Canada - IFLR1000

146
Canada | Restructuring and insolvency
Ogilvy’s restructuring group, Derrick Tay is
well regarded by peers for his creative solutions
as debtor-side counsel. Tay leads the
firm’s response for Quebecor World, recently
securing court and creditor approval for the
company’s cross-border restructuring. The
recent filing of Nortel Networks in the US,
Canada, and the UK has also brought Ogilvy
on board to handle the restructuring of a
long-time client.
Throughout the nearly two-year restructuring
of the asset-backed commercial paper
(ABCP) market, Ogilvy advised Caisse de
Dépôt et Placement du Québec. The Quebec
pension-plan manager proved to be one of the
most influential investors groups throughout
the restructuring, holding an estimated $13.2
billion of the overall $32 billion in the shortterm
paper market.
Leading lawyers
Louis Gouin
Orestes Pasparakis
Tony Reyes
Derrick Tay
Osler Hoskin & Harcourt
A solid foundation of complementary practices
in capital markets, banking and M&A
allows Osler’s restructuring practice to offer
broad expertise. Practitioners at rival firms
single out Edward Sellers of Osler’s Toronto
office as the firm’s restructuring group leader.
“Sellers at Osler is a very solid corporate-type
insolvency lawyer,” says one partner. “Sellers
kind of quarterbacks the Osler team,” comments
another. Also from the Toronto office,
Marc Wasserman is recommended by peers
owing to his role in files like InterTan, the
Canadian subsidiary of electronics retailer
Circuit City.
Sellers and Wasserman acted for
Brookfield Bridge Lending Fund in connection
with its creditor status to Maax Canada.
The two were able to negotiate amendments
to existing credit facilities throughout the
bathroom supply manufacturer’s CCAA proceedings
as well as the establishment of new
credit facilities worth approximately $250
million. Other creditor work included the
firm’s representation of BlackRock’s involvement
in the asset-backed commercial paper
restructuring. The investment management
company was assigned the role of administrator
for 20 short-term paper conduits involved
in the workout.
Since January 2009, Osler has also advised
the board of directors for Nortel Networks in
the telecoms manufacturer’s ongoing insolvency
proceedings.
Leading lawyers
Edward Sellers
Marc Wasserman
Stikeman Elliott
Stikeman Elliott’s restructuring and insolvency
work with foreign creditors and multijurisdictional
debtors has given the firm a reputation
as a cross-border adviser. “I always
thought of Stikeman as litigators who do
insolvency work,” says one competitor, “but
they do phenomenal insolvency work.”
Another partner points out the talents of Sean
Dunphy in the firm’s Toronto office:
“Dunphy is their leading lawyer there and
very good.” Clients of the firm praise its quality
of personnel. “They are undeniably fantastic.
I think the level of competency and quality
of people they have there is always top
notch,” remarks one client.
As was the case for most of the top
Canadian firms, Stikeman advised in the
restructuring of the $32 billion asset-backed
commercial paper (ABCP) market. Sean
Dunphy and Peter Howard counselled a
group of asset providers in Bank of America,
Barclays, Deutsche Bank, HSBC, Merrill
Lynch, Swiss Re and UBS through the closing
of negotiations in February 2009. Stikeman is
also advising Bank of America in its role as
administrative agent for creditors of the crossborder
insolvency proceedings of SemCanada
Crude.
Recently, the firm scored a significant
debtor file in the representation of the
Smurfit-Stone Container Corporation.
Serving as Canadian counsel, Sean Dunphy
helped negotiate the recent $750 million
debtor-in-possession financing for the paper
maker.
Leading lawyers
David Byers
Sean Dunphy
Jean Fontaine
For analysis of the other leading law firms in
Canada’s restructuring and insolvency market
please visit the website at www.iflr1000.com
www.iflr1000.com
2010 EDITION