Essar Steel Algoma Inc. (Algoma) concluded its comprehensive US$1.4 billion recapitalization and refinancing. Algoma restructured certain of its existing debt obligations by way of a plan of arrangement under the CBCA and refinanced its outstanding debt through concurrent Term Loan, ABL, High Yield Debt and Junior Notes financings.
Algoma was represented in Canada by John Ciardullo, Amanda Linett, JB Elliott (corporate), Peter Hamilton, Justin Parappally, Meaghan Obee Tower, Andrew Grant, Courtney Wilson, Deana Toner, Slavica Stojimirovic, Ian Noble (banking), D’Arcy Nordick, Tim McCormick, Matthew Hunt (high-yield debt), Ashley Taylor, Kathryn Esaw (litigation), Dana Porter, Nili Birshtein (real estate), John Lorito, Lindsay Gwyer (tax), Larry Cobb (environmental), Glenn Zacher, Jason Kroft (energy) and Andrea Boctor (pensions) of Stikeman Elliott LLP; and in the US by Paul Basta, Christian Nagler, Chris Greco, Judson Oswald, Ross Leff, Jay Ptashek and Eric Leon of Kirkland & Ellis LLP.
The Ad Hoc Committee of Unsecured Noteholders was represented in Canada by Rob Chadwick, Joe Latham and Bradley Wiffen (corporate restructuring), Tim Heeney (corporate), Mark Surchin, Jeffrey Citron and Ada Tien (banking/high-yield debt), Tom Macdonald (real estate) and Michael Royal (tax) of Goodmans LLP; and in the US by Brian Hermann and Kellie Cairns of Paul, Weiss, Rifkind, Wharton & Garrison LLP.
The Ad Hoc Committee of Secured Noteholders was represented by Richard Orzy and Sean Zweig (corporate restructuring) and Mark Rasile (banking) of Bennett Jones LLP.
The new term loan and ABL lenders were represented in Canada by Scott Horner, Joshua Lam, Ben Leith and Marta Rochkin (financial services); Tony Devir (pensions), Ryan Nielsen (real estate), Patrick Walsh (environmental) and Greg Wylie (tax) of Osler, Hoskin & Harcourt LLP; and in the US by David Bilkis, Eric Klar, Joe Petruccelli, Dovid Duchman and Faisal Kraziem of White & Case LLP.
The initial purchasers of the high yield debt were represented in the Canada by the legal team mentioned above and Rob Lando and Matt Macleod (securities) from Osler, Hoskin & Harcourt LLP in Canada; and in the US by Stuart Downing, William Hartnett, John Tripodoro, David Barash, Thomas Felix III, Joshua Goldberg and Stephen Harper of Cahill Gordon & Reindel LLP.
The Unsecured Note Indenture Trustee was represented in Canada by Mike Weinczok, David Preger, Lisa Corne and Michael Brzezinski of Dickinson Wright PLLC; and in the US by Andrew Silfen, Leah Eisenberg and Beth Brownstein of Arent Fox LLP.
The trustee for the high yield debt and the junior notes was represented by Marie Pollio of Shipman & Goodwin LLP.
Essar Global Fund Limited was represented in Canada by Jamey Gage and Heather Meredith (restructuring) and Rob Hansen (business law) of McCarthy Tétrault LLP; and in the US by Douglas Bartner and Robert Britton of Shearman & Sterling LLP.
Wilmington Trust Company, the Indenture Trustee pursuant to Algoma’s senior secured note indenture, was represented in Canada by John Salmas and Kenneth Kraft of Dentons LLP; and in the US by Bart Pisella, Leo Crowley, Margot Erlich and Tim Kober of Pillsbury Winthrop Shaw Pittman LLP.