20 LEXPERT MAGAZINE
|
OCTOBER 2017
BIG DEALS
DEALS ANALYSIS
16
16
Total Deals Published
3
Corporate Finance
21
15
Mergers & Acquisitions
21
8
Cross-border Transactions
21
BIG DEALS
TRANSACTION VITALS
ANNOUNCED: 6/9/2017
CLOSED: 6/30/2017
DEAL TYPE: RESTRUCTURING,
BANKRUPTCY ACQUISITION
JAMES GAGE
MCCARTHY TÉTRAULT LLP
(FOR STELCO,
RESTRUCTURING/CORPORATE)
PAUL SIMON
FORMERLY OF BORDEN LADNER
GERVAIS LLP
(FOR BEDROCK INDUSTRIES)
GALE RUBENSTEIN
GOODMANS LLP
(FOR THE SUPERINTENDENT
OF FINANCIAL SERVICES AND
THE PROVINCE OF ONTARIO)
ROBERT THORNTON
THORNTON GROUT FINNIGAN LLP
(FOR U.S. STEEL CANADA,
RESTRUCTURING)
On June 30, 2017, Stelco Inc. (Stelco), formerly U.S. Steel Canada
Inc., emerged from Companies' Creditors Arrangements Act (CCAA)
proceedings through the implementation of a CCAA plan. is in-
volved the compromise of more than $2 billion of debt and the re-
structuring of approximately $2 billion of pension and benefit obliga-
tions. e CCAA plan also included new regulations by the Ontario
government, new financing, new collective agreements with its three
union locals, the creation of a "Landco" that will monetize significant
land holdings around Hamilton harbour and elsewhere for the ben-
efit of retirees, important arrangements with the Ministry of the En-
vironment to address environmental matters, and the acquisition of
Stelco from United States Steel Corporation (USS) by its new owner,
Bedrock Industries, LP (Bedrock).
Stelco is a steel company based in Hamilton, Ont., and is a signifi-
cant economic player for the City of Hamilton and the Canadian
steel industry.
McCarthy Tétrault LLP represented Stelco throughout the pro-
ceedings as restructuring and corporate counsel with a team led by
James Gage that included Barbara Boake, Heather Meredith, Sha-
ron Kour and Trevor Courtis (bankruptcy & restructuring), Robert
Hansen, Richard Higa, Jake Irwin, Justin Lapedus, Heidi Gordon,
Ryan Hornby, Paul Kunynetz, Suraj Rammohan, Nicole Rumble,
Shauvik Shah and Christopher Zawadzki (business), Hovsep Afar-
ian, Sarit Batner, Julie Parla, William Scott, Paul Steep, Junior Sirivar,
Paul Davis, Jordan Katz and Atrisha Lewis (litigation), Oliver Borg-
ers and Michele Siu (competition), Tzen-Yi Goh, Diego Beltran and
Isabel Henkelman (real property and planning), Gabrielle Richards
and Amanda Laren (tax), Ryan Prescott, Barry Sookman and Keith
Rose (technology) and Joanna Rosengarten (environmental).
Stelco was represented in-house by John Kain and Mark Hemingway.
Hicks Morley Hamilton Stewart Storie LLP acted as labour and
pension counsel to Stelco with a team that included Stephen Shamie,
Elizabeth Brown, Terra Klinck and Lisa Mills.
Weil, Gotshal & Manges LLP acted as US counsel to Stelco with
a team that included Robert Lemons, Arkady Goldinstein, Vincent
Yiu and Matthew Skrzynski.
WeirFoulds LLP acted as counsel to the directors of Stelco with a
team that included Marie-Andrée Vermette and Bryan Finlay.
Bennett Jones LLP acted as counsel to the Monitor, Ernst &
Young, with a team that included Kevin Zych, Raj Sahni, Robert
Staley and Danish Afroz.
Borden Ladner Gervais LLP acted as M&A counsel to Bedrock
with a team that included Paul Simon (now GC of Stelco), Andrew
Harrison, Subrata Bhattacharjee, Gregory McLean, Ian Li, Daniel
Lang, Pamela Cross, Sonia Mak, James Fu; Brian Mulroney, Brennan
Carroll, Bruce Fowler, Evelyn Goldfarb, Shane Pearlman, Victoria
Everett, Evita Ferreira, Gabrielle Kramer, Laura Costen, Jake Hogan,
Rick Coburn, Andrew McLean and Eric Boehm.
Goldman Sloan Nash & Haber LLP acted as restructuring coun-
COMPILED BY GENA SMITH
Pipelines
Materials
Utilities Financials Health Research
Media & Entertainment Recreation & Leisure Advertising & Marketing
STELCO INC. EMERGES
FROM CCAA PROCEEDINGS
