Marc Steven Wasserman

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.

The decision concerns the approval of a reverse vesting order (RVO) in the context of insolvency proceedings under the Companies' Creditors Arrangement Act (CCAA).

The Court-appointed Monitor sought approval for a transaction involving the sale of all shares of the Purchased Companies to North Mill Equipment Finance LLC, the granting of related releases, a sealing order, and an extension of the stay of proceedings.

The court reviewed the necessity and fairness of the RVO structure, the process leading to the transaction, and the impact on stakeholders, ultimately granting the relief sought.

This decision sanctions the CCAA Plans of Imperial Tobacco Canada Limited, Imperial Tobacco Company Limited, JTI-Macdonald Corp., and Rothmans, Benson & Hedges Inc., effecting a global settlement of all tobacco-related claims in Canada.

The court reviews the structure, allocation, and fairness of the plans, including the creation of a $1 billion Cy-près Foundation, and addresses objections from social stakeholders.

The court finds the plans fair, reasonable, and in the public interest, and grants the requested relief, including third-party releases and the appointment of plan administrators.

This endorsement addresses motions by the court-appointed Monitors in the ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings involving JTI-Macdonald Corp., Imperial Tobacco Canada Limited and Imperial Tobacco Company Limited, and Rothmans, Benson & Hedges Inc. The Monitors sought approval for amendments to the CCAA Plans to resolve the allocation of a $750 million working capital holdback among the Tobacco Companies.

The only opposition came from the Heart and Stroke Foundation, which objected as a social stakeholder but was found to lack standing.

The court granted the motions, finding the amendments did not adversely affect any creditors and were appropriate in the circumstances.

This decision concerns motions brought by Pride Group Holdings Inc. and related applicants under the Companies' Creditors Arrangement Act (CCAA) for interim relief in their restructuring proceedings.

The court addresses requests for approval of interim distributions, payment of direct costs, application of deferred payments for working capital, and approval of certain activities of the Monitor.

The court grants the requested relief, finding it necessary to maintain liquidity and continue the wind-down process, and holds that the proposed mechanisms are equitable and consistent with the CCAA’s remedial objectives.

This endorsement addresses a motion by Sandvine Corporation and related entities under the Companies’ Creditors Arrangement Act for approval of a Stalking Horse Transaction Agreement, a vesting order, and related relief.

The court denied an adjournment request by Telecom Egypt, found that all statutory and procedural requirements were met, and approved the transaction, assignments, limited releases, sealing of confidential materials, enhanced monitor powers, and an extension of the stay of proceedings.

This endorsement concerns a joint motion brought by the court-appointed Monitors for JTI-Macdonald Corp., Imperial Tobacco Canada Limited, Imperial Tobacco Company Limited, and Rothmans, Benson & Hedges Inc. in their ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings.

The Monitors sought a Sanction Protocol Order to establish the date for the Sanction Hearing, ratify the litigation timetable, approve the dissemination of the Agenda and Sanction Hearing procedure, approve the Omnibus Sanction Hearing Notice, and set the deadline for Sanction Hearing Objection Notices.

The motion was unopposed and was granted by the court, with three orders signed.

This endorsement concerns ongoing insolvency proceedings under the Companies’ Creditors Arrangement Act (CCAA) involving JTI-Macdonald Corp., Imperial Tobacco Canada Limited, Imperial Tobacco Company Limited, and Rothmans, Benson & Hedges Inc. The specific motion, brought by the applicants, sought a Quebec Class Action Plaintiffs Notice Protocol Order.

The motion was unopposed and was granted by the court, with the requested order signed.

Sandvine Corporation and its affiliates sought an initial order under the Companies’ Creditors Arrangement Act (CCAA), including an urgent 10-day stay of proceedings, extension of the stay to non-applicant entities (Procera II LP and other foreign subsidiaries), appointment of KSV Restructuring Inc. as monitor, and approval of interim financing (DIP) charge, administration charge, and directors' charge.

The court found the applicants insolvent, established jurisdiction in Ontario, and determined that the requested relief was necessary for the continued operation and restructuring of the integrated global business.

The Initial Order was granted, and a comeback hearing was scheduled.

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.

In a CCAA proceeding, the Applicants sought three orders: approval of a factoring portfolio purchase agreement, approval for distribution of proceeds from a property sale, and permission for a creditor to sell certain vehicles.

The court approved the distribution of Chehalis property proceeds to Roynat.

For the Regions vehicles, the court granted the order allowing Regions to take possession, setting a 30-day retrieval period and approving storage costs of $35/day.

The motion for approval of the JD Factors Purchase Agreement was adjourned to a later date, as Mitsubishi HC Capital Canada Inc. objected, claiming ownership of the receivables and requiring more time to prepare its position.

The applicant, Tacora Resources Inc., sought approval for an Amended and Restated Debtor in Possession (DIP) financing agreement with Cargill and an extension of the CCAA Stay Period.

The Ad Hoc Group of Noteholders (AHG) opposed the Cargill DIP, proposing an alternative and seeking renegotiation of terms, including an exit fee, legal costs, and the "Offtake Condition" related to a pre-existing commercial agreement with Cargill.

The court approved the Cargill DIP and extended the stay, finding the Cargill agreement offered greater short-term stability and liquidity, was recommended by the Monitor, and did not materially prejudice other stakeholders beyond what already existed due to the pre-CCAA Offtake Agreement.

The court held that the DIP approval motion was not the appropriate forum to address the enforceability or commercial reasonableness of the Offtake Agreement itself.

The applicants, Pride Group Holdings Inc. et al., sought an amended and restated initial order under the CCAA, including an extension of the stay period, approval of a debtor-in-possession (DIP) facility, elevation of charge priorities, confirmation against set-off, and approval of governance, real estate monetization, and intercompany/unsecured claims preservation protocols.

The court granted the requested stay extension to June 30, 2024, approved the $30 million DIP facility, and approved all proposed protocols.

The court declined to add an exception to the paramountcy provision as requested by certain securitization funders and approved a carve-out for Triumph Business Capital but limited it to CDN $3 million.

This endorsement concerns three tobacco companies (JTI-MacDonald Corp., Imperial Tobacco Canada Limited, Imperial Tobacco Company Limited, and Rothmans, Benson & Hedges Inc.) operating under the Companies’ Creditors Arrangement Act (CCAA).

Each applicant sought an extension of their stay period until September 30, 2024, to continue formulating plans of arrangement.

Imperial also requested authorization to terminate a retirement plan and post security for a vaping product license.

RBH sought a procedural amendment for employee grievances.

The court, finding no opposition and satisfied with the applicants' good faith, diligence, and sufficient resources, granted all requested relief, noting significant progress in ongoing mediation.

This endorsement concerns the Companies' Creditors Arrangement Act (CCAA) proceedings for JTI-MacDonald Corp., Imperial Tobacco Canada Limited, Imperial Tobacco Company Limited, and Rothmans, Benson & Hedges Inc. The court granted an unopposed motion to extend the stay period until March 29, 2024.

Recognizing the complexity and the four-and-a-half-year duration of negotiations, the court directed the three court-appointed Monitors, in conjunction with the court-appointed Mediator, to collaborate and develop comprehensive Plans of Compromise or Arrangement.

The objective is to finalize plans that are fair and reasonable to all applicants and creditors, moving from observable activity to meaningful action.

Chalice Brands Ltd., a vertically integrated cannabis company, sought an Initial Order under the Companies' Creditors Arrangement Act (CCAA) due to an urgent liquidity crisis.

The court granted the Initial Order, extending the CCAA stay of proceedings to its non-filing US-based affiliates, which are integral to its operations, and approved a first-ranking Administration Charge.

This cross-border restructuring is coordinated with a planned Oregon receivership, as US federal law precludes bankruptcy protection for cannabis companies.

The decision emphasizes the integrated nature of the business and the necessity of the stay to preserve value and pursue a going-concern sale.

The Attorney General of Canada applied for a winding-up order for the Canadian business of Silicon Valley Bank (SVB) and the appointment of PricewaterhouseCoopers Inc. as liquidator, pursuant to the Bank Act and the Winding-Up and Restructuring Act.

SVB, a U.S. bank with a Canadian branch, became insolvent in the U.S., leading to its assets being transferred to a bridge bank.

The Superintendent of Financial Institutions had taken control of SVB's Canadian assets.

The court found it just and equitable to grant the winding-up order, noting SVB's insolvency and the need to protect Canadian creditors and stakeholders, as the U.S. bridge bank was not authorized to operate in Canada.

The order provides broad powers to the liquidator while ensuring court supervision and protection for stakeholders.

The Applicants, a group of Just Energy entities under CCAA protection, sought an order authorizing them, as foreign representative, to pursue claims under s. 36.1 of the CCAA (fraudulent preferences and transfers undervalue) in a U.S. Bankruptcy Court adversary proceeding against the Electricity Reliability Council of Texas (ERCOT) and the Texas Public Utilities Commission (PUCT).

ERCOT challenged the foreign representative's standing, arguing that only the Monitor had such standing under a strict reading of s. 36.1(2)(b) of the CCAA.

The court, emphasizing a broad and liberal interpretation of the CCAA and its interplay with the BIA, found that s. 36.1(1) allows for "modifications that the circumstances require." It ruled that allowing the foreign representative to pursue the claims, with the Monitor's support and supervision, was consistent with the CCAA's objectives of facilitating debtor restructuring and benefiting stakeholders.

The court granted the order, allowing the foreign representative to pursue the claims nunc pro tunc, with the Monitor assisting and supervising.

Just Energy Group Inc. and its affiliates sought an initial order for protection under the Companies' Creditors Arrangement Act (CCAA) due to a severe liquidity crisis.

This crisis stemmed from unprecedented and controversial price increases imposed by Texas regulators (ERCOT and PUCT) following an extreme winter storm.

The court granted a 10-day stay of proceedings, approved a $125 million debtor-in-possession (DIP) financing, stayed regulatory actions in Canada and the U.S., authorized charges for essential suppliers, and stayed set-off rights.

The court also approved administrative and directors and officers charges.

However, the request for third-quarter bonus payments was denied for the initial order, to be reconsidered at a later hearing.