Extraordinary first day relief, EFC guidance, good faith and more: Notable themes in CCAA restructurings

Legal Year in Review

In this article – “Extraordinary first day relief, EFC guidance, good faith and more: Notable themes in CCAA restructurings” – we review such factors as the extraordinary relief that takes effect during the first 10 days of a filing when the specific and unique circumstances faced by the debtor justify it; how regulatory stay can preserve the debtor’s licenses; the application of unilateral cessation of performance by debtor companies to obtain relief from onerous eligible financial contracts; and the importance of good faith as a baseline standard of conduct that underpins the discretionary relief available to a debtor company.

This article is authored by Marc Wasserman and Kathryn Esaw, partners in Osler’s Insolvency and Restructuring practice, and Jacqueline Code, partner and Chair of Osler’s Research team.

Legal Year in Review is brought to you by Osler, Hoskin & Harcourt LLP. Osler is a leading, national law firm with a singular focus – your business. We advise clients on an array of domestic and cross-border legal issues, drawing on the expertise of over 450 lawyers to provide the answers you need, when you need them.

Our Legal Year in Review, published December 7, 2021, provides general information only and does not constitute legal or other professional advice. Specific advice should be sought in connection with your circumstances.

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