The applicants, a group of Essar Steel Algoma entities, brought a motion under the Companies' Creditors Arrangement Act (CCAA) for approval of an Asset Purchase Agreement (APA) and related relief.
GIP and PortCo objected to certain aspects of the APA and the orders sought.
The court approved the APA and the Sale Transaction, finding it to be in the best interests of Algoma and its stakeholders.
The approval was granted without prejudice to the rights of GIP and PortCo to raise further objections regarding the Approval and Vesting Order at a later date.
Several other motions, including those by GIP, PortCo, and Garden River First Nations, were adjourned.
The court also ordered certain cross-examination transcripts and exhibits to be sealed based on the principles from the Sierra Club of Canada case.
