The applicants, Xplore Inc. and a wholly-owned subsidiary, sought a final order approving a plan of arrangement under the Canada Business Corporations Act (CBCA).
The arrangement aimed to implement a comprehensive recapitalization transaction to significantly deleverage the company's secured debt and secure new financing.
A key component of the plan was a reverse vesting order (RVO) to separate uneconomic satellite business obligations from the ongoing operations.
The court found that the arrangement met all statutory requirements, was proposed in good faith, and was fair and reasonable to all stakeholders, including the initially opposing satellite providers who reached a commercial resolution.
The court also confirmed its jurisdiction under s. 192(4) of the CBCA to grant an RVO and approved the inclusion of third-party releases.
