Leading infrastructure and construction materials enterprise Armtec Infrastructure Inc. and its affiliates (Armtec) completed a going-concern sale of substantially all of its assets to Armtec LP, an affiliate of Brookfield Capital Partners Fund III L.P. (Brookfield), in exchange for a release from approximately $200 million in secured debt obligations owing to Brookfield. The transaction was completed pursuant to an asset sale under the Companies’ Creditors Arrangement Act (CCAA).
Armtec was represented by Goodmans LLP with a team consisting of Robert Chadwick, Melaney Wagner, Logan Willis, and Sydney Young (corporate/restructuring); Celia Rhea and Dan Dedic (banking/finance); Tim Heeney, Brenda Gosselin and Rachel Ouellette (corporate/securities) and Alan Bowman (tax).
Brookfield was represented by Torys LLP with a team consisting of David Bish and Lee Cassey (restructuring); Adam Delean and Simon Williams (banking/finance); Cornell Wright, Adrienne Di Paulo, David Forrester and Michele Cousens (corporate/securities); Graham Rawlinson and Richard Missaghie (real estate) and Sumeet Dang (IP).
The ad hoc committee of noteholders was represented in Canada by Davies Ward Phillips & Vineberg LLP, with a team that included Jay Swartz, Robin Schwill and Dino Massimi (corporate/restructuring), and in the United States by Fried, Frank, Harris, Shriver & Jacobson LLP, with a team consisting of Brad Eric Scheler, Matthew Roose and Michael Handler.
Ernst & Young Inc. acted as Monitor in the CCAA proceedings and was represented by Gowling Lafleur Henderson LLP, with a team consisting of Derrick Tay and Jennifer Stam.
Stikeman Elliott LLP
acted for the Canadian Imperial Bank of Commerce, the agent in respect of the secured revolving and term credit facilities provided to Armtec LP, with a team that included Craig Mitchell
, Meaghan Obee Tower, Kelly Niebergall and Melissa John (banking) and Ashley John Taylor
(restructuring). Trisura Guarantee Insurance Company, the issuer of surety bonds for Armtec’s obligations was represented by Borden Ladner Gervais LLP
with a team consisting of James MacLellan
(surety/construction), Howard Silverman and Derek Powers (banking/finance).