In insolvency proceedings under the Bankruptcy and Insolvency Act, the debtor sought approval of a stalking horse sale process, related charges, and an extension to file a proposal.
The court raised concerns that the originally proposed break fee and overbid increments would discourage competing bids.
After revision reducing the break fee and overbid requirements, the court found the revised structure reasonable and approved the stalking horse process, the administration and D&O charges, and the stalking horse charge.
The court also granted a sealing order over commercially sensitive materials applying the Sierra Club test and extended the time for the debtor to file its proposal.
