Arcan Resources Ltd. (Arcan), a corporation principally engaged in the exploration, development and acquisition of oil and natural gas in western Canada, completed an exchange of its $171.25 million convertible unsecured subordinated debentures into common shares of Arcan. The exchange was approved at a meeting of its debentureholders and structured as the result of a transaction settled between Arcan and an ad hoc committee of its debentureholders.
Arcan was advised by Blake, Cassels & Graydon LLP with a team that included Michael Laffin, Dan McLeod, Jennifer Marshall, Nav Dhaliwal and Nathan Robb (corporate and M&A) and Carrie Aiken and Corinne MacCarthy (tax), and on US matters by Troutman Sanders LLP with a team that included Shona Smith (securities) and Amie Broder (tax).
The ad hoc committee of debentureholders were advised by a Goodmans LLP team that included Rob Chadwick, Melaney Wagner and Ryan Baulke (corporate restructuring), Tim Heeney (securities) and Carrie Smit and Michael Royal (tax).