Resorts of the Canadian Rockies Emerges from Skiing Louise Group of Restructuring

On September 21, 2001, the Creditor Plan of Arrangement under the Companies’ Creditors Arrangement Act of the Skiing Louise Group of Companies was completed. The Skiing Louise Group of Companies owned and operated ski resorts at Lake Louise, Wintergreen and Fortress Mountain in Alberta, Fernie and Kimberley in British Columbia and Stoneham and Mont-Sainte-Anne in Quebec. The Group also owned golf courses known as Trickle Creek in Kimberley, Wintergreen near Calgary and Grand Valon near Mont-Sainte-Anne. A new company called Resorts of the Canadian Rockies Inc., which arranged in excess of $75 million in new debt and equity, has emerged from the financial restructuring as the new owner of the assets formally owned by the Skiing Louise Group.

Bank of Montreal provided new financing to Resorts of the Canadian Rockies Inc., and was represented by a team at Fraser Milner Casgrain LLP comprised of Tom Pepevnak, Bill Jenkins and Robert Homersham in Calgary, David Zacks, Colin McIver and Janelle Dwyer in Vancouver and Pierre Setlakwe and Julie Desrochers in Montreal. Resorts of the Canadian Rockies Inc. was represented by a team from Osler, Hoskin & Harcourt LLP, whose team consisted of Jack Thrasher, Sherri Fountain, Tristram Mallett and Nancy Diep in the Calgary office with assistance from Rupert Chartrand and Steve Golick in the Toronto office and Nicole Cloutier in the Montréal office.

Burnet, Duckworth & Palmer LLP of Calgary represented the Skiing Louise Group of Companies and their team was comprised of Brian O’Leary, Cal Johnson, Margot Langdon, Shirley Roberts, Doug Nishimura, Kelly Bourassa and Dan Sears. BDP was assisted in British Columbia by Ron Argue, Michael Vaughan and Sara Pope of Owen Bird, and in Quebec by Georges Parent and Michel Messely of Langlois Gaudreau.