Insolvency Law: Cow Harbour: A Western Perspective on Practical Solutions (Archived Video Stream) 

Nov. 27, 2012
Toronto Online

ARCHIVED VIDEO STREAM
This is the archived version of a program presented on November 27, 2012.  This will not become available until 2 weeks after the orginal program date.  To order this format please click on the "REGISTER NOW" button.   

The CCAA filing and receivership of Cow Harbour [Royal Bank of Canada v. Cow Harbour Construction Ltd. and 1134252 Alberta Ltd.] in Alberta [2010] demonstrated a practical approach by which novel, innovative solutions were crafted to resolve complicated restructuring issues and preserve value for creditors. Cow Harbour was a prominent oil sands contractor, and there were some local factors affecting the case, but it wasn't as foreign as you might think.

The unique aspects of the restructuring included the existence of significant equipment lease obligations of the company, multiple parties seeking to assert various lien rights, and a sale process that challenged the parties to be creative in brokering an acceptable compromise. On top of this, the matter witnessed:

• the appointment of not only a monitor, a CRO, but also a separate "transaction facilitator" and receiver;
• a roll-up/creeping DIP order that has now been featured in other CCAA proceedings;
• a critical suppliers’ charge to manage certain potential lien claims;
• a consensual agreement on the allocation of sales proceeds and priority charges;
• the clarification of the characterization of “true vs. finance leases”, eventually the subject of
lengthy written reasons by Justice Yamauchi.

Did these efforts reflect a distinctly Western viewpoint? What can we gain from this case here in Ontario? This is a rare opportunity to hear what the insiders have to say about a complex restructuring that is likely to influence this area of the law for many years to come.

SPEAKERS:
Kelly Bourassa, Blake, Cassels & Graydon LLP (Calgary)
Howard Gorman, Norton Rose Canada LLP (Calgary)
Mica Arlette, PricewaterhouseCoopers Inc.
Joseph J. Bellissimo, Cassels Brock & Blackwell LLP

PROGRAM CHAIR:
David Chaiton, Torkin Manes LLP

 

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    Cost
    For 1 to 3 Participants
    CBA Member: $40*
    Non-Member: $65*

    For 4 or more Participants
    CBA Member: $65*
    Non-Member: $100*
    *plus applicable taxes

 

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