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The court recognized U.S. Chapter 11 sale and procedural orders under Part IV of the CCAA.
The applicants, acting as Foreign Representative, sought a recognition order from the Ontario Superior Court of Justice for various orders issued by the United States Bankruptcy Court for the Southern District of Texas under the Companies’ Creditors Arrangement Act (CCAA).
The requested relief included approval of a sale of substantially all Chapter 11 Debtors’ assets, vesting orders for Canadian assets, and recognition of claims, assumption/rejection procedures, and key employee incentive plan orders.
The motion was unopposed and supported by the Information Officer.
The court found the transactions beneficial to stakeholders, the sale process fair and reasonable, and the U.S. orders consistent with CCAA principles, granting the requested recognition and approvals.
The court granted recognition of US Chapter 11 financing, cash management, and bidding procedure orders to facilitate cross-border insolvency proceedings.
The Applicant, Instant Brands Inc., as Foreign Representative of the Chapter 11 Debtors, sought recognition of several US Chapter 11 orders, including the Supplemental Interim DIP Order, Final DIP Order, Final Cash Management Order, and Bidding Procedures Order.
The relief was unopposed and supported by the Information Officer.
The court granted the recognition orders, finding them necessary and appropriate to fund operations, maintain an integrated cash management system, and facilitate a competitive sale process, thereby furthering comity and ensuring fair treatment of stakeholders in the cross-border insolvency proceedings.
The court recognized a US interim DIP financing order and approved a priority charge.
The Foreign Representative of Instant Brands Inc. and other Chapter 11 Debtors sought recognition and enforcement of an Interim DIP Order from the US Bankruptcy Court, along with approval of a corresponding priority charge in Canada under section 49 of the CCAA.
The motion was unopposed.
The court, applying principles of comity and cooperation in cross-border insolvency, recognized the Interim DIP Order and granted the priority charge, including the rollup of prepetition debt into post-petition super priority financing, finding it necessary for the debtors' ongoing operations and restructuring costs and that Canadian debtors were not materially prejudiced.
