The applicants, Xplore Inc. and 16029167 Canada Inc., sought a preliminary interim order under s. 192(4) of the CBCA to facilitate a comprehensive recapitalization transaction.
The applicants requested a stay of proceedings to prevent unsecured creditors, particularly satellite providers, from taking unilateral actions that could disrupt services to rural customers while definitive agreements were finalized.
The court granted the preliminary interim order, finding that the proposed transaction constituted an arrangement, the solvency requirement was met, and the stay was necessary to provide stability during negotiations.
