WWW.LEXPERT.CA
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2016
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LEXPERT 23
November and April, where institutional lenders
take a close look at companies that owe them mon-
ey, checking out the state of their collateral. Oil
and gas companies typically borrow large amounts
of capital to fund operations. Lenders frequently
use a company's proven reserves as collateral for
their loans, explains Kelly Bourassa, head of the
Restructuring and Insolvency Group at Blake,
Cassels & Graydon LLP's Calgary office.
e values of those reserves are just as volatile as
the oil and gas prices they are tied to. us bank-
ers and other lenders – using short-term futures
contracts on commodity prices a year or two down
the road – like to reset the value of such collateral
twice a year.
In bank-speak, it's known as a borrowing base
redetermination. In simple terms, an oil company
that had, say, $100 million in collateral and owed
$50 million to lenders when West Texas Inter-
Kellerman, Jay C. Stikeman Elliott LLP
(416) 869-5201 jkellerman@stikeman.com
Mr. Kellerman is the managing partner of the Toronto office and co-head of
the firm's Global Mining Group. With more than 25 years as a corporate lawyer,
he helps management teams, boards of directors and investors with capital
market-related matters, including corporate finance, M&A. Mr. Kellerman is
active in industries ranging from resources to technology, both domestically
and internationally.
Kauffman, Aubrey E. Fasken Martineau
DuMoulin LLP (416) 868-3538 akauffman@fasken.com
Mr. Kauffman is a director of the Insolvency Institute of Canada and a former
Chairman of the OBA – Insolvency Section. His practice focuses on advocacy
matters related to domestic and cross-border bankruptcy, insolvency and
restructuring proceedings. He has acted in many high-profile insolvency
proceedings representing a wide array of stakeholders.
Katz, Warren M. Stikeman Elliott LLP
(514) 397-3260 wkatz@stikeman.com
Mr. Katz is head of the Montréal office's Business Law Group and a member
of the Montréal Management Committee. He specializes in corporate finance
and M&A. He focuses on cross-border M&A, advising issuers and underwriters
on debt and equity offerings and private placements, and acting for buyers
and sellers of both public and private companies, including well-known US
private-equity funds.
Kandev, Michael N. Davies Ward Phillips
& Vineberg LLP (514) 841-6556 mkandev@dwpv.com
Mr. Kandev advises corporations and business trusts on the tax aspects
of cross-border and domestic commercial transactions, including investments,
divestments, mergers, acquisitions, reorganizations and financings.
He also advises individuals on estate planning, personal trust, immigration
and emigration matters.
Juneja, Raj Davies Ward Phillips & Vineberg LLP
(416) 863-5508 rjuneja@dwpv.com
Mr. Juneja's practice involves domestic and international tax planning.
He has extensive experience in corporate reorganizations, M&A, international
tax planning, corporate finance, derivatives and resource tax, and advising
tax-exempt institutions.
Johnson, Elizabeth J. PwC Law LLP
(416) 869-2414 elizabeth.j.johnson@ca.pwc.com
Ms. Johnson's practice covers a wide range of business income tax matters
including M&A transactions, corporate reorganizations and cross-border
structuring. She is a recognized expert on Canadian partnership taxation
and Canada's anti-avoidance rules and has written extensively on these topics.
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