made available for purchase. The semi-annual borrowing base reviews for reserve-based lending are resulting, in many instances, in increased pressure on borrowers to dispose of not only non-core assets, but also, in some circumstances, the "crown jewels" in order to bring borrowing base levels into compliance.

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