Our firm acts regularly in large, complex and high-stakes litigation or arbitration, in matters of vital importance to our clients. We are there to counsel and to represent our clients, and to defend their interests, whether before the courts of justice or arbitration tribunals, or by way of negotiation or mediation.
Insolvency and creditors' rights
Woods acts in insolvency and restructuring cases involving the cornerstones of the Quebec and Canadian economies, on behalf of local, regional and international entities with strategic interests in Quebec.Our client portfolio includes debtors, creditors (including bondholders, syndicated lenders and landlords), monitors and trustees. Our insolvency and restructuring team composed of some of the most revered professionals in the insolvency field such as Sylvain A. Vauclair (Insolvency Group Head), Sylvain Rigaud, the Honourable Clément Gascon, Neil A. Peden, Bogdan Catanu, Louis Seveno and Alex Dobrota, has consistently distinguished itself by its results both in the courts, right up to the Supreme Court of Canada, and in out-of-court settlements.
Re Nemaska Lithium Inc., Superior Court no. 500-11-057716-199:Woods and Goodmans LLP represented the bondholders of Nemaska Lithium Inc., which had issued US$350 million of secured bonds. The company filed arrangement proceedings under the CBCA and then under the CCAA. A settlement was reached whereby the bondholders received the face amount of the bonds plus accrued interest and a lump sum payment of US$30 million.
9354-9186 Québec inc. (formerly known as Bluberi Gaming) v. Callidus Capital Corp., Supreme Court of Canada docket no. 38594:The Supreme Court of Canada ruled unanimously in favour of the CCAA debtor and our client, Bentham IMF (now known as Omni Bridgeway). Ruling from the bench with written reasons yet to be released, the Supreme Court reinstated the Superior Court’s decision to approve interim financing under the CCAA in the form of litigation funding for the debtor company to sue Callidus - its operating lender and principal creditor - in an amount of $228 million, without the need for a plan of arrangement or creditor approval.
Brunette v. Legault Joly Thiffault, s.e.n.c.r.l., 2018 SCC 55 (CanLII),  3 SCR 481: Woods presented a motion to dismiss proceedings before trial of a $55 million claim against an accounting firm that, along with a law firm and tax advisor, had been sued following the bankruptcy of a chain of retirement homes. The dismissal of proceedings was upheld by the Quebec Court of Appeal and by the Supreme Court of Canada.
Montreal, Maine & Atlantic Canada Co. (Re), Superior Court docket no. 500-09-024369-142: Woods represented the court-appointed monitor in the cross-border restructuring proceedings initiated by the MM&A railway company following the catastrophic train derailment in Lac-Mégantic, Québec. The derailment resulted in 47 deaths, the destruction of the town center, and claims by thousands of creditors that amounted to more than $1 billion. The claims were settled through the establishment of a settlement fund by third parties in exchange for a release of liability.
4519922 Canada Inc. (Re), Ontario Superior Court of Justice (Commercial List) docket no. CV-1410791-00CL: Woods acted for Chrysler Canada Inc. (now FCA Canada Inc.) in connection with its $447 million audit negligence claim against Coopers & Lybrand in connection with the bankruptcy proceedings of Castor Holdings Ltd., and the Ontario proceedings under the Companies’ Creditors Arrangement Act to resolve the liability of the former partners.
Re Canwest Global Communications Corp., Ontario Superior Court of Justice (Commercial List) docket no. CV-09-8396-00CL:Woods obtained a favourable outcome for Goldman Sachs in connection with its claim of approximately $700 million relating to the restructuring of CanWest Global Communications Corp. and the $2 billion acquisition of CanWest by Shaw Communications Inc.
Re Metcalfe & Mansfield Alternative Investments II Corp. et al., 2008 ONCA 587:Woods represented the interests of the holders of approximately $1 billion of asset-backed commercial paper, namely Air Transat, Pharmacies Jean-Coutu, Aéroports de Montréal and the Société générale de financement du Québec, in litigation concerning the restructuring of the $32 billion ABCP market in Canada.