Aurcana Corporation (Aurcana), a Vancouver-based, silver producing company that owns the Shafter Silver Project, a silver deposit located in Texas, US, completed a restructuring transaction pursuant to which all of Aurcana’s secured debt obligations to Orion Mine Finance (Master) Fund I L.P., as lender, under Aurcana’s amended and restated senior secured credit facility dated April 29, 2014, were extinguished in exchange for Aurcana’s Mexican operations.
The restructuring transaction was approved by the Ontario Superior Court of Justice on November 13, 2015, pursuant to proceedings under the Canada Business Corporations Act and implemented pursuant to an amended CBCA Plan of Arrangement on January 7, 2016.
Aurcana was represented by Goodmans LLP with a team consisting of Robert Chadwick, Brendan O’Neill, Caroline Descours and Sydney Young (restructuring/corporate), Carrie Smit (tax) and Jeffrey Citron (banking), by Axium Law Corporation in British Columbia with a team including Morgan Hay and Helen Racic and by RMSSA Abogados S.C. in Mexico with a team consisting of José Luis Sánchez-Assad and Ildefonso Ledezma Uribe.
Orion Mine Finance (Master) Fund I L.P. was represented by Norton Rose Fulbright Canada with a team including Geoffrey Gilbert, Cassandra Marcotte and Dustin Paterson (corporate), and Evan Cobb (restructuring), by Hogan Lovells in Mexico with a team consisting of Federico De Noriega Olea and Juan Carlos Galicia and by Arendt & Medernach SA. in Luxembourg with a team including Alexandre Gobert, Caroline Halembert and Thierry Lesage.