On March 1, 2003, Calgary-headquartered Newalta Corporation converted into an income fund pursuant to the terms of a plan of arrangement. In connection with this transaction, credit facilities in the amount of $65 million were made available to Newalta Income Fund and Newalta Corporation by the Bank of Montreal and CIBC. Newalta maximizes the inherent value in industrial wastes through the recovery of saleable products and recycling rather than disposal.
Newalta was represented by Bennett Jones LLP, with a team that included Vance Milligan, John Kousinioris, Took Whiteley, Joanne Rowe and Mitch Williams (banking) and Alan Ross (tax). BMO Nesbitt Burns Inc. and CIBC World Markets Inc. acted as financial advisors to Newalta, which were represented by Leland Corbett of Stikeman Elliott LLP. The Bank of Montreal and CIBC were represented by Fraser Milner Casgrain LLP, with a team that included Glenn Hardie and Laura Zurowski.