Court File and Parties
COURT FILE NO.: CV-14-10518-00CL DATE: 2024-03-27 SUPERIOR COURT OF JUSTICE - ONTARIO
RE: IN THE MATTER OF THE COMPANIES’ CREDITORS ARRANGEMENT ACT, R.S.C. 1985, c. C-36, AS AMENDED
AND IN THE MATTER OF A PROPOSED PLAN OF COMPROMISE OR ARRANGEMENT OF 1511419 ONTARIO INC., FORMERLY KNOWN AS THE CASH STORE FINANCIAL SERVICES INC., 1545688 ALBERTA INC., FORMERLY KNOWN AS THE CASH STORE INC., 986301 ALBERTA INC., FORMERLY KNOWN AS TCS CASH STORE INC., 152919 ALBERTA INC., FORMERLY KNOWN AS INSTALOANS INC., 7252331 CANADA INC., 5515433 MANITOBA INC., 1693926 ALBERTA LTD., DOING BUSINESS AS “THE TITLE STORE”
Applicants
BEFORE: Chief Justice Geoffrey B. Morawetz
COUNSEL: John Finnigan and James Hardy, for the Applicants Jordan Haar, for Canaccord Genuity Corp. Dan Murdoch, for Cassels Brock & Blackwell LLP Dylan Chohla, for KPMG Trevor Courtis, for the Monitor, FTI Consulting Canada Inc.
HEARD: March 27, 2024
Endorsement
[1] FTI Consulting Canada Inc., in its capacity as monitor (the “Monitor”) of The Cash Store Financial Services Inc., The Cash Store Inc., TCS Cash Store Inc., Instaloans Inc., 7252331 Canada Inc., 5515433 Manitoba Inc., and 1693926 Alberta Ltd. (collectively, the “Applicants”) brings this motion seeking a stay of proceedings to October 25, 2024.
[2] There was no opposition to the relief sought.
[3] The Monitor’s Thirty-Third Report (the “Report”) details the status of the Remaining Estate Actions.
[4] The Monitor reports that:
(a) the Remaining Estate Actions continued to be a source of potential recovery for certain Cash Store creditors; and
(b) the cash flow forecast filed by the Monitor demonstrates that the Applicants will have sufficient liquidity to fund their activities to October 25, 2024.
[5] Having reviewed the Report and hearing submissions, I am satisfied that the parties have been and continue to act in good faith and with due diligence such that the requested relief is appropriate in the circumstances.
[6] The motion is granted and the order has been signed.
Chief Justice Geoffrey B. Morawetz Date: March 27, 2024