Paladin Labs Inc., as foreign representative for itself and Paladin Labs Canadian Holding Inc. (the Canadian Debtors), brought a motion under section 46 of the Companies' Creditors Arrangement Act (CCAA) for recognition and enforcement of two orders granted by the United States Bankruptcy Court in their Chapter 11 cases: a Bidding Procedures Order and a Bar Date Order.
The motion was unopposed.
The court granted the motion, finding that recognition was consistent with principles of comity and Canadian public policy, and would enable the Canadian Debtors to proceed with the sale process to maximize asset value and ascertain claims.
