Tracy Sandler

Tracy has over thirty years’ experience advising on many of the largest and most widely known insolvency and restructuring mandates, including landmark matters for Target, General Motors and Canwest. She practises corporate and commercial law with an emphasis on corporate recapitalizations, reorganizations, and restructurings and related transactions including acquisitions and divestitures.

She acts as a trusted advisor to major debtor corporations, boards, lending syndicates, bondholders and private equity sponsors, and also regularly advises court officers. Tracy is sought out for her expertise on cross-border proceedings and for her ability to provide pragmatic advice that is tailored to her clients' business issues.

Tracy is ranked in Band 1 by Chambers and Partners both nationally and globally for her expertise in insolvency and restructuring law, and she is recognized as a leading lawyer in numerous industry publications. She is a Fellow of the American College of Bankruptcy and a Member of the Insolvency Institute of Canada.

Tracy is alumna of The Judy Project, one of Canada’s top leadership forums designed for women executives ascending to C-suite positions, at the University of Toronto’s Joseph Rotman School of Management. She is also a contributing storyteller for the 2019 best selling leadership book entitled The Collective Wisdom of High-performing Women, Leadership Lessons from the Judy Project, which features personal stories from 70 Canadian women business leaders that highlight their perspectives on the characteristics of great leaders.

Tracy currently serves as a member of the board of directors of Kids Help Phone and the Israel Cancer Research Fund. Tracy served as the National Chair of Osler’s Insolvency and Restructuring Group and as a member of the firm’s Operations Committee and served two terms on the firm’s Partnership Board.

Areas of Expertise

Representative Work

Notable Public Matters

  • H&R REIT in its $1.67 billion sale of The Bow Office Tower
  • Flower One Holdings acting for company in connection with successful restructuring transaction with its secured lenders and unsecured debentureholders
  • Country Fresh, acting as Canadian counsel for the Steering Committee of Holders of First Lien Debt in connection with Country Fresh’s financial restructuring
  • Forever XXI in connection with its proceedings under the CCAA
  • Brooks Brothers Canada in its restructuring transaction under the CCAA
  • League Assets, acting for the receiver in the receivership proceedings
  • Sarku Japan, acting for the monitor in the CCAA proceedings
  • Delphi Energy Corp. in its restructuring transaction under the CCAA
  • Stuart Olson, acting for the Board of Directors of Stuart Olson in the company’s acquisition by Bird Construction
  • Comark in its CCAA restructuring and sale transaction
  • Primus Management ULC, as Canadian subsidiary of Fusion Connect, Inc., in connection with Fusion Connect’s proceedings under Chapter 11 of the United States Bankruptcy Code and related sale process
  • Alvarez & Marsal Canada Inc., as Receiver to Erwin Hymer Group North America Inc., in the acquisition of Roadtrek RV brand by Rapido SAS
  • Vari-Form Inc., a manufacturer of automotive and industrial components to the OEMs, in its CCAA proceedings and stalking horse sale process
  • American Tire Distributors, Inc. in relation to the restructuring of its bond, term and ABL debt and the Canadian operations of National Tire Distributors
  • Express Fashion Apparel Canada Inc. in its proceedings under the CCAA
  • Golf Town Canada, acting for FTI Consulting Inc. as Monitor, in connection with Golf Town’s CCAA proceedings
  • Target Canada Corp., in connection with its CCAA proceedings
  • Colt Canada Corporation and Colt Defense LLC, acting for Marblegate Asset Management, LLC, and thereafter Ad hoc Committee of Noteholders, in connection with Colt’s restructuring under the CCAA
  • League Assets Corp., acting for PricewaterhouseCoopers Inc. as Monitor, in connection with League’s restructuring under the CCAA
  • Montreal, Maine & Atlantic Canada Co., acting for Irving Oil, in connection with MM&A’s restructuring under the CCAA
  • Homburg Invest Inc. in connection with its restructuring under the CCAA
  • HSH Nordbank as agent to the senior lending syndicate in the CCAA and receivership of Skypower Corp
  • Maple Leaf Foods in connection with its acquisition of The Puratone Corporation and Paradigm Farms Inc
  • PricewaterhouseCoopers Inc. in connection with the receivership of Northern Sawmills Inc. and Atikokan Forest Products Ltd. and Cover-All Holding Corp
  • Crystal Financial, LLC in connection with its loan facility to Petrowest Energy Services Trust
  • FTI Consulting, Inc. as Monitor of Renin Corp
  • Versa Capital in connection with its DIP loan to and acquisition of Bowe +Bell & Howell in CCAA and Chapter 11 proceedings
  • Blockbuster Canada Co. in connection with the restructuring of its Canadian operations
  • Canwest Global Communications in connection with its refinancing, CCAA restructuring and sale of its broadcast and newspaper businesses
  • General Motors of Canada in its successful out of court restructuring in Canada
  • Archibald Candy Corporation and Archibald Candy (Canada) Corporation (Laura Secord) in the cross-border restructuring and sale of Laura Secord
  • Krispy Kreme Doughnut Corporation in the restructuring and sale of Krispy Kreme’s Canadian operations

Latest Insights

  • Webinar Feb 28, 2024

    Osler and Alvarez & Marsal: Real estate issues in an insolvency

    Learn about issues likely to be encountered in an insolvency, with insights learned through experience from experts in Osler’s insolvency and...

    Read more
    Osler and Alvarez & Marsal: Real estate issues in an insolvency

Awards and Recognition

  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Restructuring/Insolvency (Band 1)
  • Chambers Global: The World’s Leading Lawyers for Business: Recognized in Restructuring/Insolvency (Band 1)
    • “…super smart and very strategic – very focused on getting things done.”
  • The Canadian Legal Lexpert Directory: Recognized in Insolvency & Financial Restructuring – Financial Restructuring
  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada: Recognized in Insolvency & Financial Restructuring
  • Best Lawyers in Canada: Recognized in Insolvency and Financial Restructuring Law
  • IFLR 1000 Women Leaders 2021 and 2022 | IFLR 1000: The Guide to the World’s Leading Financial Law Firms: Recognized in Restructuring and Insolvency (Highly Regarded)
  • Who’s Who Legal: Recognized in Thought Leaders: Restructuring & Insolvency; International – Restructuring & Insolvency; Canada – Restructuring & Insolvency
  • Legal 500: Recognized as a Leading Lawyer, Restructuring and Insolvency
  • Recipient of the TMA Toronto Women of Excellence Award for making an exceptional contribution to the turnaround and restructuring community in Ontario
  • Lawdragon: Recognized in the 2020 Lawdragon 500 Leading Global Bankruptcy & Restructuring Lawyers

Media Mentions

  • Osler News Feb 16, 2024

    Osler recognized as a leading firm in Chambers Global 2024 Guide

    Osler recognized as a leading firm in Chambers Global 2024 Guide

    Read more
  • Osler News Jan 9, 2024

    34 Osler lawyers recognized in 2024 Lexpert/American Lawyer Guide to Leading 500 Lawyers in Canada

    Osler is pleased to announce that 34 of our lawyers have been recognized in the 2024 edition of the Lexpert/American Lawyer Guide to the Leading 500...

    Read more
  • Osler News Feb 16, 2023

    Osler recognized as a leading firm in Chambers Global 2023 Guide

    We are excited to announce that we have once again been recognized as a leading firm in the Chambers Global 2023 Guide.

    Read more
  • Osler News Apr 11, 2022

    Osler’s Tracy Sandler and Sandra Abitan recognized in IFLR1000’s Women Leaders 2022

    Osler is proud to announce that two of our Insolvency and Restructuring partners, Sandra Abitan and Tracy Sandler, have been recognized as Women...

    Read more
View all

Community Involvement

  • Member of the Board of Directors of Kids Help Phone
  • Member of the Board of Directors of Israel Cancer Research Fund
  • Volunteer, Holy Blossom Synagogue “Out of the Cold” Program
  • Past Volunteer and Co-chair, Sponsorship, Tough Nutter event committee, SickKids Food Allergy & Anaphylaxis Program

Speaking and Writing

Published Work

  • 2012 TMA Annual Convention Planning Committee
  • Who’s in Control? Cross-Border Perspectives, 2011 Canadian/American Cross-Border Insolvency Symposium, November 2011
  • Analyzing Bankruptcy Procedures in Canada; How does the CCAA affect Subordinated Bondholders? Canadian High Yield Bond Conference, September 2011
  • Asset Sales Developments: Navigating the Bumps in the Road, TMA Toronto Chapter 13th Annual Symposium, March 2011
  • Recent Developments in Canadian Restructurings, New York, October 2010
  • Cross Canada Review, Insolvency Institute of Canada 19th Annual Conference, September 2008.
  • Landlords, Leases and the CCAA Process, 3rd Annual Real Estate Finance including Commercial Real Estate Leasing, Insight Conference, April 2008.



  • Osgoode Hall Law School, LL.B.
  • McMaster University


  • English

Professional Affiliations

  • American Bankruptcy Institute, Member, Board of Directors; Member of Banking and Finance and International Committees
  • American College of Bankruptcy, Fellow
  • Canadian Bar Association
  • Insolvency Institute of Canada, Member and member of the Nominating Committee
  • INSOL International
  • Turnaround Management Association (Toronto Chapter), Past President, Member
  • Turnaround Management Association (U.S.), Member and Past Member, Board of Directors
  • Turnaround Management Association 2017 Global Awards Committee, Member