Noah Goldstein

The Monitor in the CCAA proceedings for Balboa Inc. and related entities sought court approval for two main orders: first, approving Credit Bid Asset Purchase Agreements (APAs), vesting properties in purchasers, and assigning tenant leases; and second, extending the stay period, approving a replacement DIP facility (Viscount DIP Term Sheet), repaying the existing DIP, amending charges, and approving the Monitor's reports, activities, fees, and disbursements.

The motions were unopposed.

The court granted the relief, finding it fair, reasonable, and in the best interests of stakeholders, despite the unfortunate circumstances and hardship expressed by affected lenders.

The court confirmed its jurisdiction under the CCAA and applied relevant principles for asset sales, lease assignments, interim financing, and cost allocation.

The court-appointed Receiver brought multiple motions seeking various forms of relief, including a declaration of vacant possession and writ of possession for a condominium unit (PH 07), approval and vesting orders (AVOs) for the sale of two specific condominium units (PH 02 and PH 03), prospective AVOs for five remaining units subject to sale conditions, approval of certain distributions from sale proceeds, approval of the Receiver's activities, and a sealing order for confidential appendices.

The applicant, KingSett Mortgage Corporation, and CIBC supported the relief.

The respondent, 30 Roe Investments Corp., represented by its president and personal guarantor, Raymond Zar, opposed some aspects, particularly the pre-approval of sales for remaining units without the debtor's consent and the immediate payment of HST.

The court granted most of the Receiver's requests, finding no lawful right for the occupant of PH 07, approving the sales under specific conditions, and approving distributions, with a temporary deferral on the HST payment issue to allow the respondent to provide supporting documentation.

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.

The moving party, Foreign Representative of Urbancorp Inc., sought leave to appeal a distribution order from the Supervising Judge in Companies’ Creditors Arrangement Act (CCAA) proceedings.

The order authorized a distribution to King Towns North Inc. (KTNI) related to the sale of "Bridge Geothermal Assets" and the interpretation of a "Transfer Provision" in a lease.

The core issue was whether the Transfer Provision violated the pari passu or anti-deprivation rules, particularly in light of Chandos Construction Ltd. v. Deloitte Restructuring Inc. The Supervising Judge found the provision valid, as it was triggered by a lease transfer, not insolvency, and did not violate the rules.

The Court of Appeal dismissed the motion for leave to appeal, finding no prima facie meritorious issue or error in the Supervising Judge's application of the anti-deprivation rule as clarified in Chandos, and that the appeal would unduly hinder the proceedings.