Emily Paplawski

BBB Canada Ltd., the applicant in a CCAA proceeding, brought a motion to extend the Stay Period to August 22, 2023.

The motion was supported by an affidavit and the Monitor's report, detailing the completion of liquidation sales, lease assignments, and the wind-down of retail operations.

The extension was sought to finalize post-closing matters and establish a limited claims procedure for directors and officers.

The court found the applicant acted in good faith and with due diligence, had sufficient liquidity, and that no party would be materially prejudiced.

The motion was granted.

The applicant, BBB Canada Ltd., brought a motion under the Companies' Creditors Arrangement Act (CCAA) seeking two orders: first, to assign the Ottawa Trainyards Lease to Winners Merchants International L.P. pursuant to section 11.3 of the CCAA, due to the landlord's unresponsiveness; and second, to approve the Assignment and Assumption of Lease Agreement with Giant Tiger Stores Limited for the Colossus Lease, including vesting the applicant's interest free and clear of encumbrances.

The motion was unopposed, and the Monitor supported the applicant's position.

The court granted both requests, finding that the requirements of section 11.3 of the CCAA were met for the Ottawa Trainyards Lease assignment and that the factors under section 36(3) of the CCAA were satisfied for the Giant Tiger Agreement, including a reasonable process, Monitor's concurrence, fair and reasonable purchase price, and the transaction being in the best interest of stakeholders.

The applicant, BBB Canada Ltd., sought court approval under the Companies’ Creditors Arrangement Act (CCAA) for the assignment of several leases to Canadian Tire Corporation, Winners Merchants International L.P., and DKB Capital, and an extension of the stay period.

The motion was unopposed and supported by the Monitor, who deemed the transactions fair, reasonable, and in the best interests of the creditors.

The court approved the lease assignments and extended the stay period to allow for final reconciliation and settlement of liquidation sale amounts.

The applicant, BBB Canada Ltd., sought court approval under the Companies' Creditors Arrangement Act (CCAA) for an Omnibus Assignment and Assumption of Leases, FF&E and Trade Fixtures Agreement with DKB Capital.

The motion also requested orders for the assignment of certain leases under section 11.3 of the CCAA and a temporary sealing order for the unredacted agreement.

The court found the marketing process comprehensive, the consideration fair and reasonable, and the agreement beneficial to stakeholders.

The assignments were unopposed.

The court applied the Sherman Estate test for the sealing order and found it appropriate given its limited scope and time.

The motion was granted in its entirety.

In the context of a complex CCAA restructuring, the applicants sought approval for several motions, including a second Key Employee Retention Plan (KERP), an extension of the stay of proceedings, an extension of the DIP financing facility, and two corporate transactions involving the wind-up of subsidiaries.

US class action plaintiffs opposed the KERP and DIP extension, arguing they would deplete the estate.

The court approved all requests, finding the KERP and DIP extension necessary to maximize creditor recovery and advance a restructuring plan.

The court also used its broad jurisdiction under s. 11 of the CCAA to approve a corporate dissolution that technically violated the solvency requirements of the CBCA, as the transaction benefited the estate and did not prejudice stakeholders.