RGL Reservoir Management Group Inc. and its subsidiaries (RGL), implemented a recapitalization transaction pursuant to a plan of arrangement under the Canada Business Corporations Act.
The recapitalization transaction involved the exchange of approximately US$404 million of RGL’s secured debt for common shares of the reorganized company and US$75 million in take-back debt pursuant to a new secured credit facility. As part of the recapitalization, RGL’s existing shareholders received common shares and warrants of the reorganized company.
RGL was advised by Goodmans LLP with a team that included Robert Chadwick, Brendan O’Neill, Ryan Baulke and Andrew Harmes (corporate restructuring), Gesta Abols, Ali Mirsky and Laura Magisano (corporate and M&A), Michael Bertrand and Karen Vadasz (financing) and Carrie Smit and Ken Saddington (tax).
The ad hoc committee of debtholders was advised by Cassels Brock & Blackwell LLP with a team that included Ryan Jacobs and Jane Dietrich (corporate restructuring), Jeffrey Roy (corporate and M&A), Chuck Rich Rich, Suhuyini Abudulai and Daniel Cipollone (financing) and James Morand (tax).