Transactions & Cases Detail



Transaction/Case Details

Québec Iron Ore Inc. and Champion Iron Mines Limited purchase the Bloom Lake Mine and related rail and mining assets from Cliffs Natural Resources Inc.

DATE CLOSED

April 11, 2016

BUSINESS SECTOR

Mining & Metals

LEAD OFFICE

Montreal

VALUE

53.3 Million CAD


OVERVIEW

On April 11, 2016, Champion Iron Ore closed the acquisition of the Bloom Lake Mine and related rail and mining assets located in Northern Québec from Canadian subsidiaries of Cliffs Natural Resources Inc., a company headquartered in Cleveland, Ohio. Total consideration for the assets was C$10.5 million  and C$42.8 million in liabilities.

The transaction was made as part of the proceedings under the Companies’ Creditors Arrangement Act of Cliffs’ Canadian subsidiaries, following a lengthy sale process conducted by the Moelis Company (an investment bank located in the US specialized in distressed transactions) and FTI Consulting Inc. acting as court-appointed monitor.

Champion Iron Ore is an iron ore exploration and development company.

McCarthy Tétrault LLP advised Champion Iron Ore. Marc Dorion, Louis-Nicolas Boulanger and Jocelyn Perreault led the transaction supported by Louis-Philippe Samson (Business), Philippe Bélanger and Alexandre Boulé (Insolvency), Philippe Fortier, Charles-Antoine Soulière, Martin Thiboutot and Annie-Poirier Simard (Securities), Dominique Amyot-Bilodeau and Cindy Vaillancourt (Environment), Pierre Langlois (Mining and Aboriginal Law), Danielle Drolet and Marie-Pier Gosselin (Real Estate), Sébastien Thomas (Property Taxes), Cristina Toteda (Labour and Employment) and Dominic Therrien (Competition).

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