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Canadian Law Awards Canadian Law Awards
INSOLVENCY AND RESTRUCTURING
THE AFTERMATH of COVID-19 could still
be felt in 2023, with Canadian firms strug-
gling with debt accumulated during pandem-
ic lockdowns. According to the Canadian
Association of Insolvency and Restructuring
Professionals (CAIRP), insolvencies rose by
41.4 percent last year,
the largest increase in
13 years. e sharp
increase resulted in
businesses having to
seek restructuring op-
tions. Four such deals
were named Excel-
lence Awardees for the
Canadian Law Awards.
Among the awardees are law firms that
worked with Alberta-based energy company
Repsol Oil & Gas in its restructuring. Repsol
relied on the counsel of the legal team at
Bennett Jones, led by partners Kelsey Meyer
and Jon Truswell. Blakes advised landlords
to Repsol, with a team led by Kelly Bourassa.
e restructuring process of this deal
involved the liquidation and dissolution of
Repsol to allow it to execute a complete exit
from Canada within a matter of months.
is process has allowed Repsol's Spanish
parent company to avail itself of a multi-
billion-dollar capital loss, deductible for tax
purposes under Spanish law.
Another deal recognized as an Excellence
Awardee involved the CCAA restructuring
of Xebec and its North American subsid-
iaries. Osler Hoskin & Harcourt LLP, led
by partner Sandra Abitan, advised Xebec in
legal matters for the CCAA and Chapter
15 proceedings alongside the court-
approved Sale and Investment Solicitation
Process (SISP), aimed at maximizing share-
holder value.
McCarthy Tétrault, led by partner
Jocelyn T. Perreault, acted as counsel to
the court-appointed monitor Deloitte
Restructuring in Xebec's financial and
operational restructuring.
Operating in the energy transition space,
the Montreal-based Xebec had a capitaliza-
tion of more than $1 billion at the height of
its market value and over 600 employees.
Following the filing for CCAA, Xebec
also entered an interim financing facility with
the National Bank of Canada and Export
Development Canada. BLG, led by partner
Isabelle Desharnais, advised National Bank
Financial. Norton Rose Fulbright Canada
LLP acted for Export Development Canada
with a team led by Pierre-Paul Henrie, Jean-
Philippe Pelletier, and Christian Roy.
Norton Rose Fulbright also advised on
another Quebec-based insolvency Excellence
Awardee, that of Groupe Sélection, which
operates long-term-care homes. With a team
led by David Lemieux, NRF was legal counsel
to the National Bank of Canada, which acted
as an agent for a lending syndicate comprising
Canadian banks and financial institutions.
INSOLVENCIES IN THE COUNTRY ROSE BY
41.4 PERCENT LAST YEAR, THE LARGEST
INCREASE IN 13 YEARS
