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John J Salmas

John J Salmas

Partner
  • Toronto 416 360.3570
     
jsalmas@heenan.ca
 
 
    

John Salmas is a member of the Corporate Law group in the Toronto office. Mr. Salmas focuses his practice on corporate restructurings, financial services and debtor-creditor relations. He has advised secured and unsecured creditors along with debtors regarding their respective rights in connection with proceedings commenced pursuant to the Companies’ Creditors Arrangement Act (Canada) (“CCAA”) or the Bankruptcy and Insolvency Act (Canada) (“BIA”) in addition to cross-border insolvency and restructuring proceedings.  He has also advised trustees, receivers, monitors and information officers in a variety of domestic and international proceedings commenced or recognized pursuant to the CCAA or BIA.

Prior to commencing his legal career, Mr. Salmas was employed by one of the Big Four accounting firms.

Education

  • LL.B., University of Toronto, 1997
  • B.Comm., Dalhousie University, 1993

Professional Affiliations

  • American Bankruptcy Institute
  • American Bar Association
  • Canadian Bar Association
  • INSOL International
  • Ontario Bar Association
  • Turnaround Management Association (TMA)

Acting for Wilmington Trust, National Association, indenture trustee of a US$200M indenture issued by Nortel Networks Limited in the global insolvencies proceedings involving the Nortel Group of Companies.

Acted for various SAPA entities in the purchase of the assets of various Indalex entities in the Indalex Group CCAA and Chapter 11 proceedings.

Acted for Cadillac Fairview in the cross-border proceedings involving, among others, InterTAN Canada Ltd. and Circuit City Stores, Inc.

Acted for indenture trustees overseeing $12 billion of asset-backed commercial paper in connection with the restructuring of the $35 billion third-party Canadian asset-backed commercial paper market.

Acted for Air Canada in the insolvency proceedings of one of its major suppliers.

Acted for a significant number of aircraft financiers in connection with Air Canada’s CCAA restructuring proceedings.

Acting for Alvarez & Marsal in its capacity as Information Officer in respect of companies involved in over a half billion dollar litigation arising from the sale of asbestos-laden gaskets.

Acting as debtor counsel in the following CCAA proceedings: Cygnal Technologies Corporation, Stelco Inc., St. Marys Paper Corp., Cantar Pool Products and Strategic Resource Acquisition Corporation.

Acting for media companies including, among others, CTVglobemedia, Canwest, Rogers Communications, Corus Entertainment and Canadian Broadcasting Corporation in various insolvency proceedings of advertising agencies.

Acted for the Bank of Montreal, the Canadian Imperial Bank of Commerce and the Toronto-Dominion Bank in a number of informal work-out arrangements and receivership proceedings.

Acted for the Canadian subsidiary of Long Tall Sally in its acquisition of the assets of The Tall Girl Shop Ltd.

Acting for a significant number of stakeholders in recent cross-border automotive insolvency matters, including Trim Trends Canada Inc. and BBI Enterprises Inc., and in matters on behalf of Delphi Corporation.

Acted for the Bank of Nova Scotia in the liquidation of an Argentine subsidiary.

Acted for Affinia Canada Corp.’s acquisition of assets of Brake Pro Inc.

Acted for the court-appointed interim receiver and manager of the Wallace Lofts conversion project.

Publications & Conferences

  • Co-author, “Secured lenders take note: Supreme Court releases Indalex decision”, International Law Office Newsletter, February 22, 2013.
  • Co-author, "Indalex: Supreme Court of Canada Decision Released", Banking and Financial Services Fl@sh Bulletin, February 2013.
  • Co-author, "Supreme Court balances insolvency and environmental protection regimes", International Law Office Newsletter, January 25, 2013.
  • Author, “DIP Lending Charge: When a Super-Priority Charge is Not so Super”, National Insolvency Review, June 2011 and International Law Office Newsletter, June 24, 2011.
  • Co-author, “DIP Lending Charge: When a Super-Priority Charge is Not so Super”, Financial services & Banking E-News Bulletin, April 25, 2011.
 

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