3 total
The court granted an unopposed motion to recognize U.S. Bankruptcy Court restructuring orders under the CCAA.
The applicant, CURO Group Holdings Corp., as Foreign Representative, sought a Third Recognition Order under section 49 of the Companies’ Creditors Arrangement Act (CCAA) to recognize and enforce several orders of the U.S. Bankruptcy Court.
These orders included the Combined Order approving the Debtors’ Joint Prepackaged Plan, the Estimation Order, and the Second Interim Cash Management Order.
The motion also sought termination of the Canadian Recognition Proceedings, discharge and release of the Information Officer, and approval of the Information Officer's reports and fees.
The relief sought was unopposed, and the court granted the Third Recognition Order, finding no public policy reason to deny recognition.
US Chapter 11 proceedings recognized as foreign main proceedings under CCAA Part IV.
The applicant, CURO Group Holdings Corp., sought recognition of its US Chapter 11 bankruptcy proceedings as foreign main proceedings under Part IV of the CCAA.
The court found that the Canadian debtors' centre of main interests was in the US, as executive decision-making and back-office support were located there.
The court granted the Initial Recognition Order, recognized the US Bankruptcy Court's First Day Orders, appointed an Information Officer, and approved an Administration Charge, a Directors and Officers Charge, and Securitization Charges to facilitate the restructuring.
Court granted an interim stay protecting Canadian debtors' assets pending U.S. Chapter 11 recognition.
The applicant, CURO Group Holdings Corp., sought foreign recognition and interim stay relief under the Companies’ Creditors Arrangement Act (CCAA) and the Courts of Justice Act (CJA) for its Canadian subsidiaries, CURO Canada Corp. and LendDirect Corp. These Canadian Debtors had simultaneously filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court.
The court granted the interim stay to protect the Canadian Debtors' assets and business in Canada during the period between the commencement of the U.S. Chapter 11 cases and the anticipated formal recognition orders from the U.S. Bankruptcy Court.
The decision emphasized the necessity of such interim relief to prevent prejudice and uphold principles of cooperation and comity in cross-border insolvency proceedings.
The balance of the application was adjourned for further hearing.
