Out-Of-Court Restructurings

Our lawyers represent secured lenders, lender groups, other senior creditors and issuers in financial restructurings, recapitalizations and rescue financings. We have handled a variety of matters—such as out-of-court enforcement proceedings, foreclosure of security interests and termination or suspension of contracts—for leading financial institutions, including ABN AMRO Bank, Bank of America, Citibank, Wilmington Trust, Deutsche Bank, TD Bank, TIAA-CREF and The Bank of Nova Scotia. Some recent examples include:

• Wilmington Trust as indentured trustee in the bankruptcy case of Mesa Air Group.
• Dresdner Bank as lender in the foreclosure of loans to three special purpose vehicles that purchased and managed charged-off receivable portfolios.
• Premium Finance Plus as lender to the PFP Funding II, LLC in connection with the foreclosure of the beneficial interest in a life settlement premium finance portfolio.
• ABN AMRO as liquidity provider and credit default swap counterparty in out-of-court restructurings of Pan Canadian Commercial Paper Conduits. The deal involved seven sponsors, including BNC, Coventree, Dundee Securities Corporation, Newshore, Nereus, Quanto and Securitus.
• Wilmington Trust as agent to the second lien lenders to November 2005 Land Investors LLC.
• Deutsche Bank as creditor and standby purchaser in a CDN$850 million rights offering. The offering was a key component of Air Canada’s plan of reorganization in a proceeding under the Companies’ Creditors Arrangement Act.