In CCAA proceedings, the moving parties sought approval of a transaction for sale of the Royal Charter conditional on immediate and irrevocable donation to designated public custodians, together with approval of monitor reports and an extension of the stay of proceedings.
The court held it had jurisdiction under the Companies’ Creditors Arrangement Act and applied the s. 36 sale-approval framework, including overlap with the Soundair principles.
The court found the auction and consultation process reasonable, well-publicized, and appropriately structured to preserve Canadian public access while maximizing creditor recovery.
The consideration was found fair and materially above appraised value, and the monitor’s recommendation was accepted.
The stay extension under s. 11.02 and approval of the monitor’s activities were also granted.
