Tushara Weerasooriya Photo
Tushara Weerasooriya Photo
Tushara Weerasooriya Photo

Tushara Weerasooriya is a leading restructuring and insolvency lawyer. Her practice is focused on the transactional aspects of reorganizations under the Companies’ Creditors Arrangement Act, receiverships, workouts, and distressed M&A transactions. She acts for a wide range of clients, including debtors, secured lenders, hedge funds, private equity firms, purchasers and court officers.

Recognized in Best Lawyers in Canada (2021) as a leading lawyer in the area of insolvency and financial restructuring law, Tushara has advised on numerous high-profile and complex domestic, cross-border and international restructuring proceedings. In 2020, she became the automotive industry officer for the Insolvency Section of the International Bar Association and currently heads McMillan’s India country desk.

An experienced deal lawyer, Tushara also frequently represents private equity firms and financial institutions in a variety of financing transactions, including secured lending, sponsored finance and debtor-in-possession (DIP) financing.

A dedicated promoter of diversity initiatives both inside and outside the firm, Tushara chairs McMillan’s Inclusion and Diversity Council. She is also a past director of the Federation of Asian Canadian Lawyers.



Representative Matters

  • Acting for a Canadian private mining company in the refinancing of its $30 million credit facilities.
  • Acting for a Canadian public cannabis company in the compromise of US$195 million of debt under a British Columbia Business Corporations Act plan of arrangement
  • Acting for the appointing secured creditor in the receivership proceedings of 1404727 Ontario Inc. o/a Nissan of Muskoka
  • Acting for the debtor-in-possession lender in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Tailored Brands / Moores The Suit People
  • Acting for the appointing secured creditor in the receivership proceedings of B&W Heat Treating Canada ULC
  • Acting for the Court-appointed Receiver of Sage Gold Inc.
  • Advised multiple developers and operators in the face of unilateral government cancellations of renewable energy projects
  •  Acting for the proposal trustee in the Bankruptcy and Insolvency Act proposal proceedings of Donaldson & James Ltd. and The Agency Employment Services Ltd.
  • Acting for the acquisition financiers to the sponsor in the Companies’ Creditors Arrangement Act proceedings of Essar Algoma Inc.
  • Acting for the debtor-in-possession lender in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of SquareTwo Financial
  • Acting for the Liquidation Trustee in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Performance Sports Group
  • Acting for a major Canadian financial institution in the recovery of a $100 million swap claim from a foreign bank in liquidation
  • Acting for a Canadian public oil and gas company, with properties in South America, the Caribbean, India and South Asia, in the out-of-court restructuring of ~$400 million of debt
  • Acting for a British private equity firm in the distressed acquisition of mining assets in northern Ontario
  • Acting for the bank syndicate in the compromise of $500 million in debt under the Canada Business Corporations Act proceedings of Yellow Media Inc.
  • Acting for the debtor-in-possession lender in the cross-border Companies’ Creditors Arrangement Act / U.S. Chapter 11 proceedings of Indalex Ltd.

Speaking Engagements

Equitable Subordination and Insolvency Proceedings, Annual Review of Insolvency Law (ARIL) conference

February 2022

Insolvency of Crowdfunding Businesses, International Bar Association, Annual Conference

November, 2020

Deferral Agreements and Forbearance Agreements, Understanding Commercial Debt Financing, Law Society of Ontario

November, 2020

Recognizing the Early Warning Signs of Distress + Informal Workout Options, Canadian Bar Association

October, 2020

Restructuring tools to navigate uncharted waters amid Covid-19, International Bar Association, Webinar

June, 2020

All Eyes on the Resource Industry: The Implications of Third Eye v. Dianor, Annual Review of Insolvency Law

February, 2020

Annual Review of Insolvency Virtual Conference

February 2022

News


Media Mentions

  • “Sectors facing threat of bankruptcies in Canada”, The Business of Law – BNN, February 12, 2016
  • “FACL boosting its mentor opportunities” by Neil Etienne, The Canadian Lawyer, January 22, 2016
  • “Top bankruptcy strategies as uncertainty hits Canadian businesses”, The Business of Law – BNN, January 15, 2016

Rankings & Recognition

  • Recognized in the 2024 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the area of Insolvency & Financial Restructuring
  • Recognized by Chambers Global (2024) as a leading lawyer in the area of Restructuring / Insolvency
  • Recognized by Chambers Canada (2024) as a leading lawyer in the area of Restructuring / Insolvency
  • Recognized by Best Lawyers in Canada (2024) as a leading lawyer in the area of Insolvency and Financial Restructuring Law
  • Recognized by 2022 Edition of The Secured Lender’s Women in Finance Issue as a Leading Woman in Secured Finance
  • Recognized in the 2023 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the areas of Insolvency & Financial Restructuring: Financial Restructuring
  • Recognized by Chambers Global (2023) as a leading lawyer in the area of Restructuring / Insolvency
  • Recognized by Chambers Canada (2023) as a leading lawyer in the area of Restructuring / Insolvency
  • Recognized by Best Lawyers in Canada (2023) as a leading lawyer in the area of Insolvency and Financial Restructuring Law
  • Recognized in the 2022 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the areas of Insolvency & Financial Restructuring: Financial Restructuring
  • Recognized by Chambers Global (2022) as a leading lawyer in the area of Restructuring / Insolvency
  • Recognized by Chambers Canada (2022) as a leading lawyer in the area of Restructuring / Insolvency
  • Recognized by Best Lawyers in Canada (2022) as a leading lawyer in the area of Insolvency and Financial Restructuring Law
  • Recognized in the 2021 Canadian Legal Lexpert Directory as a Repeatedly Recommended Lawyer in the areas of Insolvency & Financial Restructuring: Financial Restructuring
  • Recognized by the Best Lawyers in Canada (2021) as a leading lawyer in the area of Insolvency and Financial Restructuring Law
  • Recognized in the 2020 Canadian Legal Lexpert Directory as a Repeatedly Recommended lawyer in the area of Insolvency & Financial Restructuring: Financial Restructuring
  • Secured Finance Network 2017 40 Under 40
  • Recognized in Chambers Global 2012 as a leading lawyer in the area of Restructuring/Insolvency

Community Involvement

  • Officer of the Insolvency Section of the International Bar Association

Directorships & Affiliations

  • Board of Directors and Chair of the Mentorship Committee, Federation of Asian Canadian Lawyers, former director of the Federation of Asian Canadian Lawyers
  • Board of Directors and Co-Chair of Membership, International Women’s Insolvency & Restructuring Confederation (Ontario Network)

Education & Admissions

2005
Called to the Ontario bar
2004
LLB Osgoode Hall Law School
2000
B.Sc. (Honours) Queen's University

Publications

  • “Pre-Packs under the Companies’ Creditors Arrangement Act: Has the Push for Efficiency Undermined Fairness,” Annual Review of Insolvency Law (February 2017)
  • “Insolvency: Canada Law & Practice,”  Chambers Practice Guides (August 2016)

Insights (8 Posts)View More

Featured Insight

ONCA: How to Calculate Reasonable Notice After a Court-Approved Plan Under the CCAA

An Ontario court has clarified the basis on which reasonable notice should be calculated following a court-approved plan of arrangement under the CCAA.

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Aug 9, 2022
Featured Insight

iAnthus Decision Changes the Landscape for Corporate Plans of Arrangement under the BCBCA by Permitting Third-Party Releases

The iAnthus decision affirmed by the Court of Appeal holds that a British Columbia company can use the BCBCA to restructure and obtain 3rd party releases.

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Feb 23, 2021
Featured Insight

‘But to What Effect?’ The Supreme Court of Canada Clarifies the Anti-deprivation Rule in Chandos

The authors discussion of the Supreme Court of Canada's decision in Chandos Construction affirming the anti-deprivation rule and consider its implications

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Nov 16, 2020
Featured Insight

9 Things You Should Do Right Now to Protect Your Franchise System During the COVID-19 Pandemic

Tips to help franchisors mitigate risks that may result from the COVID-19 pandemic and how to prepare for future emergency business interruptions

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May 13, 2020
Featured Insight

Asking Lenders for Time to Deal with COVID-19 Problems

Guide for borrowers to discussing loan defaults and additional credit support with lenders.

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Mar 31, 2020
Featured Insight

Coronavirus: Harbinger of a New (Old) Approach to Restructuring in Canada?

Restructuring options and challenges in the time of COVID-19.

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Mar 20, 2020
Featured Insight

Challenges and Opportunities for Canadian Investors in Brazilian Insolvency Proceedings: Lessons from the IBA’s 2019 Global Restructuring Conference

The authors discuss unique aspects of Brazil's insolvency regime relevant for Canadian investors, including the role of equity, DIP loans, and jurisdiction.

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Jan 21, 2020
Featured Insight

Broken Break Fee: Investor’s Claim for a Break Fee Denied in CCAA Proceeding

Broken Break Fee: Investor's Claim for a Break Fee Denied in CCAA Proceeding

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Feb 8, 2017

Deals & Cases (7 Posts)

Featured Insight

Restructuring of LEEF Brands Inc.

In August 2022, McMillan’s Insolvency Litigation group obtained court approval of the plan of arrangement, which was necessary to address a payment default under a debenture.

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Sep 12, 2022
Featured Insight

Converge Technology Solutions Corp. Announces $500 Million Global Revolving Credit Facility

McMillan acted as lead counsel for the joint lead arrangers and JPMorgan Chase Bank, N.A., Toronto Branch, as administrative agent, in connection with this cross-border multi-jurisdictional transaction.

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Jul 28, 2022
Featured Insight

Restructuring of iAnthus Capital Holdings Inc.

McMillan LLP advised iAnthus in connection with its successful restructuring transaction.

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Jan 26, 2021
Featured Insight

Financial Restructuring of Tailored Brands

McMillan acts as Canadian counsel for the Agent, JPMorgan Chase Bank N.A. and JPMorgan Chase Bank, in connection with the extension by the lending group of debtor-in-possession financing and exit ABL financing to Tailored Brand’s Inc., in connection with its cross-border US Chapter 11 and Canadian recognition proceedings.

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Dec 1, 2020
Featured Insight

Groupe EPC wins competitive bidding war to acquire Nordex Explosives

Groupe EPC wins competitive bidding war to acquire Nordex Explosives

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Aug 19, 2016
Featured Insight

Yellow Media Completed $2.4 Billion Recapitalization

On December 20, 2012, Yellow Media Inc. ("Yellow Media") completed a $2.4 billion recapitalization transaction

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Dec 20, 2012
Featured Insight

Canadian Digital Cinema Partnership Completes $115 Million Financing for Digital Cinema Conversion

Canadian Digital Cinema Partnership Completes $115 Million Financing for Digital Cinema Conversion

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Jun 21, 2011