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In This Issue
Co-Editors
Save-the-Date!
2019 Fall Annual Meeting and Education Conference
October 17 & 18, 2019

Grand Hyatt New York
Park Avenue at Grand Central Station
109 E. 42nd St.
New York, NY 10017

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ACIC Private Notes                                July  2019
Summer is quickly flying by, and we hope everyone is enjoying the warm weather with family and friends! The July 2019 edition of the ACIC Private Notes brings you:
  • A message from ACIC President Armando Gamboa of Prudential Capital Group
  • An introduction to some of the newest members of the ACIC, courtesy of Luke Weedon (Baker Botts)
  • Legal updates from England and Croatia from Tom Bannister (Akin Gump Strauss Hauer & Feld)
  • A legal update regarding the changes Canadian banks are making to their loan documents in response to the ground-breaking January 2019 Supreme Court of Canada decision commonly referred to as "Redwater", courtesy of Danielle Maksimow (Norton Rose Fulbright Canada)

President's Message
The College has had a great first half of 2019, and exciting things are on the horizon in the months to come. Click here to read a message from the ACIC's President, Armando Gamboa, as he reflects on the year to date and hints at what is yet to come in 2019.



Spotlight on New Members
Please join us in welcoming some of the newest members of the ACIC:
  • David Botter (Akin Gump)
  • Kristin Goodchild (Akin Gump)
  • Amy Maloney (Morgan Lewis)
  • Sarah Olson (Thrivent)
  • Brandon Tanguay (Morgan Lewis)
  • Todd Turall (Ascension Investment Management
Click here to learn more about our new fellows.


International Legal Updates
United Kingdom
In the long-running saga of the demise of another stalwart of the British high street, Debenhams, a milestone was reached when the business of Debenhams was sold to a lender group by way of an English pre-packaged administration in April 2019. Aside from a very public falling-out with its largest shareholder in the lead up to the sale, the pre-pack was notable in that it included the provision for a post-sale valuation. Click here to learn more about the events leading up to the pre-pack, an overview of the pre-pack process and the terms of the pre-pack sale.

Croatia
The "Implementation Commencement Date" pursuant to Agrokor d.d.'s (Agrokor) Settlement Plan occurred on 1 April 2019, and with it the business, assets and operations of the Agrokor group transferred to a new creditor-owned group, the Fortenova group. This marked the effective restructuring of a group with c.€6.7 billion of debt, within two years of the first ever appointment of an "Extraordinary Administrator" in the Republic of Croatia. Click here to learn more about the background to the Extraordinary Administration, the parties involved in the successful negotiation of a Settlement Plan, and the challenges that faced those parties throughout the process.

Canada
On January 31, 2019, Canada's highest Court, the Supreme Court of Canada, shocked the Canadian banking and insolvency worlds when it issued the highly anticipated and ground-breaking decision of Orphan Well Association v. Grant Thorton Ltd. (commonly referred to in Canada as the "Redwater Decision"). The Redwater Decision overturned the 2017 Alberta Court of Appeal decision and held that trustees in bankruptcy must satisfy the end-of-life abandonment and reclamation liabilities of insolvent oil and gas obligors before satisfying the claims of other creditors, including secured creditors. As a result, in the last few months, Canadian banks have been including various protections in their debt documents with sub-investment grade borrowers in the oil and gas industry. Click here for a closer look at what has been happening in loan documentation north of the border.  To reference the Norton Rose Fulbright Canada summary of the Redwater decision we included in the February 2019 newsletter  
click here.