Our Insolvency and Restructuring Group

The Borden Ladner Gervais LLP Insolvency and Restructuring Group carries on one of Canada's leading restructuring, workout, bankruptcy and insolvency practices. The core of the Insolvency and Restructuring Group is comprised of leaders in the field with decades of restructuring experience. Members of our Group have received national and international recognition for their expertise by Chambers Global, IFLR, Lexpert, Best Lawyers in Canada and The Practical Law Company. Furthermore, seven members of our Group are members of the Insolvency Institute of Canada, a by-invitation national association of insolvency and restructuring professionals.

With BLG as a leading, full-service, national law firm, our Insolvency and Restructuring Group calls on key specialists in M&A, securities, litigation, IP and IT, labour and employment, financial services, competition, pensions, tax and real estate with experience in distressed and restructuring situations to field the team that meets and exceeds our clients' needs. We have broad industry experience, having acted on behalf of our clients on matters in a wide range of industries including: agriculture, airlines, automotive, energy, financial services, forestry, insurance, investment funds, manufacturing, media, oil and gas, pharmaceuticals, pulp and paper, real estate, retail, steel and telecommunications.

Members of BLG's Insolvency and Restructuring Group regularly appear before superior and appellate courts (including the Supreme Court of Canada) in insolvency, bankruptcy and restructuring proceedings. Formal bankruptcy and insolvency proceedings are often court driven. We have represented clients in respect in contested bankruptcy, receivership, liquidation and realization proceedings; sales process hearings; sale approval motions; classification hearings; priority issues; plan sanction and approval motions as well as preference, fraudulent conveyance, undervalue, reviewable transaction, oppression, alter ego, subordination and related litigation. While consensual resolution of difficult issues is often preferable, it is not always possible. Our Insolvency and Restructuring Group is well equipped to advance our clients' rights and interests before the courts.

With professionals in Canada's major centres, we have the national strength and the local knowledge to vigorously represent and protect the interests of our clients — no matter where in the country the matter is centred.

Our Services

We act for Canada's largest institutional lenders, international financial institutions, senior lenders, asset-based lenders, mezzanine lenders, turnaround companies, private equity, distressed investors, bondholders, indenture trustees, court officers (including trustees in bankruptcy, receivers, monitors and liquidators), protection funds, boards of directors and special committees and others involved in financial restructuring in matters ranging from loan amendments, intercreditor arrangements, out-of-court restructurings, asset and business sales and acquisitions, pre-packaged plans, plans of arrangement, balance sheet restructurings through formal proceedings, operational restructurings all with the goal of preserving and maximizing value.

Included in the range of services and advice provided are:

Distressed Financing

Working with members of our Financial Services Group, BLG's Insolvency and Restructuring Group acts for lenders in out of court financial restructurings, forbearance arrangements and accommodations, debtor-in-possession financing arrangements and exit financing.
In each of these types of situations, and the many possible variations, a clear-eyed understanding of the rights, interests, likely strategy and tactics of all stakeholders is critical to successfully navigating the process to a safe harbour.

Distressed M&A

Working closely with our Mergers and Acquisitions Group and other specialty groups, our Insolvency and Restructuring Group has acted for buyers, sellers, boards of directors, special committees, lenders providing acquisition financing, institutional investors, buyout funds and interested stakeholders in the acquisition or sale of assets or businesses in distressed situations.
We acted on plans of arrangement, CCAA sales plans, BIA sales processes, cross-border sales processes involving the combined use of Canadian court authorized sales procedures with section 363 U.S. Bankruptcy Codes sales, stalking-horse bidding processes (after or without a pre-filing sales process) including appropriate bidding protections and auction sales or more traditional Canadian style sales processes.
We have also advised in respect of plan-sponsor arrangements, strategic debt acquisitions, fulcrum security rights and issues and value maximizing techniques including the rejection or assignment of executory and other contracts and the assessment of other counterparty arrangements and risks.
In conjunction with our Labour and Employment Group, we assist in managing the sensitive issues involved in both union and non-union situations.

Cross-Border Experience

We have acted for existing and DIP lenders, court officers, prospective purchasers and other stakeholders in respect of cross-border proceedings including Chapter 11 cases in conjunction with recognition and ancillary proceedings under the CCAA, main CCAA proceedings in Canada with Chapter 15 (formerly section 304) proceedings in the United States, combined main proceedings in Canada and the United States and variations in respect of plans, sales processes and claims and related issues.

OUR EXPERIENCE

We have represented the following people in the following matters:

Ernst & Young Inc., the court-appointed monitor in the CCAA proceedings relating to the restructuring of $35 billion in the Third Party Asset-Backed Commercial Paper matter, the largest restructuring proceedings in Canadian history.
Ernst & Young Inc., the court-appointed monitor in the ongoing CCAA proceedings of the SemCanada Group .
Mariposa Stores Limited Partnership, a national woman's clothing retailer, in its CCAA proceedings and the Chapter 11 bankruptcy proceedings of its sister corporation in the US Pacific Northwest.
PricewaterhouseCoopers Inc., the court-appointed monitor in the CCAA proceedings of Cross Lake Minerals Ltd., a British Columbia gold mine.
Ernst & Young Inc., the court-appointed monitor in the Calpine CCAA proceedings.
Chrysler LLC, creditor and DIP lender in the Collins & Aikman CCAA proceedings.
Société Générale in Quebecor World Inc.'s cross-border insolvency proceedings.
Bank of Montreal, the senior and DIP lender in the cross-border CCAA and Chapter 11 proceedings relating to CFM Corporation .
JTI-Macdonald Corp., one of the largest tobacco manufacturers in Canada, in its ongoing CCAA proceedings.
KPMG Inc., the court-appointed monitor in the Bombay Furniture CCAA proceedings.
Ernst & Young Inc., the court-appointed liquidator in the Norbourg mutual fund liquidation.
PricewaterhouseCoopers Inc., the court appointed monitor in the CCAA proceedings of Ted LeRoy Trucking Ltd.
NEMI Northern Energy & Mining Inc. in its CCAA restructuring and resulting Peace River Coal partnership with Anglo American plc.
The independent directors and trustees in the Heating Oil Partners Section 18.6 CCAA proceedings (the first income trust-related filing in Canada).
Ernst & Young Inc., the trustee in bankruptcy of Rampart Securities Inc., a complex securities firm bankruptcy.
Bank of Montreal, Laurentian Bank of Canada and GE Financial, senior secured creditors and DIP lenders in the CCAA proceedings relating to Roman Corporation Limited, a public paperboard manufacturer.
SAAN Stores Limited, a national chain of department stores, in its CCAA/BIA proceedings.