Page 17 - CCCA61_2010

CCCA_V4No1_Profiles-FIN.qxd:CCCA_V1No1_Profile-FIN.qxd 2/3/10 11:50 AM Page 17 even survived a court challenge by a group of ABCP Profile note-holders who opposed the plan. But market condi- tions were deteriorating so rapidly that Bergeron, with the backing of his board, was compelled to announce to the committee that the Caisse, as the biggest single hold- er of third-party ABCP, could no longer sanction the proposed deal. “We said no to the proposed agreement,” says Bergeron.“It made a lot of people nervous.And it hap- pened when our chairmen had fallen ill. It wasn’t easy. I the storm By Yves Faguy started renegotiating with one of our international coun- terparts, and we managed to crack open the door.” Keeping foreign banks in the restructuring process was key to the committee’s success.With the federal govern- ment stepping in with backstop credit, the banks could agree to a moratorium on making collateral calls. The committee had a deal in place in January 2009.“After that we would be able to make it until July 2010.” In 2009,Bergeron received the recognition of his peers when he was named Canadian general counsel of the year.“He has the gift of making complexity sound sim- ple, but doesn’t pretend to know everything,” says Huot, who has worked closely with Bergeron in the past. Still, Bergeron credits other players for the suc- cess of the restructuring, expressing particular admi- ration for the colossal work of Purdy Crawford. Now a member of the executive,Bergeron is likely to remain at the centre of the big decisions, at a time when uncertainty continues to cloud economic prospects. No matter: Bergeron has the right temperament for the job. “The most important thing is to stay calm, to clear the emotional component and look at things from a rational perspective. Consult with others, exchange with your SPYROS BOURBOULIS Hope for the best and charge into it.” counterparts,and be transparent with the decision-makers. Yves Faguy is the senior editor for CCCA Magazine. 17