The applicants sought a Final Order approving a Plan of Arrangement under the Canada Business Corporations Act to restructure approximately $1 billion in defaulted debt.
A dissenting debentureholder objected, seeking a carve-out from the arrangement's general release to preserve a potential civil claim for failure to disclose a material change regarding the restructuring negotiations.
The court dismissed the objection, finding the arrangement fair and reasonable, negotiated in good faith, and overwhelmingly approved by securityholders.
The Final Order was granted.
