Restructuring Recent Transactions
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US$1,100,000,000 Restructuring
- Led US$1.1B restructuring of Stelco Inc., Canada’s leading integrated steel producer
- Acquired largest single unsecured claim
- Committed US$370M CCAA exit financing (debt & equity)
- Recruited new management team to implement operational turnaround
- Largest shareholder with 37% ownership stake in the restructured company
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US$850,000,000 Restructuring
- Acquired interest in secured and unsecured bonds of Doman Industries, a coastal forest products company
- Sponsored bondholder led restructuring plan, and back-stopped US$221M exit financing facility
- Emerged from creditor protection under the name of Western Forest Products
- Committed US$520M to recapitalize the company:
- US$265M to refinance senior indebtedness;
- US$255M to back-stop equity offering to consolidate coastal timberland assets
- Controlling shareholder with a 70% ownership stake
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US$170,000,000 Restructuring
- Acquired during the CCAA process the senior secured debt of Concert Industries Corp., a specialty manufacturer of airlaid nonwovens
- Re-established credibility with suppliers, customers and employees at critical juncture in restructuring
- Sponsored restructuring plan that resulted in Tricap becoming sole shareholder of restructured company
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US$85,000,000 CCAA Restructuring
- Sponsored restructuring, involving US$85M of debt of Vicwest Corporation, a manufacturer and distributor of steel building products
- Accumulated 20% equity stake following the CCAA restructuring
- Implemented conversion of the company to an income trust, further enhancing shareholder value
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