Assisting clients in all matters relating to financial restructuring, insolvency, receivership and bankruptcy.
In the current economy, many companies are sure to be facing uncertainty, declining asset value and a lack of financial liquidity. The Restructuring and Insolvency Practice group at BD&P can provide practical guidance and solutions for even the most complex business situation. BD&P is at the forefront of challenging restructuring and insolvency work with experience in meeting the pressing demands of corporate clients and financial institutions in times of business and financial distress.
We have extensive experience advising a wide variety of stakeholders including debtors, court officers (trustees, receivers and monitors), major chartered banks and other financial institutions, unsecured creditors, purchasers, bondholders, directors and special committees in formal and informal insolvency proceedings, work-outs and restructurings, DIP financing, corporate governance, cross-border insolvencies and post-restructuring issues. Our scope is broad – in addition to providing leadership to clients in troubled financial situations, we offer advice in arrangements under the Business Corporations Act (Alberta) and the Canada Business Corporations Act, mergers & acquisitions of distressed companies, purchase and sale of assets of distressed companies, enforcement of security, priority disputes and oppression claims and reviewable transactions. Resolving complex business issues often requires a holistic, multi-disciplinary approach - in addition to dedicated insolvency specialists, the Restructuring & Insolvency team includes service providers with a broad experience in debt refinancing, workout scenarios and distressed corporate transactions. Where required, the Restructuring & Insolvency team works closely with other lawyers in the firm, calling on those with particular skill and experience in tax, securities, litigation, intellectual property, employment, energy and other disciplines. We consistently provide proactive, comprehensive and effective solutions to ensure our clients achieve optimal results.
Significant Areas of Service
- We have broad industry experience with court-governed court insolvency and restructuring proceedings, having acted for a wide range of parties in the energy, oil and gas, automotive, manufacturing, real estate, telecommunications, aviation, retail, biotechnology, forestry, food services and mining industries. Our lawyers regularly appear before the superior and appellate level courts and are well equipped to advance their clients' position on any issue that may arise in the context of an insolvency proceeding.
- Cross-Border Proceedings
- We have represented debtors, court officers, financial institutions, purchasers and unsecured creditors committees in cross-border proceedings, including proceedings under Chapter 11 of the United States Bankruptcy Code. This group works cooperatively with counsel in foreign jurisdictions to obtain the best results for our clients.
- Distressed M&A
- The Restructuring & Insolvency group provides strategic advice on all aspects of a restructuring sales process and distressed M&A both within and outside of the formal insolvency process. Drawing on BD&P's extensive corporate transaction experience, our transaction lawyers work closely and collaboratively with our insolvency specialists to provide proactive, timely advice to clients in stressful commercial situations. The Restructuring & Insolvency group experience and collaboration in these transactions results in deals actually getting completed.
- Distressed Refinancing
- We have extensive experience in advising borrowers and lenders during times of lending product defaults. Here, this experience manifests by being able to assist and advise on a number of strategic alternatives including covenant compliance and modification, forbearance arrangements, refinancing and loan product amendments, security reviews and secured transaction structure modifications, true takeout financings, and, where necessary, proactively advising on best practice and preparation for a formal insolvency process.
- Solvent Restructurings
- Depending on the particular situation and the goals of our client, solvent capital restructurings may provide a solution. Our corporate 'plan of arrangement' specialists are able to advise on the advantages of implementing change to capital structures via an arrangement. As a consequence of BD&P being involved in the implementation of our firm's innovative income trust conversion structures, BD&P became an established industry front-runner in utilizing the broad tools available under applicable corporate statutes to efficiently cause wholesale change to business and capital structures. BD&P's demonstrated effective use of this 'pre-distress' tool can dramatically impact business viability and the utility of structured finance products.