Skip To Content
Michael De Lellis - Insolvency Lawyer

Michael De Lellis

Partner, Insolvency & Restructuring

Contact Information

tel: 416.862.5997



Areas of Expertise
Bar Admission

Ontario, 2003

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

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

  • Essar Steel Algoma

    Algoma Steel Inc. and certain senior secured term lenders in Canada in Algoma’s acquisition of substantially all the assets of Essar Steel Algoma in connection to a restructuring under the CCAA

  • KPMG Inc.

    KPMG Inc. in connection with Gymboree Inc.’s proceedings under the Bankruptcy and Insolvency Act

  • Concordia International Corp.

    Osler advises the Secured Debtholder Committee of Concordia International Corp. in connection with US$3.7 billion recapitalization transaction

  • Tervita Corporation

    Tervita Corporation completes $3.5 billion recapitalization transaction under the Canada Business Corporations Act

    • Comark Inc., one of Canada's leading specialty apparel retailers, in its CCAA proceedings
    • FTI Consulting Canada in the recapitalization and restructuring proceedings of Cline Mining Corporation et. al. under the CBCA
    • Deutsche Bank in connection with Essar Algoma’s recapitalization under the CBCA and Chapter 15.
    • FTI Consulting Canada in connection with Jaguar Mining’s recapitalization under the CCAA.
    • Telus in its proposed acquisition of Mobilicity through a recapitalization under Canada Business Corporations Act and a plan of arrangement under the Companie’s Creditor’s Arrangement Act
    • 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.
    • 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.
    • Province of Nova Scotia in connection with the sale of NewPage Port Hawkesbury Corp. out of CCAA proceedings.
    • ThyssenKrupp Budd Canada in its $200 million pension and benefits settlement and $500 million tax loss monetization transaction under BIA proposal proceedings.
    • Canwest Global Communications Corp. and its subsidiaries in connection with their restructuring under the Companies’ Creditors Arrangement Act.
    • 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
    • Gordon Brothers Retail Partners LLC in its loan to Cotton Ginny
    • HMR Canada I Inc. and GBR, Inc. in its capacity as agent in the sale of certain assets, property and undertakings of Music World Limited under the CCAA
    • HMR Canada II Inc. in its capacity as agent in the sale of certain assets, property and undertakings of Linens ‘n Things
    • PPD Development LP, an unsecured creditor in the CCAA proceedings of Viventia Biotech Inc.
    • Citizens Bank of Rhode Island in its credit facilities to, and thereafter RSM Richter Inc. as receiver of, Paramount Holdings Canada Company and Image Craft Inc.
    • Krispy Kreme Doughnut Corporation and KremeKo Inc. In the restructuring and sale of Krispy Kreme’s Canadian operations
    • The Lending Syndicate and Ernst & Young Inc. as trustee in bankruptcy and receiver and manager of The Royal Crest Life Care Group Inc., a significant chain of nursing and retirement homes
    • Archibald Candy Corporation and Archibald Candy (Canada) Corporation (Laura Secord) in the cross-border and sale of Laura Secord
    • Carl Icahn and High River Limited Partnership in connection with the cross border insolvency proceedings of Philip Services Corp. and Philip Services Inc.
  • Find More

  • Chambers: Ranked in Chambers Canada: Canada’s Leading Lawyers for Business: Up and Coming, Restructuring/Insolvency; Ranked in Chambers Global: The World's Leading Business Lawyers: Up and Coming, Restructuring/Insolvency
  • Lexpert: Ranked in The Canadian Legal Lexpert Directory: Restructuring & Insolvency - Financial Restructuring
  • Best Lawyers: Ranked in Best Lawyers in Canada: Insolvency and Financial Restructuring Law
  • Legal 500: Ranked in The Legal 500: Next Generation Lawyer, Restructuring & Insolvency
  • IFLR: Ranked in IFLR 1000: The Guide to the World’s Leading Financial Law Firms: Notable Practitioner, Restructuring and Insolvency

  • Law Society of Ontario
  • Canadian Bar Association
  • Ontario Bar Association
  • Turnaround Management Association
  • INSOL International

  • 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).