4 total
Receiver discharged with a two-year limit imposed on the secured creditor's right to seek re-appointment.
The court-appointed Receiver of Chieftain Metals brought a motion for discharge.
The secured creditor, West Face, supported the discharge but sought a provision allowing it to move for the re-appointment of a receiver at any time in the future to facilitate a potential sale of the mining project.
The Province of British Columbia and the Taku River Tlingit First Nation opposed an open-ended right, citing environmental remediation concerns and uncertainty.
The court granted the discharge but limited the secured creditor's right to seek re-appointment to a two-year period, balancing the commercial interests with the need for certainty for the Province and First Nation.
The court dismissed a union's motion to force a pension plan restructuring during CCAA proceedings, deferring to the debtor's business judgment.
The Ontario Nurses Association (ONA) brought a motion under the CCAA seeking an order to restructure the Victorian Order of Nurses for Canada (VON Canada) pension plan.
The ONA proposed transferring assets and liabilities related to VON Ontario employees into a new pension plan and sought a declaration that VON Ontario was not jointly and severally liable for any pension deficits.
The court dismissed the motion, finding that the ONA's proposal did not advance the CCAA's policy objectives of fostering going concern restructuring and avoiding liquidation.
The court also applied the business judgment rule, deferring to VON Canada's board decision to maintain the status quo, and deemed the request for a declaration on future liabilities premature and speculative.
Court approves CCAA sale and rejects late competing bid to protect sale process.
The applicants sought approval under the Companies’ Creditors Arrangement Act for a sale of substantially all of their assets following a court‑approved sales and investor solicitation process.
The court considered the statutory factors in s. 36 of the CCAA, including the fairness and reasonableness of the process, the role of the monitor, consultation with creditors, and the adequacy of the consideration.
A late competing bid was rejected to preserve the integrity of the court‑approved sales process.
The court also addressed priority issues involving a DIP lender, secured creditors, and potential claims to HST refunds under the Financial Administration Act.
The proposed transaction and distribution scheme were approved as fair and reasonable in the circumstances.
Extension of CCAA stay of proceedings granted to allow finalization and approval of purchase agreement.
The applicants moved under the Companies' Creditors Arrangement Act for an extension of the stay of proceedings until June 6, 2012.
A successful bid had been selected following a sale and investor solicitation process, and the extension was required to finalize the purchase agreement and seek court approval.
The court found that the applicants had acted in good faith and with due diligence, and granted the extension as the applicants had sufficient interim financing to proceed.
