The Ontario Court of Appeal (OCA) has closed the door on the application of equitable subordination in Companies’ Creditors Arrangement Act (CCAA) proceedings. In U.S. Steel Canada Inc.
La Cour d’appel de l’Ontario (la « CAO ») a fermé la porte à l’application du principe de la subordination reconnue en equity dans le contexte des procédures instituées en vertu de la Loi sur les arrangements avec les créanciers des compagnies (la « LACC »). Dans l’affaire U.S. Steel Canada Inc.
The Blakes Aviation group, representing the underwriters led by Morgan Stanley and Credit Suisse, is pleased to have assisted in the closing of the third Air Canada enhanced equipment trust certificate (EETC) transaction.
In April 2013, we assisted in the structuring and closing of Air Canada EETC 2013-1 for five new Boeing 777 300ERs, which was a historic transaction, including the following features:
The Government of Canada recently introduced the Budget Implementation Act, 2016 No. 1 (Bill C-15) to implement certain initiatives announced in the March 2016 federal budget, including amendments to the Canada Deposit Insurance Corporation Act (CDIC Act).
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 January 1, 2016, the Uniform Voidable Transactions Act (UVTA) was enacted in Kentucky and can be found at KRS 378A.005 e seq. The UVTA replaces KRS 378, which contained KRS 378.010, the Kentucky fraudulent conveyance statute, and KRS 378.060, the Kentucky preference statute. Nationally, the UVTA will replace the Uniform Fraudulent Transfer Act (“UFTA”). According to the Conference of Commissioners on Uniform State Laws, California, Georgia, Idaho, Minnesota, New Mexico, North Carolina, and North Dakota have joined Kentucky in enacting the UVTA.
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York (Police Services Board) v. York Regional Police Association, 2015 CanLII 62103 (ON LA)
Grant Forest Products Inc. v. The Toronto-Dominion Bank, 2015 ONCA 570