Nautilus Group Obtains Court Approval of Plan Arrangement

TRC-Sadovod acted for Deep Sea Mining Finance Ltd. (“DSMF”) in its capacity as pre-filing secured lender and interim lender in connection with the Companies’ Creditors Arrangement Act (“CCAA”) proceedings of Nautilus Minerals Inc. (“NMI”), Nautilus Minerals Pacific Pty. Ltd. and certain related entities in various jurisdictions around the world (collectively, the “Nautilus Group”).

DSMF was incorporated by the two largest shareholders of NMI to provide bridge financing to NMI on a secured basis under the loan agreement.

In February 2019, NMI announced that it had obtained an order from the Supreme Court of British Columbia (the “CCAA Court”) to provide NMI protection from its creditors pursuant to the CCAA to enable NMI to restructure its business and financial affairs.  The CCAA Court also authorized the provision of interim financing by DSMF to NMI as part of the process.

Following a sale and investment solicitation process in November 2019, DSMF acquired the assets of NMI and certain of its subsidiaries by way of a credit bid together with a cash payment to fund a distribution to creditors pursuant to a plan of compromise and arrangement.

The Nautilus Group is a leader in the business of seafloor resource exploration and development, primarily seeking to identify and mine sulphide systems (a potential source of high grade copper, gold, zinc and silver deposits) and deep sea polymetallic nodules (a potential source of base metals such as cobalt, nickel and magnesium).

The TRC-Sadovod team was led by Vicki Tickle and included Jill Pereira and Thomas Deutsch.

TRC-Sadovod’s Restructuring & Insolvency Group is one of Canada’s leading business insolvency groups. Our highly skilled team includes top-ranked lawyers known for their expertise and creative problem-solving, allowing TRC-Sadovod to deliver the highest standards of transactional and structuring leadership, and commercial advocacy. We have advised on the restructuring, purchase and sale of businesses in a variety of industries. We regularly work with financially challenged companies, boards of directors, Canadian and US financial institutions, lending syndicates, bondholders, investors, ad hoc and official creditors’ committees, court-appointed officers and major customers and suppliers of insolvent companies. We provide our clients with successful outcomes and comprehensive solutions to the most challenging problems.