The court-appointed Monitor in a CCAA proceeding brought a motion to approve a third amendment to a DIP credit facility to allow the debtor to contribute required equity to a real estate development project.
The Foreign Representative raised concerns about the lender's conduct and lack of information, but the Monitor recommended approval as there were no alternative funding options and the lender agreed to reduce the maximum charge and set a short maturity date.
The court approved the amendment, noting it was necessary to preserve the project and that outstanding issues could be addressed prior to maturity.
