Nargis Fazli

This endorsement addresses a motion by Sandvine Corporation and related entities under the Companies’ Creditors Arrangement Act for approval of a Stalking Horse Transaction Agreement, a vesting order, and related relief.

The court denied an adjournment request by Telecom Egypt, found that all statutory and procedural requirements were met, and approved the transaction, assignments, limited releases, sealing of confidential materials, enhanced monitor powers, and an extension of the stay of proceedings.

The Canadian Debtors, part of the global Endo pharmaceutical group, applied under Part IV of the CCAA for an interim order recognizing Chapter 11 proceedings commenced in the United States.

The court found that Ontario was the proper jurisdiction for the recognition proceedings due to the debtors' substantial business presence and security agreements governed by Ontario law.

The court granted the interim order, including a stay of proceedings in favour of the Canadian Debtors and affiliated non-applicant entities facing opioid-related class action litigation in Canada, to protect the operations of the Canadian business pending a full recognition hearing.