International Insolvency
Aaron is a recognized leader in representing debtors and creditors in transnational insolvency proceedings and in a variety of related cross-border insolvency matters. In these engagements, Aaron has represented foreign representatives and financial institutions under chapter 15 of the Bankruptcy Code and out-of-court workouts, negotiating and implementing international cross-border protocol, and representing foreign creditors in all aspects of U.S. bankruptcy proceedings. Some of Aaron's most notable engagements include:
- In re CPI Plastics Group Ltd. (Bankr E.D. Wis.). In these chapter 15 proceedings Aaron successfully represented Deloitte Canada as foreign representative of CPI Plastics Group in the first ever chapter 15 proceeding in Wisconsin. In this novel proceeding, counsel designed a process for the sale of U.S. assets by the Canadian receiver under Canadian law and jurisdiction and for the corresponding recognition of this sale in the U.S. under section 363 of the Bankruptcy Code. This structure has been widely adopted by the insolvency community and utilized in many similar chapter 15 proceedings.
- In re Rockwell Petroleum, Inc. (Bankr. D. Wy.). In this matter, Aaron successfully represented Rockwell Petroleum and then its Canadian monitor, as foreign representative, in the first ever chapter 15 proceeding in Wyoming. The debtor is a private, Canadian incorporated oil and gas company with oil producing assets in the United States.
- In re Rea Gold (Canada). Rea Gold Corporation was engaged in mining and exploration of gold in Canada, the United States, and Latin America, as of September 1997. In this transaction, a receiver appointed by a British Columbia court successfully marketed and sold Rea Gold (Canada)’s primary asset – the shares held by its B.V.I. affiliate in a Uruguayan corporation that owned the San Gregorio mine in northern Uruguay. In this matter, Aaron structured this sale transaction for Rea Gold’s senior lender, the U.K. branch of a leading South American bank, and handled matters from court approval to closing the transaction, and ultimately refinancing the San Gregorio mine with its buyer.
- Menu Foods Ltd. In this out-of-court restructuring, Aaron successfully represented Bank of Montreal as agent and lender in the workout and restructuring of a $40 million cross-border senior credit facility for Menu Foods Ltd., the largest pet food manufacturer in North America with operations in both Canada and the U.S., following the global recall of pet food in 2007. This restructuring restored Menu Foods to profitability, thus preserving considerable enterprise value and thousands of North American jobs.
- Stomp Pork Farm Ltd. In this matter, Aaron successfully represented this Canadian hog farm located in Saskatchewan in its U.S. insolvency-related issues. Founded in 1985, Stomp Pork Farm markets 600,000 hogs annually worth $90 million.
- Fulgor Europe S.p.A. Aaron represented Fulgor Europe and its Italian-law receiver in its out-of-court restructuring involving U.S. assets and complex intercompany claims. Fulgor is a leading Italian manufacturer of premium major appliances and ceramic glass grills, operating eight sales offices as of 2009.