The applicant sought approval of a plan of arrangement under s. 192 of the Canada Business Corporations Act as part of a larger corporate restructuring.
The court was satisfied that the arrangement was fair and reasonable, and that the emerging entity would be solvent.
Although the court expressed reservations about granting orders preventing third parties from enforcing rights based on cured defaults outside of a CCAA proceeding, it ultimately granted the requested relief to protect the sanctity of the arrangement.
