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Lorito, John G. Stikeman Elliott LLP
(416) 869-5272 jlorito@stikeman.com
Mr. Lorito is a partner in the Toronto office and part of the Management
Committee. Head of Toronto's Tax Group, his practice focuses on cross-border
M&A, corporate reorganizations, investment funds and international tax
planning. A former member of CICA/CBA's Joint Committee on Taxation and
Tax Panel of the IBC, he is currently an adjunct professor in Corporate Tax
at the University of Toronto.
Liteplo, Jonathan Fasken Martineau DuMoulin LLP
(604) 631-4994 jliteplo@fasken.com
Mr. Liteplo is a leading energy law practitioner who represents participants
in the electricity, oil and gas, water and wastewater industries in obtaining
facilities, environmental, land use planning, import/export, and utility rates
and tariff-related regulatory approvals.
Lewis, Josh D. Fasken Martineau DuMoulin LLP
(604) 631-4853 jlewis@fasken.com
Mr. Lewis practises primarily in the mining sector. His comprehensive
domestic and international experience encompasses a wide spectrum
including exploration, joint ventures, offtakes, streaming and royalties,
project development, equity and debt financing and mergers and acquisitions.
He provides cost-effective and pragmatic solutions for his clients.
Lewis, Gregory D. Bull, Housser & Tupper LLP
(604) 641-4923 gdl@bht.com
Mr. Lewis's practice focuses on commercial transactions in infrastructure,
energy, and other industry sectors, particularly joint ventures, acquisitions
and financings. He has assisted clients on a range of major projects including
public-private partnerships, port developments, hydro projects, purchases and
sales of assets and businesses in a variety of sectors and related financings.
Levy, Eric M. Osler, Hoskin & Harcourt LLP
(514) 904-8177 elevy@osler.com
Mr. Levy focuses on corporate and securities law. He has strong experience
in M&A, public offerings, private placements, recapitalizations and stock
exchange listings. His work encompasses IPOs as well as other public
and private placement offerings.
Levin, Jon Fasken Martineau DuMoulin LLP
(416) 865-4401 jlevin@fasken.com
Mr. Levin is repeatedly identified as one of Canada's top 30 dealmakers
and is the recipient of extensive professional recognition, including being
named one of Canada's most creative lawyers. His practice includes mergers
and acquisitions, corporate finance, securities regulation and business law.
LEXPERT RANKED LAWYERS
are talking energy services and juniors to even inter-
mediate oil and gas companies, these are very difficult
times. ey are tending to run into severe liquidity and
capital resource constraints."
But a subset of mostly Calgary-based senior explo-
ration and production companies, he says, along with
senior infrastructure firms such as pipeline companies,
while "clearly feeling the effect" of low oil, "tend not to
be quite as constrained."
ose healthier companies, along with private-equi-
ty firms, pension funds and foreign buyers, are the ones
now shopping for value among distressed companies.
But, notes Ross Bentley, he's also now seeing ratings
agencies downgrading the credit ratings of senior oil
and gas companies.
In February, for instance, Moody's Investor Service
cut both Cenovus Energy Inc. and Encana Corp. debt
ratings to junk. "Once people fall below investment
grade they lose access, for instance, to the commercial
paper market."
at makes it far more difficult for them to raise
money through the issuance of commercial paper —
short-term unsecured debt with terms rarely longer
than 270 days, and typically used for meeting short-
term liabilities.
Think Differently
e dramatic economic downturn has been a mind-
bender for boards in the energy sector. Directors, usu-
ally appointed to boards because they have a track-re-
cord of successfully running companies, can get caught
in a knowledge black hole when things go dramatically
wrong — especially when the cause is an uncontrollable
outside force like plummeting prices.
"ere's an inherent personal trait to not think that
your company is so distressed that it's insolvent," says
Dietrich. It's critical at times like these, she says, for di-
rectors to be able to "readjust their thinking."
When a company is distressed, directors may need
to shi their view on which stakeholders are most im-
pacted by circumstances. If a borrowing base redeter-
mination, for instance, shows a distressed company's
"In a distressed M&A
transaction, often the seller
isn't going to give you reps
and warranties. If they do,
there is very often not
a solvent company
behind it that you can
sue if those reps and
warranties are wrong."
- JANE DIETRICH, CASSELS BROCK
& BLACKWELL LLP
