The debtors filed Notices of Intention to Make a Proposal under the Bankruptcy and Insolvency Act.
They brought a motion seeking administrative consolidation of their proceedings, approval of DIP financing with a super priority charge, administration and D&O charges, approval of a stalking horse sale process, and an extension of time to file a proposal.
The court granted all the requested relief, finding that the DIP financing and charges were necessary for the debtors to continue operations and that the stalking horse sale process was fair, transparent, and the best alternative to maximize value for stakeholders.
