August 31, 2021

Sherritt International Corporation CBCA Plan of Arrangement

Goodmans LLP acted for Sherritt International Corporation in connection with their plan of arrangement under the Canada Business Corporations Act (the “Plan of Arrangement”).

The Transaction has resulted in the reduction of Sherritt’s outstanding debt obligations by approximately $305 million, the extension of maturities in respect of its note obligations to 2026 and 2029, and no dilution to the Corporation’s common shares. The implementation of the Transaction has provided a stronger financial foundation and improved liquidity for the Corporation as a result of annual cash interest payment savings of more than $15 million. The Transaction has also addressed Sherritt’s Ambatovy investment legacy, terminating Sherritt’s obligations relating to the Ambatovy Joint Venture and transitioning Sherritt’s operatorship of the project.

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— Chambers Canada
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