Our Practice
Our Financial Restructuring & Insolvency group assists in evaluating the rights and remedies in addition to negotiating positions of our clients, then using our deal-making and strategic skills, identifies appropriate financing and M&A alternatives and negotiates compromises designed to achieve a "win-win" result for all stakeholders. If necessary, we use the courts and corporate and insolvency legislation to implement or impose a result which assists our clients in achieving both their business objective and timetable. We draw on our firm's expertise in corporate finance, mergers and acquisitions, tax and litigation to provide a complete strategic approach to restructuring. Several of the restructurings we have been involved with have had significant multinational components and, in this regard, we have worked closely with insolvency practitioners and courts in other jurisdictions to achieve a coordinated result. This has allowed us to develop a working understanding of U.S. and U.K. insolvency law and procedure which has been helpful in advising our clients.

Our Clients
Our restructuring and insolvency practice focuses primarily on businesses in financial
difficulty. We have acted for:

Our Work
A small, but representative, sample of Financial Restructuring & Insolvency work we have been involved in includes:

• Acted for Lilianne Lingerie and La Vie en Rose Inc. in their acquisition of the Moments Intimes and Victoire Delage Boutique in the context of a Companies' Creditors Arrangement Act ("CCAA") proceeding;
• Acted for Zygo Corporation Inc. (a US publicly traded corporation) in its acquisition of the assets of Solvision Inc. from the interim receiver appointed to the asset of Solvision Inc;
• Representing Ontario Teachers' Pension Plan Board, as a shareholder and creditor of CFM Corporation, under the CCAA and Chapter 11 proceedings involving CFM and its affiliates;
• Acted for the bidder in Coe Newnes/MCgehee proceedings;
• Acted for Ernst & Young Inc. as monitor of Quebecor World Inc. and its subsidiaries under the CCAA and proceedings under Chapter 15 of the U.S. Bankruptcy Code;
• Acted for Alvarez & Marsal Canada ULC as monitor of Maax Inc. and its subsidiaries under the CCAA and proceedings under Chapter 15 of the U.S. Bankruptcy Code;
• Acted for Shermag Inc. and its subsidiaries in connection with its CCAA proceedings;
• Acted on behalf of the court-appointed Monitor, RSM Richter Inc., and was instrumental in the successful restructuring of Le Groupe Les Ailes de la Mode. The restructuring has allowed for the continuation of the operations of Les Ailes stores. During the reorganization, RSM Richter Inc., with the assistance of Davies, was able to complete the sale of some divisions so the operations of Le Groupe Les Ailes de la Mode could be more focused and successful;
• Acted for HSBC Bank Canada in relation to the CCAA proceedings and Chapter 15 proceedings of ROL Manufacturing and its subsidiaries;
• Acted for McWatters Mining Inc. in connection with its CCAA proceedings;
• Acted for RSM Richter Inc. as monitor of Uniforêt Inc. and its subsidiaries under the CCAA proceedings;
• Acted for the Official Committee of Unsecured Creditors in connection with the cross-border U.S. Chapter 11 – CCAA proceedings for Pope & Talbot Ltd.;
• Acted for American Axle & Manufacturing Inc. in connection with the CCAA proceedings for AmCan Consolidated Technologies Inc., Grenville Castings Ltd. and Flamborough Tool & Mould Ltd.;
• Acted for the liquidator in the court-supervised liquidation of Excapsa Software Inc. (owner/operator of UltimateBet on-line poker gaming site) pursuant to the Canada Business Corporations Act;
• Acted for the secured creditor in the insolvency of La Cache stores;
• Acted for one of the limited partners in the proposal of Avestor LLP, a manufacturer of lithium batteries;
• Acted for the debtor in the CCAA proceedings for Coldmatic Refrigeration Products Corp.;
• Acted for Catalyst Fund in connection with the restructuring of Cable Satisfaction International Inc. under the CCAA and the sale of principal subsidiary Cabovisão Televisão Por Cabo, S.A. to Cogeco Inc.;
• Acted for Hollinger Inc. in connection with the receivership and the CCAA proceedings of The Ravelston Corporation Limited and its subsidiaries;
• Acted for RSM Richter Inc. as monitor of MuscleTech Development Inc. under CCCA and proceedings under Chapter 15 of the U.S. Bankruptcy Code;
• Acted for Dura Automotive in its Canadian proceedings relating to a restructuring under Chapter 11 of the U.S. Bankruptcy Code;
• Acted for the monitors in connection with the CCAA proceeding concurrently with Chapter 11 proceedings affecting Quebecor World Inc.;
• Acted for Lehman Brothers on the sale of bonds held by Calpine Canada during its CCAA proceedings.

Recognition
Senior members are repeatedly recognized in the Canadian Legal LEXPERT Directory, the LEXPERT/American Lawyer Media Guide to the Leading 500 Lawyers in Canada, the Practical Law Company Which Lawyer? Yearbook and the International Who's Who of Business Lawyers for work in financial restructuring and insolvency.

Organizational Leadership
Members of our practice have delivered many papers in Canada and elsewhere dealing with issues arising in complex restructurings and, in addition, we frequently lecture on this subject at Canadian law schools. Our lawyers have made presentations to Insol, the insolvency section of the Canadian Bar Association and Ontario Bar Association, the Canadian Insolvency Foundation, the Canadian Association of Insolvency and Restructuring Professionals, the Conseil québécois de l’insolvabilité, the Insolvency Institute of Canada and Osgoode Hall Law School.