Michael De Lellis - Insolvency Lawyer

Michael De Lellis

Partner, Insolvency & Restructuring

Contact Information

mdelellis@osler.com

tel: 416.862.5997

Office

Toronto

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Areas of Expertise

Bar Admission

Ontario, 2003

Education

  • Osgoode Hall Law School, LL.B.
  • Schulich School of Business, M.B.A.
  • University of Toronto, B.Comm.

Language(s)

English

Michael’s practice focuses on corporate and commercial law with an emphasis in insolvency and restructuring, plans of arrangement under the Companies’ Creditors Arrangement Act (Canada) and corporate statutes, complex corporate recapitalizations, proposals and bankruptcies under the Bankruptcy and Insolvency Act (Canada), complex cross border matters, acquisitions, financings, governance matters, secured transactions and the enforcement of debtor and creditor rights.  Michael has served as counsel to debtor corporations, lending syndicates, bondholders, equity sponsors, purchasers, governments and court officers.

    • Just Energy Group Inc. in connection with its $1.1 billion recapitalization transaction
    • Pier 1 Imports in its Chapter 11 and CCAA Recognition Proceedings
    • FAAN Mortgage Administrators Inc. in its capacity as court-appointed Trustee of all of the assets, undertakings and properties of Derek Sorrenti or Sorrenti Professional Law Corporation (collectively, “Sorrenti”) relating to Sorrenti’s trusteeship and administration of syndicated mortgage loans in projects affiliated with Fortress Real Developments Inc. and certain related entities.
    • Bondfield Construction Company Ltd. and certain of its subsidiaries in connection with its restructuring proceeding under the CCAA
    • FAAN Mortgage Administrators Inc. in its capacity as court-appointed Trustee of Building & Development Mortgages Canada Inc. (BDMC)
    • KPMG Inc., in its capacity as Proposal Trustee (and subsequently, Trustee in Bankruptcy) of Gymboree, Inc.
    • Imperial Tobacco Canada Limited and Imperial Tobacco Company Limited in connection with its restructuring proceeding under the CCAA
    • Ad Hoc Committee of Unsecured Noteholders in connection with the restructuring of Jupiter Resources Inc. and its CBCA proceeding
    • Sears Canada Inc. and certain of its subsidiaries in connection with its restructuring proceeding under the CCAA.
    • Ad Hoc Committee of certain secured creditors in connection with the restructuring of Concordia International Corp. and its CBCA proceeding.
    • Ad Hoc Committee of certain secured noteholders in connection with the CCAA proceeding of Toys “R” Us.
    • Hoctieff PPP Solutions North America Inc. and Concert Infrastructure Ltd. in connection with the CCAA proceedings of Carillion Canada Inc.
    • Independent Electricity System Operator (IESO) in connection with the CCAA proceeding of Index Energy Mills Road Corporation.
    • Bondfield Construction Company Ltd. In connection with its 2017 refinancing of its credit facilities with a major Schedule I bank.
    • Tervita Corporation and certain of its affiliates and subsidiaries in connection with its $3.5 billion recapitalization transaction, which was implemented pursuant to a court-approved plan of arrangement under the CBCA.
    • Ben Moss Jewellers Western Canada Inc. in connection with its restructuring proceedings under the CCAA.
    • Deutsche Bank in its various capacities, a group of DIP Lenders and a group of Term Lenders in the CCAA proceedings of Essar Steel Algoma Inc. and various related entities.
    • Shareholder in connection with the Sales Officer proceedings involving Reisman et. al. pursuant to section 248 of the OBCA and rule 14.05 of the Ontario Rules of Civil Procedure.
    • Acting for a group of creditors in connection with the CCAA proceedings of SunEdison Canadian Construction LP and certain of its affiliates and subsidiaries.
    • Acting for a group of creditors in connection with the CCAA proceeding of Rubicon Minerals Corporation.
    • Loblaw Companies Limited in connection with a $540 million sale of certain gas stations.
    • TravelBrands Inc. in connection with its restructuring proceedings under the CCAA.
    • Comark Inc. in connection with its CCAA proceedings and sale to Pacific West Commercial Corporation. 
    • Ad Hoc Committee of Second Lien Noteholders in the CCAA proceedings of Southern Pacific Resource Corp.
    • Alvarez and Marsal Canada Inc. in connection with the CCAA/Chapter 15 proceedings of Arctic Glacier Income Fund.
    • FTI Consulting Canada in the recapitalization and restructuring proceedings of Cline Mining Corporation et. al. under the CCAA.
    • Deutsche Bank in the recapitalization proceedings of Essar Steel Algoma Inc. and various related entities under the CBCA and Chapter 15.
    • FTI Consulting Canada in the recapitalization and restructuring proceedings of Jaguar Mining Corporation under the CCAA.
    • TELUS in its proposed acquisition of Mobilicity through a recapitalization under the CBCA and a plan of arrangement under the CCAA.
    • PCL Constructors Canada Inc. in the CCAA proceedings of Comstock Canada Ltd. and related entities.
    • Province of Nova Scotia in connection with the sale of NewPage Port Hawkesbury Corp. out of CCAA proceedings.
    • Canwest Global Communications Corp. and its subsidiaries in connection with their restructuring under the CCAA.
    • SemCAMS ULC, SemCanada Crude Company, SemCanada Energy Company, A.E. Sharp Ltd., CEG Energy Options, Inc. and 1380331 Alberta ULC in their CCAA restructuring proceedings.
    • ThyssenKrupp Budd Canada in its $200 million pension and benefits settlement and $500 million tax loss monetization transaction under BIA proposal proceedings.
    • Black Diamond and Credit Suisse in connection with the debtor-in-possession financing and first lien loan position for White Birch Paper Company under the CCAA and Chapter 11.
    • Alvarez & Marsal Canada Inc. in its capacity as Information Officer in connection with the CCAA proceedings of Chemtura Canda Inc.

  • Chambers Canada: Canada’s Leading Lawyers for Business: Recognized in Restructuring/Insolvency, Band 5
  • Chambers Global: The World's Leading Business Lawyers: Recognized in Restructuring/Insolvency, Band 5
  • The Canadian Legal Lexpert Directory: Recognized in Insolvency & Financial Restructuring - Financial Restructuring
  • Best Lawyers in Canada: Recognized in Insolvency and Financial Restructuring Law
  • Legal 500: Recognized in Next Generation Lawyer, Restructuring & Insolvency
  • IFLR 1000: The Guide to the World’s Leading Financial Law Firms: Recognized in Restructuring and Insolvency (Highly Regarded)

  • Law Society of Ontario
  • Canadian Bar Association
  • Ontario Bar Association
  • INSOL International
  • Insolvency Institute of Canada
  • Turnaround Management Association, Board of Director member and Secretary, 2018 to date
    • TMA 2018 to present, Special Governance Committee, Co-Chair
    • TMA 2018 to present, Spring Gala Committee, Co-Chair
    • TMA 2018 to present, Education and Networking Committee, Co-Chair
    • TMA Membership Committee, 2018 to present, Member
    • TMA Strategic Initiatives Committee, 2018 to present, Member
    • TMA 2017 to present, Symposium Committee, Member

  • Aftermath - In the Wake of the Indalex Decision, (November 2013), 29.1 BFLR 185 (co-authored).
  • Indalex - Priorities and Pension Deficiencies, (April 2013) 25 Comm. Insol. R. 4 (co-authored).
  • The Supreme Court of Canada Confirms DIP Load Charges Supersede statutory Deemed Trusts Under Provincial Legislation, (February 18, 2013) Houlden & Morawetz On-Line Newsletter, Insolv. L. Nws. 2013-07 (co-authored).
  • Emerging Trends and Practices for Recognizing International Insolvencies under New Part IV of the CCAA, (2011) 27 BFLR 125 (co-authored).
  • Protecting Canadian Creditors: The Evolving Role of the Monitor in Cross-border Proceedings, (2010) 26 BFLR 167 (co-authored).
  • Overview of the Ontario Personal Property Security Act, 9th and 10th Annual “Perfect Your PPSA Skills” Program.
  • Substantial Amendments to Ontario’s PPSA Legislation, National Creditor Debtor Review, July 2007.
  • Radwan v. Arteif Furniture Manufacturing, (2002) ABQB 742, Insolvency News Volume 18, No. 2 (January 2003) 12.
  • Is the doctrine of equitable subordination coming to Canada?, Lawyers Weekly, January 17, 2003 (co-authored).