Mark Wasserman

Corus Entertainment Inc. and 17311737 Canada Inc. sought and obtained a preliminary interim order in connection with a proposed arrangement under the Canada Business Corporations Act.

The court granted a stay of rights and remedies against the Corus Entities until December 18, 2025, to provide breathing space for the applicants to finalize definitive documentation for a recapitalization transaction.

The transaction is designed to significantly reduce the company's debt and annual cash interest costs while extending maturity dates.

The applicants demonstrated compliance with statutory requirements and good faith in pursuing the arrangement following a formal strategic review.

The stay does not affect obligations to trade creditors, suppliers, customers, or employees.

This endorsement concerns an application by Accuride Canada Inc. for an Amended and Restated Initial Order (ARIO) under the Companies’ Creditors Arrangement Act (CCAA).

The applicant sought to increase the maximum amounts secured by the Administration, Directors', and Intercompany Charges, approve an Intercompany Supply Agreement with its parent company, and extend the stay of proceedings.

The court granted the ARIO, finding the requested relief necessary for the applicant's continued operations and restructuring efforts, and noting the Monitor's support for the reasonableness and necessity of the proposed changes.

Accuride Canada Inc. sought an initial order under the Companies’ Creditors Arrangement Act (CCAA) due to insolvency, exacerbated by declining demand, increased costs, and the withdrawal of financial support from its U.S. parent, Accuride Corp, which had commenced Chapter 11 proceedings.

The Applicant's London Plant had been unprofitable for over a decade.

The Applicant requested a 10-day stay of proceedings to explore a going concern transaction or an orderly wind-down, along with approval for interim financing (Intercompany Loans secured by an Intercompany Charge), an Administration Charge, a Directors' Charge, and authority to make pre-filing payments to critical third-party suppliers.

The court granted the initial order, finding the Applicant met the CCAA requirements for insolvency and jurisdiction, and that the requested relief was appropriate and necessary to stabilize operations and preserve stakeholder value during the initial stay period.