Lexpert Magazine

30 www.lexpert.ca Canadian Law Awards Canadian Law Awards Ayr Wellness cross-border cannabis restructuring Goodmans LLP (for the plan sponsors and Ad Hoc Committee) Stikeman Elliott LLP (for Ayr Wellness) Tacora Resources Inc.'s restructuring under CCAA Bennett Jones LLP (for the primary creditor group) Cassels Brock & Blackwell LLP (FTI Consulting Canada) Davies Ward Phillips & Vineberg LLP (CrossingBridge Advisors, LLC) Goodmans LLP (for Cargill and Cargill International Trading Pte) McCarthy Tétrault LLP (for the controlling shareholder on the Tacora CCAA process) Osler, Hoskin & Harcourt LLP (for noteholder group) Stikeman Elliott LLP (for Tacora Resources) Taiga Motors Corp Inc.'s insolvency process Fasken Martineau DuMoulin LLP (for Deloitte Restructuring) Lavery de Billy LLP (for Stewart Wilkinson) Norton Rose Fulbright Canada LLP (for Taiga Motors) Stikeman Elliott LLP (for Export Development Canada) Xplore Inc.'s $1.8 billion recapitalization Bennett Jones LLP (for the primary creditor group) Blake, Cassels & Graydon LLP (for Stonepeak Infrastructure Partners) Borden Ladner Gervais LLP Chaitons LLP (for Amynta Surety Solutions) Davies Ward Phillips & Vineberg LLP Goodmans LLP (for Xplore) McCarthy Tétrault LLP INSOLVENCY AND RESTRUCTURING DEAL OF THE YEAR CANADIAN LAW FIRM INVOLVEMENT (CLIENT) is transaction was revolutionary in Canadian restructuring law, as it marked the first-ever use of a reverse vesting order (RVO) in a CBCA plan of arrangement. e recapitalization restructured Xplore's secured debt obligations and enabled the company to access $600 million in new debt and equity financing, avoiding a prolonged insolvency. Xplore's restructuring set a legal prece- dent, as the court issued extensive judicial rulings on CBCA debt restructurings, including the role of RVOs in corporate arrangements, creditor rights, and the interaction of the CBCA and CCAA in restructuring law. Another significant transaction was Taiga Motors's insolvency process, which saw the successful sale of a strug- gling EV manufacturer to a European buyer. Founded in 2015, Taiga Motors, a pioneering Canadian manufacturer of electric snowmobiles and watercra , faced a severe liquidity crisis in 2024, leading to its entry into CCAA proceedings with over $93 million in debts. e company pursued a sale process through an RVO, ultimately securing an acquisition by UK-based entre- preneur Stewart Wilkinson, whose family office owns Vita Power, Evoy, and Aqua superPower – leading European firms in marine electrification. Norton Rose Fulbright partners Guillaume Michaud and Elliot Shapiro acted for Taiga Motors. Fasken, with a team that included Alain Rindeau, Bradon Farber, and Éliane Dupéré-Tremblay, acted for Deloitte Restructuring as court-appointed monitor. Joseph Reynaud from Stikeman Elliott led the team in representing Export Development Canada. Lavery de Billy LLP acted for Stewart Wilkinson. e restructuring prevented liquidation, preserving Canadian jobs and securing long- term investment in the country's EV sector. Another Excellence Awardee in this cate- gory is Ayr Wellness' cross-border cannabis restructuring, a landmark financial overhaul in the cannabis industry. As the sector faced capital constraints, regulatory hurdles, and overexpansion issues, Ayr Wellness, a leading US-based multi-state operator (MSO), pursued a comprehensive debt restructuring to stabilize its balance sheet. Stikeman Elliott, led by Lee Nicholson and Simon Romano, represented Ayr Wellness. Goodmans, led by partners Brendan O'Neill, Bradley Wiffen, and Victor Liu, acted as Canadian counsel to the ad hoc committee senior noteholders of Ayr Wellness. is deal underscores the ongoing chal- lenges in the cannabis industry, high- lighting the need for creative legal and financial structuring to support oper- ators in a rapidly evolving market. e cross-border restructuring allowed Ayr to continue operations in multiple US states while stabilizing its Canadian obliga- tions, setting an important precedent for distressed cannabis businesses. ese landmark restructurings reflect the depth of expertise in Canada's insol- vency and restructuring sector, demon- strating how legal and financial profes- sionals collaborate to protect businesses, safeguard creditor interests, and drive corporate turnarounds in an ever-evolving economic landscape.

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