Canada Enterprise Emergency Funding Corporation
Supporting Canada’s Large Employers Through the COVID-19 Pandemic
CDEV established Canada Enterprise Emergency Funding Corporation (CEEFC) to assist in the development of the Large Employer Emergency Financing Facility (LEEFF) program with the Department of Finance, to allow Canada’s large employers to remain solvent during the COVID-19 pandemic and support tens of thousands of working Canadians.
Over $7 billion in committed loan facilities were provided to Canada’s large employers to weather the economic crisis due to the pandemic to protect Canadian jobs and businesses, thereby promoting economic recovery. CEEFC also provided loans to Canadian airlines to reimburse Canadians for flights canceled during the pandemic.
With the program having successfully accomplished its objectives, CEEFC is no longer accepting new LEEFF loan applications, the company continues to work closely with existing borrowers to ensure solvency, repayment of the facilities and a return to pre-pandemic operating levels. To date, CEEFC has not incurred any losses. Over $850 million in loans have been repaid and CEEFC has collected tens of millions of dollars in interest payments.
2021 – Air Canada
- ^$500 million equity investment
- ^$4 billion general facility (terminated in Nov 2021)
- ^$1.4 billion facility for air travel voucher reimbursement
2021-22 – Air Transat
- ^$540 million general facility
- ^$350 million facility for air travel voucher reimbursement
2021 – Sunwing Airlines
- ^$350 million general facility
- ^General facility fully repaid in 2023
- ^$100 million facility for air travel voucher reimbursement
2021 – Porter Airlines
- ^$250 million general facility
- ^$20 million facility for air travel voucher reimbursement
2021 – GoodLife Fitness
- ^$310 million facility
- ^Fully repaid in 2021
2020 – Conuma Resources
- ^$120 million facility
- ^Fully repaid in 2023
2020 – Gateway Casinos
- ^$200 million facility
- ^Fully repaid in 2021
CEEFC Board of Directors
Chair of the Board
Sandra Rosch Toronto, Ontario
Executive Vice President and Director
Labrador Iron Ore Royalty Corporation
Ms. Rosch is an experienced restructuring and financial advisor who has played a leadership role in complex assignments in diverse industries. She is currently Executive Vice President and a Director of Labrador Iron Ore Royalty Corporation. Ms. Rosch served as President of Stonecrest Capital Inc., an independent Canadian restructuring firm, until December 2018. Previously, Sandra worked for 17 years as an investment banker with two of Canada’s largest investment banks.
Ms. Rosch has been a director of Canada Development Investment Corporation since 2015 serving on the boards and various committees of several of its subsidiaries. She is currently Chair of Canada Enterprise Emergency Funding Corporation.
Ms. Rosch is a member and past director of the Turnaround Management Association, Toronto Chapter. She holds the ICD.D designation and earned a Bachelor of Commerce from McMaster University and an MBA from Ivey Business School at Western University.
Barry Pollock Toronto, Ontario
CPA, CA, BBA, MBA
Mr. Pollock is a highly accomplished banking professional who is recognized as a strategic thinker, strong team player and consensus builder. He retired as Managing Director and Global Head of Corporate Banking from one of the major Canadian banks where he was responsible for an $80 billion loan portfolio and oversaw a team of 150 professionals.
Through his 32-year banking career Mr. Pollock gained extensive experience in risk assessment, decision-making, policy development, governance and conflict analysis. Reflecting his extensive credit/risk experience and track record of independent judgement and risk/reward decision-making, Barry was a member of various risk committees, setting policy and identifying and evaluating exposures. His experience spans virtually all industry sectors and includes corporate lending, project finance, structured finance, syndication and restructuring.
Mr. Pollock also leads a non-profit board and is a member of the Independent Review Committee for a leading mutual fund company. He is a CPA, CA and has a BBA and MBA from York University.
President and Chief Executive Officer
Zoltan Ambrus Toronto, Ontario
CFA, MBA, LL.B, ICD.D
President and Chief Executive Officer of CEEFC
As President and CEO of CEEFC, Mr. Ambrus leads the granting and management of funding to Canadian businesses eligible under the Large Enterprise Emergency Funding Facility (LEEFF). CEEFC has signed agreements providing over $7 billion in LEEFF funding to large Canadian companies adversely affected by the COVID-19 pandemic.
Mr. Ambrus has been part of CDEV’s management team since 2010. He led Canada’s divestiture of Ridley Terminals Inc., generating proceeds of $500 million and negotiating the first ever grant of an equity stake (10%) to First Nations by the Canadian government. Mr. Ambrus managed the sale of Canada’s share in the Chrysler corporation to Fiat.
Mr. Ambrus led the review of the monetization potential of Canada’s airports and ports from 2016 to 2018. He also led the review of numerous Crown corporations and other government entities under the Corporate Asset Management Review.
Prior to joining CDEV, Mr. Ambrus was a management consultant and lawyer. He holds an MBA as well as common law (LL.B.) and civil law (B.C.L.) degrees. Mr. Ambrus is a licensed CFA and also holds the ICD.D designation. A native of Montreal, Mr. Ambrus is fluent in French and English.
Jennifer Reynolds Toronto, Ontario
Chief Executive Officer
Women Corporate Directors Foundation
Ms. Reynolds is a CEO of Women Corporate Directors Foundation – the world’s largest network of women corporate board directors, with more than 2500 members serving on more than 8,500 public and private boards around the globe.
Ms. Reynolds’ 25-year career in the financial services industry has included senior roles in investment banking, venture capital, and global risk management. Prior to joining WCD, Jennifer served as the President & CEO of Toronto Finance International (TFI), a public-private partnership which promotes and develops Canada’s financial services sector and serves as the international representative for the Toronto financial centre. Prior to joining TFI, Jennifer was the President & CEO of Women in Capital Markets (WCM), Canada’s largest industry association and advocacy group for women in the financial sector.
Ms. Reynolds is a Director on the Board of BF&M Insurance Group Ltd, the Board of Agrinam Acquisition Corporation, and the Board of Women’s College Hospital Foundation. Jennifer is the Co-Chair of the UN convened Financial Centres for Sustainability (FC4S) network and also serves on the Advisory Council for the Institute of Sustainable Finance. In 2015 and 2017, she was named a Women's Executive Network (WXN) Canada's Most Powerful Women: Top 100 Award Winner.
Jennifer is a graduate of the Harvard Business School Women's Leadership program, and she received her MBA from McGill University, as well as a Bachelor of Arts with a double major in Economics and Political Science from McGill University. Jennifer also holds the Institute of Corporate Directors Designation, ICD.D.
Chair of the Audit Committee
Nathalie Bernier Montreal, Quebec
Ms. Bernier is a board member with strong strategic capabilities recognized for developing a clear vision and understanding how to deliver its execution. She has held senior roles in Global organizations such as Senior Vice-President Strategy and Business Planning, CFO and Managing Partner in large multi-services professional firm. Ms. Bernier understands and has experience with transformations and innovation in period of upheaval, and with the implementation of innovative strategies. Inspirational leader with managerial courage. Nathalie is recognized as a trusted partner for developing long and lasting mutually beneficial relationships with all key stakeholders.
From August 2015 to September 2019, she served as Chief Financial Officer and Senior Vice President Strategic and Business Planning of Public Sector Pension Investment Board, a large Canadian pension investment manager. Prior to this role, Ms. Bernier has spent nearly 30 years as an Audit and Advisory Partner at Arthur Andersen LLP and KPMG from 1986 to 2015, including serving as Regional Managing Partner (Quebec) and as a member of KPMG’s Canadian Leadership team.
Ms. Bernier is currently a director of Bausch & Lomb Corporation, a US and Canadian public traded company, where she serves as a member of the Audit and Risk Committee and the Science and Technology Committee. Ms. Bernier also currently serves as Chairperson of the Risk Committee and member of the Audit Committee of RF Capital Group Inc., a publicly traded company. Ms. Bernier is also Chairperson of the board of United Way of Greater Montreal Foundation, a charitable organization and served on other not-for-profit boards including the Montréal Board of Trade, United Way of Greater Montréal and on the advisory board of the Desautels Faculty of Management, McGill University.
Ms. Bernier has received several awards including Canada’s CFO of the Year and Québec’s CFO of the Year from the Financial Executives International Canada and Canada’s Most Powerful Women: Top 100. Ranked Number 1 of the Top 10 Women in Business in Canada according to Business Review Canada.
Elizabeth Wademan Toronto, Ontario
President and Chief Executive Officer
Ms. Wademan is the CEO of Canada Development Investment Corporation (CDEV) and is recognized as a mobilizing leader with a strong strategic focus and action-oriented, ambitious vision. Appointed in February 2022 as President and CEO, Ms. Wademan brings deep private sector expertise from an established career in financial services and natural resources. Ms. Wademan is driven to continue to position CDEV as a results-oriented organization that is a key resource supporting Canada's Department of Finance. She is focused on multiple initiatives across CDEV that will enable the organization to increase its impact and contribute to creating value for Canadians from the Government’s most complex commercial interests.
Prior to joining CDEV, Ms. Wademan was a senior investment banker and capital markets executive, including a long career in investment banking, as Managing Director for BMO Capital Markets, one of Canada’s largest investment banks. She was one of the firm's most senior professionals and was Head, Global Metals & Mining Equity Capital Markets, where she advised on many of the most formative and transformational transactions in the resource sector on the continent.
Ms. Wademan is also an experienced corporate director with extensive public company board experience. She has also been deeply involved in her community and with various not-for-profit organizations.
She holds a Bachelor of Commerce (Finance & International Business) from McGill University and CFA & ICD.D designations.
Jim McArdle Ottawa, Ontario
Jim McArdle Governance Consulting
Mr. McArdle is an experienced Governance expert. His varied experience in private practice and the corporate world help Boards of Directors and Management with a variety of Governance related matters. Jim has spent over 10 years in private practice in Toronto and 25 years in senior positions with Export Development Canada (EDC), a federal Crown Corporation.
Mr. McArdle was Secretary of EDC’s Board of Directors for 17 years as well as a Senior Vice President for 12 years. His roles as Senior Vice President at EDC included being Chief Advisor to the President, as well as being responsible for a wide variety of aspects of EDC. These included (i) Government and Stakeholder Relations, (ii) Communications, (iii) Corporate Strategy and Planning, (iv) Corporate Social Responsibility, (v) Legal Services, and (vi) the creation of the Enterprise Portfolio Management Office at EDC. Jim was also responsible for EDC’s Legislative Reviews, Special Examinations by the Auditor General of Canada, and the establishment of FinDev Canada, a Crown corporation created as a subsidiary of EDC, the mandate of which is to conduct development financing in emerging economies.
Mr. McArdle is a graduate of Western University and Columbia University’s Senior Executive Program as well as the Canadian Securities Course. He is currently a Faculty Member of the Canada School of Public Service and has been facilitating the Orientation Course for Crown Corporation Directors since 2015.