Kevin J. Zych
Kevin J. Zych
Partner at Bennett Jones LLP
(416) 777-5738
(416) 863-1716
100 King St W, Suite 3400, 1 First Canadian Pl, PO Box 130, Toronto, ON
Year called to bar: 1992 (ON)
Restructuring and insolvency partner. Practice focuses on private loan workouts and judicially supervised restructurings under the Companies' Creditors Arrangement Act and the Canada Business Corporations Act, including related litigation, with an emphasis on cross-border restructuring. Has acted for lenders in Sherritt International, Jack Cooper Transport, Bellatrix, Concordia, Algoma Steel, Tervita, Lightstream Resources, Nelson Education, Connacher Oil and Gas, Yellow Media, Nortel, OPTI Canada, Ainsworth Lumber, Trident Energy, Pioneer Companies, Doman Industries, Stelco, Ivaco, Parmalat, Teleglobe, and AT&T Canada; the borrower in Calfrac Well Services, Stoneway Capital Corporation, Bonavista Energy, NCSG Crane, Quicksilver Resources, Sanjel, Lone Pine Resources, Sino-Forest, Sun Times Media, Pillowtex, General Chemical, and Bumble Bee/Clover Leaf; and estate fiduciaries in Toys R Us, US Steel Canada, CHC Helicopter, Cooper-Standard Automotive, AbitibiBowater, Smurfit-Stone, TerreStar Networks, Dura Automotive, Progressive Moulded Products, and Quebecor World.
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Clover Leaf Holding Company and Connors Bros. Clover Leaf Seafoods Company closed $1.3-billion sale
Concordia International Corp. (“Concordia” or the “Company”) (TSX: CXR), an international specialty pharmaceutical company focused on becoming a leader in European specialty, off-patent medicines, completed the recapitalization of approximately US$4 billion of secured and unsecured debt in September 2018 pursuant to a plan of arrangement (the “CBCA Plan”) under the Canada Business Corporations Act (“CBCA”).
On December 22, 2017, Sonicfield Global Ltd., an indirect wholly owned subsidiary of CST Group Ltd., and Deloitte Restructuring Inc., in its capacity as court appointed receiver and manager of the assets, properties and undertakings of Grande Cache Coal LP, Grande Cache Coal Corp., Up Energy (Canada) Ltd. and 0925165 B.C. Ltd, entered into an asset purchase and sale agreement, pursuant to which Sonicfield agreed to purchase certain coal assets from the Receiver for aggregate consideration of approximately US$433.9 million.
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.
On June 30, 2017, Stelco Inc. (Stelco), formerly U.S. Steel Canada Inc., emerged from Companies’ Creditors Arrangements Act (CCAA) proceedings through the implementation of a CCAA plan. This involved the compromise of more than $2 billion of debt and the restructuring of approximately $2 billion of pension and benefit obligations.
On December 14, 2016, Tervita Corporation (“Tervita”), a leading environmental solutions provider, implemented its court-approved plan of arrangement under the Canada Business Corporations Act (the “Plan”).
Nelson Education Ltd. (Nelson), Canada’s leading education publishing company, completed a sale of substantially all of its assets to 682534 N.B. Inc., now operating as Nelson Education Ltd., in exchange for the compromise and release of approximately US$270 million of first lien secured debt obligations.