R.B. Schwill

The court-appointed Monitor in a CCAA proceeding brought a motion to approve a third amendment to a DIP credit facility to allow the debtor to contribute required equity to a real estate development project.

The Foreign Representative raised concerns about the lender's conduct and lack of information, but the Monitor recommended approval as there were no alternative funding options and the lender agreed to reduce the maximum charge and set a short maturity date.

The court approved the amendment, noting it was necessary to preserve the project and that outstanding issues could be addressed prior to maturity.

The Monitor and Receiver in the CCAA proceedings of Urbancorp Toronto Management Inc. and affiliated entities brought three unopposed motions.

The court granted an extension of the stay period, finding the parties were working in good faith and had sufficient cash flow.

The court also granted a vesting order resolving a dispute over Fuzion Geothermal Room Units and approved a settlement between the Receiver and TS Sports Consulting Inc. regarding advisory fees, finding the settlement fair and commercially reasonable.