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Costs of $100,000 awarded jointly and severally against creditors who unsuccessfully opposed a Plan of Arrangement.
Following the approval of a Plan of Arrangement under the Canada Business Corporations Act, the successful applicant sought costs against the objecting creditors.
The objectors argued the applicant was disentitled to costs for failing to request them initially and that the quantum sought was excessive.
The court rejected the disentitlement argument, finding the objectors had notice that costs would be addressed in writing.
The court awarded $100,000 in costs, reducing the requested amount for proportionality, and ordered the costs payable jointly and severally by the objectors as they had pursued a common strategy.
Plan of Arrangement approved to sever mining company's ties with foreign state; creditors' objections dismissed.
The applicant mining company sought a final order approving a Plan of Arrangement under the Canada Business Corporations Act to sever ties with the Kyrgyz Republic following the state's seizure of its flagship mine.
Two unsecured judgment creditors of the Republic objected, seeking to enforce their arbitral awards against the Republic's shares in the applicant or garnish payments under the Arrangement.
The court approved the Arrangement, finding it met the statutory requirements, had a valid business purpose, and was fair and reasonable.
The court held the creditors lacked standing to oppose the Arrangement and that garnishment was inappropriate as it would result in double jeopardy.
