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.

Certain North American based affiliates of Essar Steel Ltd (Mumbai) have today filed Chapter 11 and Chapter 15 petitions in Delaware. ESML Holdings Inc. and Essar Steel Minnesota LLC have filed Chapter 11 proceedings in Delaware. The following entities filed Chapter 15 petitions in Delaware: Essar Steel Algoma Inc. USA, Essar Steel Algoma Inc., Cannelton Iron Ore Company, Essar Steel Algoma (Alberta) ULC, Essar Tech Algoma 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:

In Bankruptcy Code Section 363 sales of assets, there are winners and losers. 

Chapter 11 is known as a forum for reorganizing or selling a financially distressed business. If a Chapter 11 reorganization is not possible, a sale of assets may create investment opportunities for strategic buyers, investment banks, and private equity to take advantage of the “distress” normally associated with Chapter 11 to acquire assets at a discount, exemplifying Warren Buffet’s “value” buying.

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).

Picture the scene: You have just received word that your customer has filed Chapter 11. You had followed my ad-vice (see article Reducing a Customer’s Accounts Receiva-ble in the Zone of Insolvency), and put the customer on a cash-before-delivery basis and demanded assurances of performance. You were successful in reducing the ac-counts receivable owed, and avoiding preference liability in doing so.

The customer, now a Chapter 11 debtor, calls and de-mands that you continue to ship, and resume credit terms.

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.

UN | PÉTROLE ET GAZ

​​PENSION ADMINISTRATION

York (Police Services Board) v. York Regional Police Association, 2015 CanLII 62103 (ON LA)