Recapitalization of Calfrac Well Services Ltd. and its affiliates
|Areas||Banking and Finance Law, Corporate Restructuring|
Goodmans represented the Ad Hoc Committee in connection with the successful recapitalization of Calfrac Well Services Ltd. and its affiliates (collectively, “Calfrac”) completed pursuant to a corporate plan of arrangement under the Canada Business Corporations Act (the “CBCA”).
The Ad Hoc Committee, together with Calfrac’s other unsecured noteholders, agreed to participate in and backstop a $60 million secured note financing completed in connection with the recapitalization (the “Notes Offering”). Goodmans, on behalf of the Ad Hoc Committee, was extensively involved in negotiating, structuring and implementing the transaction including the Notes Offering. Goodmans also played a central role in litigation before the Court of Queen’s Bench of Alberta (the “Court”) and the Court of Appeal of Alberta that resulted in approval of the plan of arrangement despite strenuous opposition.