In a Companies' Creditors Arrangement Act (CCAA) proceeding, the applicants sought court approval for the sale of a real property, the Monitor's reports, a revised governance protocol, and a sale and investor solicitation process (SISP) for their logistics business.
The court approved the property sale, finding it met the Soundair Principles despite not being a court-supervised process.
The Monitor's reports and activities were also approved.
The proposed SISP was approved with a minor amendment requiring the Monitor to consult directly affected secured creditors.
The Revised Governance Protocol, which included default commission rates for vehicle sales and collections, was approved as an interim measure, balancing the need for cost recovery with creditor concerns, noting that financiers could negotiate alternative rates or withhold consent to sales.
