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Wrong Michael Vermette?

Mr. Michael J. Vermette CA

Partner, Consulting and Deals

PricewaterhouseCoopers LLP

Direct Phone: (604) ***-****       

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PricewaterhouseCoopers LLP

300 Madison Avenue

New York City, New York 10017

United States

Company Description

PricewaterhouseCoopers ( provides industry-focused assurance, tax and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 140,000 people in 149 countries across our network share their th ... more

Find other employees at this company (121,292)

Background Information

Employment History




Board Member
Insolvency Institute of Canada

Turnaround Management Association


Law Student Writing Award

Carleton University

Web References (27 Total References)

Committees - Insolvency Institute of Canada [cached]

Michael Vermette PricewaterhouseCoopers Inc.

News [cached]

Mike Vermette with PriceWaterhouse Coopers says the mine's parent company, JDC Canada provided $13 million of the $15 million promised under the plan. "It was expected by us that the full $15 million would have been funded up front. Vermette said.

Mike Vermette with ... [cached]

Mike Vermette with PriceWaterhouse Coopers says the mine's parent company, JDC Canada provided $13 million of the $15 million promised under the plan. "It was expected by us that the full $15 million would have been funded up front. Vermette said. "In their own determination, they decided not to do that. So that's a deviation from what our expectations were, and therefore as a result, yes, we were surprised." Vermette says all creditors were paid out in early October, and it was thought there would be enough money to keep the mine at minimal operation through the end of next year. He says JDC has indicated they will forward the last $2 million if and when the money is required. Vermette says PWC would have let people know the operational funding was for a few months, but it would not have changed their recommendation to creditors. (The Wolverine mine. Photo: Yukon Zinc)

From left to right, mining consultant ... [cached]

From left to right, mining consultant Malcolm Swallow, PricewaterhouseCoopers executive Michael Vermette, Vancouver lawyer Kibben Jackson representing Yukon Zinc, Yukon Zinc CEO Jing You Lu and Yukon Zinc corporate lawyer Sandy Wang.

Michael Vermette of PricewaterhouseCoopers said companies owed $43,500 or less would be best to take the $5,000 and companies owed more would be better off taking the 11.5 cents on the dollar.
For Sidhu Trucking's debt of $541,458, for instance, the 11.5 cents on the dollar would result in a settlement of $62,267, representing a net loss for Sidhu of $479,191.
The Alkan Air debt of $127,728 would result in a payment of $14,688, representing a loss of $113,040.
Vermette explained in order for the restructuring proposal to pass, more than 50 per cent of creditors representing two-thirds of the outstanding value of debt must vote in favour of the proposal.
Under circumstances when a company seeks court protection from creditors or goes into bankruptcy, nobody ever comes out happy, he said.
Vermette said it is notable that the Chinese parent company, Jinduicheng Canada or JDC Canada, has agreed to fund the restructuring.
In many cases like this, the major shareholder, no matter how wealthy, simply cuts its losses and walks away, and none of the unsecured creditors get anything, he explained.
He said if Yukon Zinc is forced into bankruptcy, it could still retain ownership of the mine by paying off those secured creditors who are ahead of the company in terms of priority and leave nothing for the unsecured creditors.
Proceeding through bankruptcy would cost JDC Canada less than the restructuring proposal, he said.
Vermette emphasized under the proposal, all former employees will be paid in full, as will the companies owed $5,000 or less.
Of the total cost of restructuring, approximately $15 million is being paid out to secured and unsecured creditors, Vermette said.
He told the audience the biggest mistake Yukon Zinc made was hiring a private contractor to do the underground mining instead of having its own underground miners on staff.
The official list of creditors shows Yukon Zinc owes $647 million, of which $595 million is owed to the parent company. Vermette said the debt to JDC Canada has climbed to about $602 million.
Vermette also explained there is an offer on the table from an Australian company to purchase the mine for $18 million. MinQuest has indicated its purchase offer would also provide creditors with a similar settlement.
The problem with the offer is that MinQuest doesn't have any money - it would have to raise the $18 million-plus operating cash in a depressed investment market that is proving to be tough if not impossible to crack these days, he suggested.
It was noted at the meeting while there are two or three years of mine life left, given the known ore reserves, there is also the possibility of expanding those reserves through further exploration.
Vermette said if creditors approve the restructuring proposal, the matter would be back in B.C. Supreme Court for the court approval, and it's expected the cheques for creditors would be issued on Oct. 2.

Onni Group takes over stalled island project [cached]

A report released earlier this year by Mike Vermette of PricewaterhouseCoopers said investors would receive an estimated $37 million and that League would liquidate all assets and virtually cease to exist by the end of the first quarter of 2015.

In his report, Vermette said League's ideas died as a result of the Capital City Centre project, which halted construction in the spring of 2013 due to insufficient funds.

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