3 total
The court granted an Amended and Restated Initial Order in a CCAA proceeding, extending the stay, increasing charges, approving a KERP, and preserving an excise licence.
The applicants, a group of related companies under CCAA protection, sought an Amended and Restated Initial Order at a comeback hearing.
The requested relief included extending the stay of proceedings, increasing the maximum principal amounts for the DIP Facility, Administration Charge, and Directors’ Charge, approving a Key Employee Retention Plan (KERP) with a super priority charge, sealing the KERP summary, and maintaining the status quo of Indiva’s Excise Licence.
The court granted all requested relief, finding it appropriate and necessary for the restructuring process, with no opposition from any party or the Monitor.
The court recognized US Chapter 11 proceedings as foreign main proceedings and approved priority charges.
The applicant, Coach USA Inc., as proposed foreign representative of several Canadian debtors, sought an Initial Recognition Order and a Supplemental Order under Part IV of the Companies’ Creditors Arrangement Act (CCAA) and the Courts of Justice Act.
The relief included recognizing US Chapter 11 cases as foreign main proceedings, recognizing US First Day Orders, granting a stay of proceedings in Canada, appointing an Information Officer, and granting priority charges (Administration, D&O, DIP).
The court granted the unopposed application, finding that the US Chapter 11 cases were foreign main proceedings, rebutting the presumption of COMI in Canada due to the integrated nature of the operations.
The court also approved the stay, recognition of US orders, appointment of Alvarez & Marsal Canada Inc. as Information Officer, and the proposed charges.
Court granted initial CCAA relief and DIP financing to cannabis companies facing a liquidity crisis.
The applicants, a group of cannabis companies, sought first-day relief under the Companies' Creditors Arrangement Act (CCAA) due to a severe liquidity crisis and default on senior debt obligations.
The court granted all requested initial orders, including a declaration that the applicants are CCAA companies, the appointment of PricewaterhouseCoopers Inc. (PwC) as Monitor, approval of a Debtor-in-Possession (DIP) facility of up to $900,000, an initial 10-day stay of proceedings, relief from certain securities law requirements, and the granting of administration, DIP lender's, and directors' charges.
The relief was supported by the existing senior secured creditor, SNDL Inc., and the proposed Monitor, PwC.
