On February 29, 2016, the Ontario Superior Court of Justice released a decision in the ongoing insolvency proceeding of U. S. Steel Canada Inc. (USSC). Two principal issues were addressed by the Court. First, whether amounts advanced by United States Steel Corporation (USS) to USSC (its indirect wholly-owned subsidiary) were properly characterized as debt obligations or “equity claims” under the Companies’ Creditors Arrangement Act (Canada) (CCAA).

Le 29 février 2016, la Cour supérieure de justice de l’Ontario (la « Cour ») a rendu une décision dans le cadre de la procédure d’insolvabilité en instance d’Acier U. S. Canada Inc. (« USSC »). Dans cette affaire, la Cour s’est penchée sur deux grandes questions.

On December 31, 2012, Strategic Growth Bancorp Inc. (“Strategic Growth”), an El Paso, Texas-based bank holding company, acquired Mile High Banks (the “Bank”), a Colorado community bank, from the Bank’s parent, Big Sandy Holding Company (“Big Sandy”), through an auction process conducted pursuant to section 363 of the Bankruptcy Code. Davis Polk represented Strategic Growth and advised on the complex and overlapping bankruptcy, mergers and acquisitions, credit, tax and bank regulatory issues presented by the transaction.