M. P. Gottlieb

The applicant, Dundee Oil & Gas Limited, sought approval for the sale of substantially all its assets and the assignment of associated executory contracts under s. 11.3 of the CCAA.

The court initially adjourned the matter to require further evidence regarding the purchaser's financial stability and ability to manage environmental remediation obligations.

After reviewing supplementary evidence, including cash flow forecasts and the purchaser's operational plans, the court was satisfied that the purchaser would be able to perform the obligations.

The court approved the transaction and the assignment of the contracts.

The Canadian Debtors brought a motion for approval of an Allocation Protocol to determine the allocation of approximately $9 billion in sale proceeds among the global Nortel entities.

The EMEA Debtors opposed the motion and brought a cross-motion to compel arbitration, arguing the parties had agreed to arbitrate under the Interim Funding and Settlement Agreement.

The court dismissed the cross-motion, finding the agreement was merely an unenforceable agreement to agree.

The court granted the Canadian Debtors' motion, holding it had discretionary authority under the CCAA to approve the Allocation Protocol and that the parties had irrevocably submitted to the jurisdiction of the Canadian and U.S. courts.

A debtor company sought an initial order under the Companies’ Creditors Arrangement Act to implement a consensual recapitalization transaction supported by major secured creditors.

The motion requested a stay of proceedings, approval of debtor‑in‑possession financing and related charges, authorization for certain pre‑filing payments, and the appointment of a monitor and foreign representative.

The court was satisfied that the company qualified as a debtor company and that the restructuring proposal had substantial creditor support.

The court granted the requested relief, including a sealing order for confidential financial materials and approval of claims procedure and creditors’ meetings orders to facilitate the restructuring plan.