Joseph Pasquariello

In this CCAA proceeding, the court granted multiple orders sought by Hudson's Bay Company and related entities, including approval of lease assignment agreements with YM Inc. and Ivanhoe Cambridge, sealing of confidential bid information, extension of the stay of proceedings to October 31, 2025, and approval of the Monitor's reports and activities.

The court rejected requests for adjournment and conditional distributions, finding the lease monetization process was fair and transparent, and that the proposed transactions represent a positive development for stakeholders.

This endorsement grants an unopposed application by RioCan Real Estate Investment Trust and related entities for the appointment of FTI Consulting Canada Inc. as receiver over the assets of the RioCan-HBC joint venture entities.

The court reviews the legal test for appointing a receiver under the Bankruptcy and Insolvency Act and the Courts of Justice Act, referencing relevant case law and statutory factors.

The receivership is found to be just and convenient in light of the joint venture’s financial distress, the failure of restructuring efforts, and the need to preserve and maximize value for stakeholders.

The order authorizes the receiver to borrow up to $20 million and provides for allocation of costs and a mechanism for secured lenders to terminate the receivership as to their collateral.

The Applicants, a group of Hudson’s Bay Company entities, sought an extension of the stay of proceedings under the Companies’ Creditors Arrangement Act (CCAA) and authorization to make certain distributions to secured creditors.

The Court granted both orders, finding the Applicants acted in good faith and with due diligence, and that the proposed distributions were appropriate in the circumstances.

The decision addresses concerns raised by RioCan regarding the timing of distributions in light of the Neiman Marcus Transaction, but concludes that the distributions should proceed.

The decision addresses motions regarding the appointment of representative counsel for current and former employees and retirees of Hudson’s Bay Company ULC and related entities in ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings.

The Court declined to appoint any of the nominated law firms as representative counsel at this stage, instead appointing the Honourable Herman Wilton-Siegel as an independent third party to evaluate proposals and make a recommendation.

The Court also approved amendments to the Sale and Investment Solicitation Process (SISP) to remove the company’s art and artifact collection from the SISP and to appoint Heffel Gallery Limited to conduct a separate auction for the collection, subject to further court approval of procedures.

The reasons review the legal framework for appointing representative counsel and the importance of balancing stakeholder interests in complex insolvency proceedings.

This endorsement concerns an unopposed motion by Yellow Corporation, as Foreign Representative, seeking recognition and enforcement in Canada of a U.S. Bankruptcy Court order approving the termination of certain Canadian real property leases (the "Reimer Leases") as part of cross-border insolvency proceedings under the Companies’ Creditors Arrangement Act.

The court finds the negotiated lease termination agreement to be fair and reasonable, maximizes value for the debtors, and grants the requested relief, including recognition of the U.S. order and authorization for related asset transfers.

This endorsement grants a brief adjournment in the Companies’ Creditors Arrangement Act (CCAA) proceedings involving Hudson’s Bay Company ULC and related entities, following ongoing discussions between the applicants and stakeholders.

The court extends the stay of proceedings, increases the Directors’ Charge, amends the relative priorities of charges, and approves the engagement of Reflect Advisors, LLC as financial advisor.

The court finds the requested relief appropriate, unopposed, and supported by the Monitor, and orders the requested amendments to the Initial Order.

This supplementary endorsement addresses a request from JTI-Macdonald Corp. regarding the adequacy of notice elements in the Claims Procedure Order within the ongoing Companies' Creditors Arrangement Act (CCAA) proceedings.

The court confirmed its satisfaction that the notice elements in the Claims Procedure Orders are reasonable in the circumstances, addressing an oversight from previous submissions.

The Superior Court of Justice addressed multiple motions within the complex Companies’ Creditors Arrangement Act (CCAA) proceedings of JTI-Macdonald Corp., Imperial Tobacco Canada Limited, Imperial Tobacco Company Limited, and Rothmans, Benson & Hedges Inc. The court granted a stay extension until January 31, 2025, and approved Meeting Orders and Claims Procedure Orders.

These orders facilitate the advancement of comprehensive Plans of Arrangement, developed by the court-appointed Mediator and Monitors, aiming for a Pan-Canadian global settlement of tobacco claims totaling $32.5 billion.

The court found the plans were not "doomed to fail" despite outstanding issues regarding financial allocation among the Tobacco Companies and the creditor status of JTI-Macdonald TM Corp.

Yellow Corporation, as Foreign Representative for its affiliates (including Canadian Debtors), brought a motion for recognition and enforcement of a U.S. Bankruptcy Court order (the "Lienholder Rolling Stock Settlement Order").

This U.S. order approved settlement agreements with possessory lienholders regarding rolling stock assets, which resulted in a waiver or reduction of claims against the Debtors' estates in exchange for surrendering title of the assets.

The motion was unopposed and supported by the Information Officer.

The court granted the recognition order, finding it fair, reasonable, and appropriate, and beneficial to the Debtors and stakeholders, consistent with principles of comity and cooperation in cross-border insolvency.

The Monitor in the CCAA proceedings of Nortel Networks Corporation brought an unopposed motion for approval of its fees and disbursements, as well as those of its counsel, for the period of November 1, 2021, to October 31, 2022.

The court applied the overriding principle of reasonableness and considered the significant results achieved by the Monitor, including completing a $38 million distribution and recovering an additional $21 million.

Finding the fees fair and reasonable, the court granted the motion and approved the accounts.

The applicant, acting as the foreign representative for the syncreon Group, sought an Initial Recognition Order under Part IV of the CCAA to recognize scheme of arrangement proceedings commenced in the United Kingdom.

The court found that the UK proceedings under Part 26 of the Companies Act constituted 'foreign non-main proceedings' under the CCAA.

The court granted the recognition order, recognized the UK Convening Order, appointed an Information Officer, and dispensed with the statutory publication requirement, finding that a formal cross-border protocol was unnecessary in this case.

The Monitor brought a motion to sanction the Canadian Debtors' Plan of Compromise and Arrangement under the CCAA, which implemented a settlement allocating $7.3 billion in sale proceeds.

Two self-represented long-term disability (LTD) beneficiaries objected, arguing the Plan was unfair and violated sections 7 and 15 of the Charter by treating their claims pari passu with other unsecured creditors.

The court found the Plan fair and reasonable, noting it was approved by 99.7% of creditors.

The court dismissed the Charter arguments, holding that section 7 does not protect pure economic interests and that equal treatment of creditors in insolvency does not constitute discrimination under section 15.

The Plan was sanctioned.