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The court granted multiple orders in a CCAA proceeding, including property sale approval and the appointment of a mediator for cost allocation disputes.
This endorsement grants several orders sought by the Applicants in ongoing Companies' Creditors Arrangement Act (CCAA) proceedings, including approval of the Monitor’s reports and activities, amendment of reporting obligations, addition of Block 6 Holding Inc. as an Applicant, approval of a property sale and related distributions, and the appointment of a mediator to address cost allocation issues among financiers.
The court finds all relief appropriate and supported by the record.
CCAA claims process modified to include an Inspector Group for material claims over $5 million.
Laurentian University brought a motion within its CCAA proceedings seeking the appointment of a Chief Redevelopment Officer, an increase in the fee cap for the Board of Governors' independent counsel, and approval of a claims process.
The court approved the appointment of the CRO and the fee increase.
Regarding the claims process, TD Bank proposed amendments to require consultation on claims over $5 million.
Balancing the need for efficiency with creditor involvement, the court modified the claims process to establish an 'Inspector Group' to authorize the compromise of material claims, drawing on principles from the Bankruptcy and Insolvency Act.
