Restructuring & Insolvency

• Jupiter Resources Inc. – Counsel to Jupiter and certain of its affiliates in a plan of arrangement pursuant to the Canada Business Corporations Act (CBCA), involving the applicants and holders of 8.5 per cent senior unsecured notes (Notes) issued by Jupiter pursuant to the indenture governing the Notes. The effect of the arrangement was the elimination of the principal amount of Jupiter's Notes by US$1.1-billion and the associated annual cash interest payments of US$93.5-million. 
• Sears Canada – The Sears Canada Group was one of Canada’s largest multi-format retailers that employed approximately 17,000 people at 225 stores across Canada prior to its CCAA proceedings. Blakes is involved in all aspects of the proceedings: 
• Counsel to a significant group of unsecured creditors and prominent inventory suppliers holding millions of dollars of claims in the proceedings.
• Counsel to Morneau Shepell Ltd in its capacity as plan administrator of the Sears Canada Inc. Registered Pension Plan. Blakes participated in a complex, multi-party mediation that led to a settlement of pension priority litigation and terms of support by pension claimants of a plan of compromise and arrangement for distribution of the proceeds. Blakes is also involved in litigation commenced against officers and directors for wrongful conduct.
• Carillon Canada Group – Counsel to Carillon on all aspects of its Canada-wide restructuring efforts. Blakes assisted Carillion in selling its various business lines to maximize recovery for creditors. Each sale of a business line was a stand-alone, multimillion-dollar transaction.
  
• The Concordia Group – Counsel to Concordia in its reorganization proceedings under the CBCA. Blakes acted for Goldman Sachs as agent for a lending facility that provided for aggregate financing of US$1.3-billion and £500-million. The filing included a number of offshore entities. The CBCA plan was approved, and the recapitalization transaction was completed in 2018. This filing presented unique challenges to secured lenders as arrangements approved in these restructuring proceedings can have a long-term impact on commercial lending and workout strategies.
  
• Lightstream - Counsel to Lightstream Resources Ltd. in CCAA proceedings and successful defence of an attempt by certain holders of unsecured bonds to have their unsecured claims recognized as secured claims based on allegations of oppression, breach of contract and misrepresentation by utilizing a novel procedure for determination of certain threshold issues.
• Toys “R” Us Canada - Counsel to the DIP agent in connection with the US$2.3-billion DIP facility to Toys “R” Us Canada and its U.S. parent. In this complex cross-border proceeding, Toys “R” Us Canada, the largest dedicated toy and baby products retailer in Canada, filed for bankruptcy protection under Chapter 11 in the U.S. along with its larger corporate family. It also separately filed under the CCAA in Canada.
• Target Canada - Counsel to the largest group of suppliers to Target Canada in its CCAA proceedings. Blakes lawyers served on a court-appointed Consultative Committee formed of senior practitioners who represented key stakeholders in the case. With the support of the Consultative Committee, Target Canada entities ultimately submitted a plan that received the unanimous support of creditors. 
• Cliffs Natural Resources - Counsel to Bloom Lake Group and Wabush Group (iron ore) in their restructuring proceedings under the Companies’ Creditors Arrangement Act (CCAA). Prior to being idled, the Bloom Lake Mine located in Quebec, which was majority-owned by the Bloom Lake Group, was the fifth-largest iron ore exporting basin in the world. The Bloom Lake Mine, the Wabush/Scully Mine in Newfoundland and a port facility in Quebec were successfully sold in 2016 and 2017, completing the exit of Cliffs Natural Resources Inc. from the Canadian iron ore market.

Our members are consistently recognized by clients and peers as leaders in restructuring and insolvency law in the most recent editions of such leading publications and awards as:

• Chambers Global: The World's Leading Lawyers for Business
• IFLR1000: The Guide to the World's Leading Financial Law Firms
• The Canadian Legal Lexpert Directory
• The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada
• The Lexpert Guide to the Leading US/Canada Cross-border Corporate Lawyers in Canada
• The Lexpert Guide to the Leading US/Canada Cross-border Litigation Lawyers in Canada
• Who's Who Legal
• Who's Who Legal: Insolvency & Restructuring
• Who’s Who Legal: Canada
• Legal Media Group's Guide to the World's Leading Lawyers in Banking, Finance and Transactional Law (Insolvency and Restructuring)
• Legal Media Group’s Guide to the World’s Leading Women in Business Law
• Benchmark Canada: The Definitive Guide to Canada's Leading Litigation Firms and Attorneys
• The Best Lawyers in Canada
• The Legal 500 Canada