Jeremey Dacks

The Applicants, Nordstrom Canada Retail, Inc., Nordstrom Canada Holdings, LLC, and Nordstrom Canada Holdings II, LLC, brought a motion under the Companies’ Creditors Arrangement Act (CCAA) seeking an extension of the Stay Period, approval for the wind-up and termination of the Employee Trust with related releases, and the discharge of the KERP charge.

The court granted the motion, finding that the Applicants had acted in good faith and with due diligence, and that the requested releases for the Employee Trust Released Parties were appropriate given their contribution to the orderly wind-down.

There was no opposition to the motion.

The Bondfield Group, a major construction company, sought CCAA protection due to insolvency, over $1 billion in active contracts, and over 200 lawsuits.

The application was unopposed and resulted from extensive stakeholder negotiations.

The court granted an initial order for CCAA protection, including a stay of proceedings, approval of a tailored $8 million Debtor-in-Possession (DIP) facility funded by Zurich Insurance, an Administration Charge for professional fees, and a Directors' Charge for $3 million (excluding John Aquino).

The court emphasized the public interest in completing critical infrastructure projects and the preference for CCAA over receivership to preserve enterprise value.