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CCAA stay period extended and replacement DIP facility refinancing approved for insolvent university.
The applicant university brought a motion within its CCAA proceedings for an order extending the stay period and an order approving the refinancing of its debtor-in-possession (DIP) facility with the provincial government.
The court found that the applicant had acted in good faith and with due diligence, and that the cash flow forecast demonstrated sufficient liquidity to operate during the extended stay period.
The court granted the requested orders, noting the significant interest rate reduction under the replacement DIP facility.
