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The court recognized U.S. Chapter 11 sale and procedural orders under Part IV of the CCAA.
The applicants, acting as Foreign Representative, sought a recognition order from the Ontario Superior Court of Justice for various orders issued by the United States Bankruptcy Court for the Southern District of Texas under the Companies’ Creditors Arrangement Act (CCAA).
The requested relief included approval of a sale of substantially all Chapter 11 Debtors’ assets, vesting orders for Canadian assets, and recognition of claims, assumption/rejection procedures, and key employee incentive plan orders.
The motion was unopposed and supported by the Information Officer.
The court found the transactions beneficial to stakeholders, the sale process fair and reasonable, and the U.S. orders consistent with CCAA principles, granting the requested recognition and approvals.
Unopposed motion to recognize US Bankruptcy Court order amending DIP financing granted under CCAA.
The applicant, in its capacity as Foreign Representative, sought an order recognizing the Third DIP Amendment Order granted by the United States Bankruptcy Court.
The order amended the Term Loan DIP Credit Agreement to add a new super senior, first-out $30 million tranche to the DIP facility.
The court found that the Chapter 11 Debtors needed additional financing and that recognition was supported by the principle of comity.
The unopposed motion was granted pursuant to section 49 of the CCAA.
The court granted recognition of US Chapter 11 financing, cash management, and bidding procedure orders to facilitate cross-border insolvency proceedings.
The Applicant, Instant Brands Inc., as Foreign Representative of the Chapter 11 Debtors, sought recognition of several US Chapter 11 orders, including the Supplemental Interim DIP Order, Final DIP Order, Final Cash Management Order, and Bidding Procedures Order.
The relief was unopposed and supported by the Information Officer.
The court granted the recognition orders, finding them necessary and appropriate to fund operations, maintain an integrated cash management system, and facilitate a competitive sale process, thereby furthering comity and ensuring fair treatment of stakeholders in the cross-border insolvency proceedings.
