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Marc Wasserman - Corporate Restructuring Lawyer

Marc Wasserman

Partner, National Chair, Insolvency & Restructuring

Chair: Insolvency and Restructuring


Contact Information

mwasserman@osler.com

tel: 416.862.4908

Office

Toronto

Bar Admission

Ontario, 2001

Education
  • Osgoode Hall Law School, LL.B.
  • York University, B.A.
Language(s)
English

Marc practises corporate and commercial law in the areas of corporate restructuring, financial services and private equity. He has been involved in many complex corporate recapitalizations, reorganizations and restructurings and related acquisitions, divestures, financings and governance matters. He has expertise in national, cross-border and international matters acting for major debtor corporations, bondholders, equity sponsors, senior lenders, monitors and acquirers. Marc also regularly provides strategic advice and risk analysis on structuring of corporate and lending transactions.

    • An Ad Hoc Group of Unsecured Noteholders in the $1.1 billion recapitalization of Jupiter Resources Inc. under the CBCA.
    • An Ad Hoc Group of Senior Secured Term Lenders and DIP Lenders of Essar Steel Algoma in connection with its CCAA proceedings and the aquisition by Algoma Steel Inc. of its assets.
    • An Ad Hoc Group of Secured Creditors in Concordia International Corp. US$ 3.7 billion precedent setting recapitalization transaction under the CBCA.
    • An Ad Hoc Committee of Secured Lenders (B4 Lenders) in the CCAA proceedings of Toys “R” Us (Canada) Ltd.
    • Sears Canada Inc. in its proceedings under the CCAA.
    • Payless ShoeSource Canada Inc. in its reorganization proceedings under the CCAA/Chapter 11, named as The M&A Advisor’s Restructuring Deal of the Year over $250 million in 2017.
    • BCBG Max Azria Canada, Inc. and BCBG Max Azria Global Holdings, LLC in its proceedings under the BIA.
    • Walter Energy Canada Holdings, Inc. and its Canadian subsidiaries (WECH) in its CCAA proceedings and subsequent litigation of a ‘long-arm’ pension law claim, a precedent setting case in the Supreme Court of British Columbia which was decided in Walter Canada’s favour.
    • Brookfield Capital Partners Ltd. as the replacement interim financing / debtor-in-possession (DIP) lender to Stelco Inc. (formerly U.S. Steel Canada Inc.) in its CCAA proceedings.
    • Tervita Corporation in its $3.5 billion Recapitalization Transaction under the CBCA, named as Energy Deal of the Year over $1 billion as part of The M&A Advisor’s 12th Annual Turnaround Awards.
    • An Ad Hoc Group of Second Lien Noteholders in Postmedia Network Canada Corp.’s $600 million Recapitalization Transaction under the CBCA.
    • Independent Committee of the Board of Directors of Pacific Exploration & Production Corporation in connection with its $5.3 billion restructuring.
    • Trident Exploration in its recapitalization under the CBCA.
    • Cash Store’s Special Committee and subsequently its CRO in connection with its CCAA proceedings and sale to National Money Mart.
    • TravelBrands in its proceedings under the CCAA, the first travel agency to be restructured successfully under the CCAA.
    • Comark (operating as Cleo, Ricki's and Bootlegger) in its proceedings under the CCAA, named Cross Border Restructuring Deal of the Year as part of the 8th Annual International M&A Awards.
    • A committee of an Ad Hoc Group of Second Lien Noteholders in Southern Pacific Resource Corp.’s CCAA proceedings.
    • Bank of America in connection with the CCAA proceedings involving the Canadian subsidiary of Cliffs Natural Resources.
    • An Ad Hoc Group of Unsecured Bondholders in the out-of-court restructuring of Liberty Tire Recycling.
    • Telus in its proposed acquisition of Mobilicity through a recapitalization under the CBCA and a plan of arrangement under the CCAA.
    • Alvarez and Marsal Canada in connection with the CCAA/Chapter 15 proceedings of Arctic Glacier Income Fund and the sale of Arctic’s Canadian and U.S. assets to H.I.G. Capital, named Transaction of the Year by the Turnaround Management Association in 2013.
    • Angiotech Pharmaceuticals in connection with its capital restructuring through cross-border CCAA and Chapter 15 proceedings and an exchange offer, named Restructuring Deal of the year by IFLR in 2012.
    • Canwest Global Communications in connection with its operational restructuring, financing and $1.1 billion sale of its newspaper business.
    • General Motors of Canada in its successful out of court restructuring in Canada.
    • Mega Brands in connection with their capital recapitalization under the CBCA.
    • Black Diamond and Credit Suisse in connection with the debtor-in-possession financing and first lien loan position for White Birch Paper Company under cross-border proceedings in CCAA and Chapter 11.
    • Circuit City’s Canadian subsidiary (InterTan Canada) in connection with its CCAA proceedings and Circuit City’s Chapter 11 proceedings and sale of 720 retail locations.
    • Brookfield in connection with the credit bid acquisition of Maax Corporation and its subsidiaries through cross-border CCAA and Chapter 15 proceedings.
    • Blackrock Financial as proposed administrator in the $32 billion CCAA restructuring of the asset backed commercial paper market in Canada.
    • Brookfield in its equity sponsorship and bridge lending facilities in Stelco’s $3 billion CCAA proceedings.

Chambers

  • Chambers Canada: Canada’s Leading Business Lawyers, 2016-2019: Restructuring/Insolvency
  • Chambers Global: The World’s Leading Lawyers for Business, 2014-2019: Restructuring/Insolvency

Lexpert

  • The Canadian Legal Lexpert Directory, 2014-2019: Insolvency & Financial Restructuring
  • The Lexpert/American Lawyer Guide to the Leading 500 Lawyers in Canada, 2018: Insolvency & Financial Restructuring
  • The Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada, 2017: Insolvency & Financial Restructuring
  • Lexpert Guide to the Leading US/Canada Cross-Border Corporate Lawyers in Canada 2012: “Leading Canadian Corporate Lawyers to Watch"
  • Lexpert “Rising Star – Leading Lawyer Under 40” (2011)

Legal 500

  • The Legal 500, 2018-2019: Leading Lawyer, Restructuring and Insolvency

IFLR

  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms, 2010-2019: Highly regarded, Restructuring and Insolvency

Who’s Who Legal

  • Recognized as one of the Most Highly Regarded Individuals in the area of Restructuring & Insolvency law by Who’s Who Legal Canada: 2018
  • Who’s Who Legal: International - Restructuring & Insolvency (2016-2019)

Best Lawyers

  • The Best Lawyers in Canada, 2013-2019: Insolvency and Financial Restructuring Law

Acritas Stars

  • Acritas Stars, 2019: Star Lawyer

Expert Guides

  • Expert Guides: The Legal Media Group Guides to the World’s Leading Lawyers, 2012-2018: Restructuring and Insolvency

  • Insolvency Institute of Canada
  • Ontario Bar Association
  • Turnaround Management Association
  • American Bankruptcy Institute
  • INSOL International

  • ​​Corporate recapitalizations as an alternative to insolvency proceedings, Osler Legal Year in Review 2016.
  • Financing Considerations While Under Near-Term Financial Stress, The TSX Financial Hardship Exemption, the MI 61-101 Exemptions and the OSC’s Prospectus Requirements, (2014) Annual Review of Insolvency Law, Carswell 203.
  • Credit Bidding in Canadian Insolvency Proceedings – A Useful Tool for Secured Creditors requiring Checks and Balances (September 2014) 21, Journal of the Insolvency Institute of Canada Volume 3
  • Chapter 15 Helps Canadian Companies Push the Envelope in Cross Border Restructurings, Journal of Corporate Renewal (Vol. 27, No. 4, May 2014).
  • Ontario Court of Appeal Grants Retirees Priority over Secured Creditors, (June 2011) 23 Comm. Insol. R.
  • Protecting Canadian Creditors:  The Evolving Role of the Monitor in Cross-Border Proceedings, (2010) 26 BFLR 167.
  • Guaranteeing a Going Concern Outcome:  The CCAA Proceeding of the Canwest Publishing Entities, (August 2010) 22 Comm. Insol. R. 6.
  • Successor Employer, Protection of Insolvency Practitioners and Pension Plan Issues in Insolvency Proceedings: 2007 Year in Review, National Debtor Review (Volume 23, No. 1, March 2008).
  • Demand Obligations and Limitation Periods: Hare v. Hare (May 2007) 22:3, Insolvency News 1.
  • In Ontario, Collecting on a Demand Loan has a 2-Year Expiry from Date of Advance, Viewpoint Column, Dow Jones Daily Bankruptcy Review Small Cap (May 2, 2007).