Tervita completes C$3.6 billion recapitalization transaction

On December 14, 2016, Tervita Corporation implemented its court-approved plan of arrangement under the Canada Business Corporations Act (the “Plan”). The Plan implemented a recapitalization transaction that resulted in a reduction of Tervita’s total debt from approximately C$3.6 billion to approximately C$475 million. Fasken advised on the recapitalization transaction which was implemented pursuant to a Support Agreement between Tervita and an ad hoc group of unsecured noteholders. Tervita is a leading environmental solutions provider. Fasken acted as co-counsel with a team led by John Grieve including, Travis Lysak, Kibben Jackson, Toigo and Fergus McDonnell (insolvency), Michael Black (energy/corporate) and Brent Lewis (banking); and Canadian counsel to Tervita on the senior notes offering, with a team led by Sarah Gingrich and Georald Ingborg, which included Sandra Malcolm and Perry Feldman (securities), John Holmstrom and KC Miu (banking) and Clarke Barnes (tax).