On April 30, 2009, Société générale de financement du Québec signed an agreement to purchase woodlands owned by Smurfit-Stone Container Canada Inc., a subsidiary of Smurfit-Stone Container Corporation, for an undisclosed amount. The woodlands consisted of two blocks of land north of the town of La Tuque, namely the north and south Upper Saint Maurice blocks and the Lower Saint-Maurice lots.
The woodlands, with an area of more than 389,000 ha or 3,890 km2, are known in the region as the “territoire des Francs- Alleux.”
The transaction is subject to certain closing conditions. The sale is conditional among other things upon the consent of the monitor and the Ontario Superior Court of Justice pursuant to the Companies Creditors' Arrangement Act and the consent of the US Bankruptcy Court in Wilmington, Delaware under Chapter 11.
Smurfit-Stone Container Canada was represented by an Ogilvy Renault LLP team consisting of Stephen Kelly, Karine Fadous, David Millette and Haiyan Zhou (M&A); and Miguel Manzano (real estate). Société générale de financement du Québec was represented by in-house counsel Bertrand Thibert and Davies Ward Phillips & Vineberg LLP's team consisting of Hillel Rosen and Jean-François Hudon (M&A) and Stefan Fews (real estate).