Fasken Martineau plays critical role in ABCP restructuring
March 18, 2008
On March 17th, the Ontario Supreme court granted creditor protection under the Companies' Creditors Arrangement Act (CCAA) to seven corporations that are the issuers of $32 billion of non-bank sponsored asset-backed commercial papers (ABCP) so that the holders can consider and vote on a restructuring plan proposed by a committee composed of representatives of the largest holders. The market for the ABCP has been frozen since mid-August of last year. This is the largest restructuring case in Canadian history in dollar value, as well as being one of the most complex, and marks the first time that the CCAA has been used to restructure debt obligations on which recourse against the debtor corporations is limited to assets held by them in trust.
Two teams of lawyers from our Toronto and Montreal offices are advising the ABCP issuers. In its March 18th article listing the lawyers involved for various parties, the Financial Post noted that Fasken Martineau's insolvency and restructuring lawyers "played a key role in mapping out the CCAA filing and moving the process into the courts".
The article identified the following lawyers as "Key Players": Yvon Martineau, Marc Novello (representing Desjardins Group); Alfred Apps, Ronald Robertson, Aubrey Kauffman, Stuart Brotman, Lisa Marcuzzi, Robert Harrison, Robert Girard, Xeno Martis, David Lemieux, Donald Milner (representing the issuer trusts).
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Stephen HastingsDirector of Communications +1 416 865 4370 +1 416 648 4076 (cell) shastings@fasken.com
Mathieu Rompré
Communications and Media Specialist +1 514 397 4349 +1 514 298 6739 (cell)
Estelle Giry
Communications and Media Specialist Europe / Africa +44 (0)20 7917 8602 +44 (0)7917 834 207 (cell)
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