Sept 9, 2013
We are proud to announce that the Turnaround Management Association (TMA) has awarded the Transaction of the Year, in the mid-size company category, to the sale of Arctic Glacier. The sale was completed under the CCAA and the U.S. Bankruptcy Code. An Osler team led by Marc Wasserman and Jeremy Dacks acted as legal counsel to Alvarez & Marsal Canada Inc., in its capacity as CCAA Monitor and Foreign Representative of Arctic Glacier. Michael De Lellis (insolvency), Mary Abbott and Ivan Pankoff (corporate), Kim Wharram (tax), Shelley Obal and Mike Doris (research) and Mary Paterson (litigation) also played key roles on the file.
Arctic Glacier Income Fund and its affiliates (Arctic Glacier) owned North America’s second largest packaged ice producer and distributor. Arctic Glacier filed for creditor protection under Canada’s Companies’ Creditors Arrangement Act (CCAA) and Chapter 15 of the U.S. Bankruptcy Code in February, 2012.
Arctic Glacier ultimately completed the sale of its business in July 2012 to an affiliate of H.I.G. Capital, LLC, a leading global private equity investment firm, for approximately $420 million and the assumption of trade debt, leases, and other contractual relationships. H.I.G. agreed to offer employment to all the full-time and part-time employees of Arctic Glacier. The going-concern sale preserved numerous jobs and the supply chain and customer base of the companies. The proceeds of the sale are currently being held by the Monitor for distribution to Arctic Glacier’s creditors and potentially unitholders.
The TMA describes itself as the leading international professional association dedicated to serving the corporate renewal community. The award will be presented at a ceremony at the TMA Annual conference on October 5, 2013, in Washington, D.C.
For the TMA’s full media release, please click here.