Aveos Fleet Performance Completes US$875M Restructuring

On March 12, 2010, Aveos Fleet Performance Inc. (“Aveos”) completed a US$875 million restructuring of its debt and equity. As a result of the transaction, Aveos's first and second lien debt was reduced from approximately US$800 million to US$75 million and its senior secured lenders converted their remaining debt into equity. Aveos's largest customer, Air Canada, received a minority stake in Aveos. In addition, certain of Aveos's senior secured lenders provided a new working capital facility of US$75 million.

Aveos was represented by its Vice President, Chief Legal Officer and Corporate Secretary, Nicolas Vanasse, as well as in-house counsel Antoinetta Marro, Vicki Variantzas, Judith Plourde and Philippe de Grandmont and by a team from Osler, Hoskin & Harcourt LLP that included Sandra Abitan, Marc Wasserman and Artem Miakichev (insolvency and restructuring); Daniel Yelin, Hugo-Pierre Gagnon and Catherine De Laboursodière (corporate); Constantine Troulis, Lida Bucyk, Nana Amponsah and Maxime Laverdière (financial services); Robert Raizenne and Antoine Stébenne (tax); Karim Renno and Éric Préfontaine (litigation); Douglas Rienzo (pension and benefits); Peter Glossop and Kevin Glass (competition/antitrust) and Rod Davidge and Ilana Cohen (real estate); and a team from Simpson Thacher & Bartlett LLP that included Hyang-Sook Lee (bankruptcy and restructuring) and Marissa Wesely and Eli Isak (credit).

The first lien lenders were represented by a team from Weil, Gotshal & Manges LLP that included Andrew Colao, Sasha Shulzhenko, Sue Chen-Holmes and Young Lee (banking and financing) and Danielle Do, Hayward Majors and Irini Kalamakis (mergers and acquisitions); and a team from Blake, Cassels & Graydon LLP that included Milly Chow, Susan Grundy, Bernard Boucher and Beth Posno (restructuring and insolvency); Michael Harquail, Marc-Antoine La Rochelle, Aimee Yee, Camille Paulus and Alexis Levine (financial services); Kathleen Penny and Bruce Sinclair (tax); Julie Soloway (competition); Robert Fishlock (environmental); Natalie Bussière (labour and pensions); Marc-André Landry (litigation) and Carole Turcotte and Marie Sabourin (corporate).

The second lien lender was represented by a team from Goodmans LLP that included James Riley, Elisabeth Cleghorn and Leah Ramkaran (banking and finance); Brendan O'Neill (restructuring); Mitchell Sherman, Carrie Smit and Marisa Wyse (tax); Brenda Gosselin (corporate) and Jana Steele (pensions and benefits).

Air Canada was represented by its Assistant General Counsel, Corporate & Commercial, David Perez, a team from Heenan Blaikie LLP that included Keith Wilson, Joel Cabelli, Michael Hanlon and Marie-Josée Couture (financial services); a team from Stikeman Elliott LLP that included Gary Nachshen (pension and benefits) and Sterling Dietze, François Ouimet and Marie-Aude Gagnon Rousseau (financial services); and a team from Bennett Jones LLP that included Stephen Bowman and Tracey Woo (tax).

Lawyer(s)

Susan M. Grundy Hugo-Pierre Gagnon Marc Wasserman Jana Rae Steele Bruce R. Sinclair Marie-Aude Gagnon Rousseau Kevin Glass Mitchell J. Sherman Marie-Josée Couture Constantine Troulis Tracey Woo Carole Turcotte Leah Boyd Stephen W. Bowman Antonietta Marro Daniel Yelin Bernard Boucher François H. Ouimet Brenda Gosselin Robert M. Fishlock Carrie B.E. Smit David Perez Elisabeth A. Cleghorn Camille Paulus Rod Davidge Michael R. Harquail Karim Renno Kathleen V. Penny Lida Bucyk Sterling H. Dietze Peter L. Glossop Alexis Levine Marie C. Sabourin Milly Chow Sandra Abitan Joel M. Cabelli Aimee Yee Danielle Do Douglas Rienzo Keith D. Wilson Nana Amponsah Philippe de Grandmont Beth Posno Julie A. Soloway Michael J. Hanlon Marisa Wyse Brendan O'Neill Marc-André Landry Robert Raizenne Judith Plourde Marc-Antoine La Rochelle Elaine Cohen Nicolas Vanasse James A. Riley Artem Miakichev

Firm(s)