40 King St W, Suite 2100, Scotia Plaza, Toronto, ON
Year called to bar: 2004 (ON)
Jane Dietrich is a partner with a practice focusing on commercial restructuring, insolvency, and related litigation. Jane heads the Restructuring and Insolvency Group at Cassels. She has extensive experience representing numerous stakeholders in formal and informal corporate reorganizations, enforcement of security, and unsecured creditor remedies. She is a fellow, director, and lifetime member of INSOL International, and a member of the Insolvency Institute of Canada and the International Insolvency Institute. Jane was also an Adjunct Professor of Law at the University of Toronto where she taught bankruptcy law for a number of years. In 2016 Jane received the TMA, Toronto Chapter’s Women of Excellence Award for Today’s Leader and is also recognized as a leading lawyer in Chambers Global, Chambers Canada, IFLR1000, The Best Lawyers ofCanada, and Who’s Who Legal. She has written and presented on a wide range of insolvency-related topics including at seminars arranged by the Law Society of Ontario, the Ontario Bar Association, and the Canadian Association of Insolvency and Restructuring Professionals and IWIRC. Jane was called to the Ontario Bar in 2004.
On May 31, 2018, an affiliate of Fairfax Financial Holdings Ltd. (Fairfax) acquired all of the share capital and business of Toys “R” Us (Canada) Ltd. Toys “R” Us (Canada) Ltee (Toys Canada) for a purchase price of $300 million subject to certain working capital adjustments. The share transaction, which was completed in connection with Toys Canada’s emergence from restructuring proceedings under the Companies’ Creditors Arrangement Act (the CCAA) and Chapter 11 of the U.S. Bankruptcy Code, has enabled Toys Canada to continue as a going concern without compromising creditor claims and preserved Toys Canada’s position as Canada’s leading toy and baby retailer.
Nortel Networks Corporation (Nortel Canada) is the Canadian parent company of what was one of the largest telecommunications businesses in the world. In early 2009, formal insolvency proceedings were commenced in Canada, the United States and England, among other places. Nortel’s worldwide business was liquidated through a number of Court-approved sales of its business units and a US$4.5-billion sale of its residual patents, resulting in US$7.3 billion of global sale proceeds to be allocated amongst the Nortel debtor companies in Canada, the United States and Europe.
Specialty Foods Group Income Fund, an Ontario income trust, went public in 2003 at $10 per unit. The establishment of the income fund resulted in a complex cross-border capital structure of the Specialty Food Group of companies that was adopted for tax and other reasons. The capital structure of these companies became even more complex in 2006 when the balance sheets and ownership of certain companies in the group had to be restructured in order to address financial difficulties. That restructuring failed to produce a viable ongoing income fund such that, when the units were ultimately cease-traded in 2009, they were trading at a price of approximately a half cent per unit.