Philip Yang

The Applicants sought an Amended and Restated Initial Order in their CCAA proceedings during a 10-day comeback motion.

The requested relief included extending the stay period, approving a Key Employee Retention Plan (KERP) and corresponding charge, appointing a Chief Restructuring Officer, approving financial advisor engagements, and sealing the unredacted KERP.

The court found the relief appropriate and necessary for the restructuring process, noting the support of the Monitor and the majority of secured noteholders.

The motion was granted in its entirety.

The Applicants, operating a fully integrated cannabis business across the United States, sought an Initial Order under the CCAA due to severe liquidity constraints and an inability to meet interest obligations on senior notes.

The court granted the Initial Order, including a 10-day stay of proceedings, which was extended to non-applicant subsidiaries to maintain stability and preserve value for pending sale transactions.

The court also appointed FTI Consulting Canada Inc. as Monitor, authorized the payment of certain pre-filing arrears to critical suppliers, approved Administration and Directors' Charges, granted a limited sealing order for confidential commercial information, and authorized the Parent Company to act as foreign representative for Chapter 15 proceedings in the United States.

The Opposing Landlords sought costs after successfully opposing the debtor Applicants' motion to assign 25 commercial leases to a third party in a CCAA proceeding.

The court found that the dispute was a classic adversarial proceeding, entitling the successful landlords to costs.

The court awarded partial indemnity costs to the landlords, including additional costs to Ivanhoe Cambridge for opposing ipso facto relief.

However, the court deferred payment of the costs until the end of the CCAA proceeding to avoid unfairly prejudicing the secured creditors' collateral before priorities are finally determined.

In a landmark CCAA proceeding involving Hudson's Bay Company, the court declined to approve the assignment of 25 major retail department store leases across Canada to a new tenant, Ruby Liu Commercial Investment Corp., despite the transaction representing the highest bid and generating approximately $50 million in net proceeds for creditors.

The court found that the proposed assignee failed to meet the reasonableness standard under section 11.3(3) of the CCAA, particularly regarding its ability to perform the substantial and ongoing obligations under the leases.

The decision emphasizes that section 11.3 is an extraordinary power that must be exercised sparingly, and that the court must balance the interests of all stakeholders, including the contractual counterparties (landlords) who would be compelled into a long-term relationship with an untested and undercapitalized purchaser.

The court also rejected the applicants' arguments that certain lease provisions constituted ipso facto clauses violating the anti-deprivation rule and section 34 of the CCAA.

In this CCAA proceeding, the court granted multiple orders sought by Hudson's Bay Company and related entities, including approval of lease assignment agreements with YM Inc. and Ivanhoe Cambridge, sealing of confidential bid information, extension of the stay of proceedings to October 31, 2025, and approval of the Monitor's reports and activities.

The court rejected requests for adjournment and conditional distributions, finding the lease monetization process was fair and transparent, and that the proposed transactions represent a positive development for stakeholders.

This decision approves four orders sought by the Applicants under the Companies’ Creditors Arrangement Act (CCAA): (1) approval of an asset purchase agreement (APA) with Canadian Tire Corporation for the sale of Hudson’s Bay’s intellectual property; (2) a sealing order for the confidential appendix summarizing bids; (3) termination of the stay of proceedings and CCAA proceedings for certain entities, concurrent with the appointment of a receiver; and (4) a declaration under the Wage Earner Protection Program Act (WEPPA) to assist terminated employees.

The Court found the sale process fair and transparent, the consideration reasonable, and the relief unopposed and supported by the Monitor.

The decision concerns an application under section 192 of the Canada Business Corporations Act (CBCA) for approval of a plan of arrangement by The Cannabist Company Holdings (Canada) Inc. and 16834434 Canada Inc., opposed by Murchinson Ltd. (on behalf of certain noteholders).

The court granted the final order approving the arrangement, which restructures the company’s senior notes, and dismissed Murchinson’s related oppression application.

The reasons address the fairness and reasonableness of the arrangement, the appropriateness of third-party releases, and the standing of Murchinson to bring an oppression claim.

The decision addresses motions regarding the appointment of representative counsel for current and former employees and retirees of Hudson’s Bay Company ULC and related entities in ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings.

The Court declined to appoint any of the nominated law firms as representative counsel at this stage, instead appointing the Honourable Herman Wilton-Siegel as an independent third party to evaluate proposals and make a recommendation.

The Court also approved amendments to the Sale and Investment Solicitation Process (SISP) to remove the company’s art and artifact collection from the SISP and to appoint Heffel Gallery Limited to conduct a separate auction for the collection, subject to further court approval of procedures.

The reasons review the legal framework for appointing representative counsel and the importance of balancing stakeholder interests in complex insolvency proceedings.

The Applicants sought approval of a Restructuring Framework Agreement (RFA) in ongoing CCAA proceedings.

The Court declined to approve the RFA, finding it neither necessary nor appropriate at this time.

The decision details the reasons for refusing approval, including concerns about the appropriateness of granting control and veto rights to the Lenders, the lack of disclosure of the Budget, and the sufficiency of existing court and Monitor oversight.

The Court also set out directions for ongoing cash flow monitoring and reporting by the Monitor.

The Applicants, The Cannabist Company Holdings (Canada) Inc. and 16834434 Canada Inc., sought an interim order under section 192 of the Canada Business Corporations Act (CBCA) to approve a plan of arrangement and to direct the holding of a meeting of Senior Noteholders.

The Court granted the interim order, finding the Applicants acted in good faith and met the statutory requirements.

The Court also approved the classification of all Senior Noteholders as a single class for voting purposes, rejecting the respondent's argument for separate classes.

The order included a limited stay of proceedings and set out the process for the upcoming meeting and final order hearing.

This decision concerns the ongoing Companies’ Creditors Arrangement Act (CCAA) proceedings involving Hudson’s Bay Company ULC and related entities.

The Court addresses the extension of the stay of proceedings, approval of a liquidation sale, lease monetization process, and a sales and investment solicitation process (SISP).

The Court also considers the repayment of the DIP facility, approval of a Key Employee Retention Plan (KERP), and a sealing order for confidential employee information.

The Court grants most of the relief sought, defers approval of the Restructuring Support Agreement to allow further stakeholder review, and provides detailed reasons for each order.

This endorsement grants a brief adjournment in the Companies’ Creditors Arrangement Act (CCAA) proceedings involving Hudson’s Bay Company ULC and related entities, following ongoing discussions between the applicants and stakeholders.

The court extends the stay of proceedings, increases the Directors’ Charge, amends the relative priorities of charges, and approves the engagement of Reflect Advisors, LLC as financial advisor.

The court finds the requested relief appropriate, unopposed, and supported by the Monitor, and orders the requested amendments to the Initial Order.

This decision grants initial relief under the Companies’ Creditors Arrangement Act (CCAA) to Hudson’s Bay Company ULC and related entities, including a stay of proceedings, approval of DIP financing, and various charges to facilitate restructuring.

The court reviews the history and financial distress of Hudson’s Bay, the legal standards for CCAA relief, and the appropriateness of extending the stay to non-applicant parties and co-tenants.

The judgment also addresses the maintenance of the cash management system, appointment of a monitor, and the criteria for administration and directors’ charges.

The court finds the relief sought is necessary and appropriate to stabilize operations and maximize value for stakeholders during the initial stay period.

The applicant, VBI Vaccines Inc., sought court approval for a sale transaction structured as a reverse vesting order (RVO) to its secured lender, K2 HealthVentures, as part of its CCAA insolvency proceedings.

The motion also sought collateral relief, including releases for various parties and the ability to sell residual assets up to $5 million without further court approval.

The court granted the motion, finding that the RVO was necessary and met the stringent Harte Gold factors, as well as the traditional Sound Air factors.

The RVO was deemed essential due to the debtor's highly regulated industry and the non-assignability of its intellectual property and government licenses, making it the only viable option to maximize value compared to a bankruptcy scenario.

The court also approved the releases and the limited authority to sell residual assets, noting the Monitor's support and the lack of opposition from stakeholders.

Tacora Resources Inc. brought a motion for an Approval and Reverse Vesting Order (RVO) and associated third-party releases under the Companies' Creditors Arrangement Act (CCAA).

The RVO was sought in respect of a Subscription Agreement with a group of investors, including certain noteholders and Cargill, Incorporated, aimed at deleveraging Tacora's capital structure and preserving it as a going concern.

The court granted the RVO and approved the broad third-party releases, finding them necessary to preserve valuable permits, licenses, and tax attributes, and that the transaction represented the best available outcome for all stakeholders, particularly given the lack of opposition.