June 28, 2019
Osler is proud to have advised on the 2019 Turnaround Management Association’s (TMA) “Mega Company Transaction of the Year;” Essar Steel Algoma Inc. The 2019 TMA Turnaround and Transaction of the Year Awards recognized Osler’s central role in Algoma Steel Inc.’s Companies’ Creditors Arrangement Act (Canada) proceedings and its financings, representing an ad hoc committee of prepetition term lenders; Deutsche Bank AG in its capacities as prepetition ABL Agent, DIP Agent and prepetition term loan Sub-Collateral Agent; and Cortland Capital Market Services LLC in its capacity as prepetition term loan Agent and Collateral Agent.
This matter involved many U.S. investors, advisors and counsel. In the face of punitive U.S. tariffs, the result of this successful refinancing was the survival of one of Canada’s two remaining integrated steel producers in Canada. At the same time, the transaction preserved the jobs and pensions of approximately 73,000 employees and pension holders and their families.
The TMA selects awards recipients based on an extensive, months-long research process conducted by the TMA’s volunteer awards committee. The TMA committee uses a rigorous peer-review process that ranks the industry’s “best professional achievements” in terms of turnarounds and transactions, chosen from a “highly competitive field of excellent submissions,” according to the TMA website. The awards will be presented at the TMA Annual Conference September 25-27 in Cleveland, Ohio.
Read more about the 2019 TMA Turnaround and Transaction of the Year Awards.