Date Closed

July 30, 2008

Lead Office

Toronto

Value

1.20 Billion USD

On July 30, 2008, Ainsworth Lumber Co. Ltd. (“Ainsworth”), a leading manufacturer of engineered wood products, including oriented strand board (OSB), completed a $1.2 billion US recapitalization transaction pursuant to a plan of arrangement under the Canada Business Corporations Act. The transaction involved the exchange of $824 million US of debt for new equity and warrants and $150 million US of new senior unsecured notes, and the issuance for cash of $200 US million of new senior unsecured notes. Concurrently with the recapitalization, Ainsworth amended three credit facilities representing approximately $175 million US in senior secured and unsecured debt.

McCarthy Tétrault LLP represented GE Canada Finance Holding Company, the lender, with a team of Kevin McElcheran and James D. Gage.