Marathon Pulp enters into insolvency proceedings under the Bankruptcy and Insolvency Act

On February 13, 2009, forestry company Marathon Pulp Inc. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act (Canada). A syndicate of banks including National Bank of Canada, Laurentian Bank and Comerica Bank were the only secured creditors and were owed approximately $24.4 million. Fasken Martineau acts for the banking syndicate in these ongoing proceedings with a team that includes, among others, Xeno Martis, Donald Milner, Félix Gutierrez and Edmond Lamek.