New Flyer Completes Refinancing

Winnipeg-based New Flyer Industries Limited, a leading North American manufacturer of urban transit buses in Canada and the U.S., completed a refinancing of its operations on March 18, 2002. This included the acquisition of a controlling interest in New Flyer by New York-based KPS Special Situations Fund, L.P., an amendment and extension of New Flyer’s bank credits provided by The Bank of Nova Scotia, CIBC and Bank of America Corporation, and a subordinated loan from Manitoba Development Corporation (MDC). The value of the deal is undisclosed.

New Flyer was represented by Aikins, MacAulay & Thorvaldson, with a team that included Jim Ferguson, Bruce Taylor, Timothy Samson, Kevin Bolt, Nigel Thompson, Thor Hansell, Colin Pewarchuk, Robert Sly, Robert Lee and Deborah Mahoney in Winnipeg; and Dorsey & Whitney LLP with a team that included Steve Carlson, Joe Genereux, Gordon Gendler, Katherine Constantine and Tom Manthey in Minneapolis.

KPS was represented by Paul, Weiss, Rifkind, Wharton & Garrison, with a team that included Gaines Gwathmey, Valerie Radwaner, James Schwab, Angelo Bonvino, Michael Levin, Thomas de la Bastide III, David Polgreen and Michael Bertrand in New York; Bruce King, Tom Turner, Scott Ransom, Robert Watchman, David Newman, Adam Herstein and Kim Joss of Pitblado Buchwald Asper in Winnipeg; and Andy Jacobson of Maslon Edelman Borman & Brand LLP in Minneapolis.

The banks were represented by Borden Ladner Gervais LLP, with a team that included Bill Robertson, James Mathers, Craig Hill, Stephen Redican, Jon Dyck and Jeff Ellis in Toronto; Wayne Leslie of Fillmore Riley in Winnipeg; and Michael Stewart and David Clark of Faegre & Benson LLP in Minneapolis. Kathleen Scott of the Manitoba Department of Justice and Norman Snyder of Taylor McCaffrey in Winnipeg represented MDC.


Angelo Bonvino Craig J. Hill Colin Pewarchuk Gaines Gwathmey David J. Polgreen Andrew N. Jacobson G. Bruce Taylor Jeffrey Ellis James A. Ferguson David G. Newman Valerie Radwaner Stephen J. Redican Thomas W. Turner Mario Parent Katherine A. Constantine Michael Bertrand Nigel J. Thompson Norman K. Snyder Bruce H. King L. Joseph Genereux Kevin R. Bolt Thor J. Hansell Kimberly R. Joss David B. Clark D. Wayne Leslie William S. Robertson Robert C. Lee James H. Schwab Robert G. Sly E. Scott Ransom Thomas V. de la Bastide, III James W. Mathers Kathleen Scott Steven E. Carlson Robert A. Watchman Jonathan F. Dyck Michael R. Stewart


MLT Aikins LLP Dorsey & Whitney LLP Paul, Weiss, Rifkind, Wharton & Garrison LLP Pitblado LLP Maslon Edelman Borman & Brand, LLP Borden Ladner Gervais LLP (BLG) Fillmore Riley LLP Centre Professionnel Bourget Taylor McCaffrey LLP