Tag archives: creditors

True sales: a refresher

Securitization remains an important tool for companies to realize value from future payment streams and raise financing, typically at a better cost of funds than the interest expense associated with a corporate loan or bond. While there are many different ways to structure a securitization transaction, it is of paramount importance to isolate the relevant … Continue reading

Behind the perfection certificate (Part II): the asset purchase transaction certification

In our previous post on March 31, 2015, we considered perfection certificates in the context of a share purchase transaction/ amalgamation/ name change certification. In this post, we continue to explore perfection certifications but in the context of a post-M&A or leveraged finance acquisition debtor. Perfection certification: the debtor has acquired all its assets in … Continue reading

The “bitter bidder”: late bids in insolvency sales processes

An insolvent entity will often have one or more businesses that, once separated from the insolvent organization or cleansed of their existing liabilities, is quite attractive acquisition targets. For this reason, insolvency of a commercial enterprise will often lead to a court-supervised process for the sale of attractive business lines in order to maximize recoveries … Continue reading

M&A and bulk sales in Ontario

The Province of Ontario has been first for a number of things. It was one of Canada’s first provinces. It was the first province to pass a law which required drivers and passengers to wear seat belts. It was the first province to pass human rights legislation. Yet Ontario is the last province to repeal … Continue reading

Behind the perfection certificate (Part I): the share purchase transaction certification

Over the next few weeks, we will go in depth into a few certifications contained in most perfection certificates in the context of a post-M&A or leveraged finance acquisition debtor. A perfection certificate is the first step in any secured lending transaction and a time consuming task for debtors (and their counsel) to complete. Lenders … Continue reading
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