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This profile was last updated on 2/2/16  and contains information from public web pages and contributions from the ZoomInfo community.

Mr. Michael J. Vermette

Wrong Michael J. Vermette?

Partner, Consulting and Deals

Phone: (604) ***-****  
Local Address:  Vancouver , British Columbia , Canada
PricewaterhouseCoopers LLP
300 Madison Avenue, 24th Floor
New York , 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...   more

Employment History

Board Memberships and Affiliations


  • Law Student Writing Award
    Carleton University
39 Total References
Web References
Committees - Insolvency Institute of Canada [cached]
Michael Vermette PricewaterhouseCoopers Inc.
Committees - Insolvency Institute of Canada [cached]
Michael Vermette PricewaterhouseCoopers Inc.
"On an industry-wide basis, we're not ... [cached]
"On an industry-wide basis, we're not going to be ready," PwC vice-president Michael Vermette told Business in Vancouver shortly after presenting at the Global Forest and Paper Conference.
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.
News [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.
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