ELLIOTT GREENLEAF SELECTED AS DELAWARE COUNSEL TO MONITOR IN CANADIAN BANKRUPTCY

Elliott Greenleaf has been selected as Delaware and Conflicts counsel to Ernst and Young, Inc., the Monitor selected under the Companies’ Creditors Arrangement Act (“CCAA”) in Canada to oversee the Canadian bankruptcy of Grant Forest Products which was filed in June 2009.

On behalf of the Monitor, Elliott Greenleaf filed for Chapter 15 bankruptcy protection for Grant Forest Products and nine other affiliates in Delaware on Thursday, April 1, 2010. The Chapter 15 filing came a day after a Canadian court approved a deal for the parent company to sell some of its assets to Georgia-Pacific, one of the world’s largest producers of tissue products.

The Debtors are based in Earlton, Ontario, and are North America’s third-biggest maker of oriented strand board, a plywood substitute, with an annual capacity of 3.7 billion square feet. The Debtors own a total of five mills used to produce OSB and other wood products. Three of those mills are located in Canada and the other two are located in the United States, in Allendale, South Carolina and in Clarendon, South Carolina. Elliott Greenleaf was selected as counsel because of its experience in complex corporate reorganization matters and experience in cross border insolvencies.

Rafael Zahralddin-Aravena
, the managing Shareholder of Elliott Greenleaf’s Wilmington office, is serving as Delaware counsel to Ernst& Young in the Chapter 15 filing by Grant U.S. Holdings. Shelley Kinsella and Andrew Mirisis of Elliott Greenleaf are also representing the Monitor.

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