Shaun Irving

This endorsement concerns an application by Accuride Canada Inc. for an Amended and Restated Initial Order (ARIO) under the Companies’ Creditors Arrangement Act (CCAA).

The applicant sought to increase the maximum amounts secured by the Administration, Directors', and Intercompany Charges, approve an Intercompany Supply Agreement with its parent company, and extend the stay of proceedings.

The court granted the ARIO, finding the requested relief necessary for the applicant's continued operations and restructuring efforts, and noting the Monitor's support for the reasonableness and necessity of the proposed changes.

Accuride Canada Inc. sought an initial order under the Companies’ Creditors Arrangement Act (CCAA) due to insolvency, exacerbated by declining demand, increased costs, and the withdrawal of financial support from its U.S. parent, Accuride Corp, which had commenced Chapter 11 proceedings.

The Applicant's London Plant had been unprofitable for over a decade.

The Applicant requested a 10-day stay of proceedings to explore a going concern transaction or an orderly wind-down, along with approval for interim financing (Intercompany Loans secured by an Intercompany Charge), an Administration Charge, a Directors' Charge, and authority to make pre-filing payments to critical third-party suppliers.

The court granted the initial order, finding the Applicant met the CCAA requirements for insolvency and jurisdiction, and that the requested relief was appropriate and necessary to stabilize operations and preserve stakeholder value during the initial stay period.

In a Companies' Creditors Arrangement Act (CCAA) proceeding, the applicants sought court approval for the sale of a real property, the Monitor's reports, a revised governance protocol, and a sale and investor solicitation process (SISP) for their logistics business.

The court approved the property sale, finding it met the Soundair Principles despite not being a court-supervised process.

The Monitor's reports and activities were also approved.

The proposed SISP was approved with a minor amendment requiring the Monitor to consult directly affected secured creditors.

The Revised Governance Protocol, which included default commission rates for vehicle sales and collections, was approved as an interim measure, balancing the need for cost recovery with creditor concerns, noting that financiers could negotiate alternative rates or withhold consent to sales.

The Bondfield Group, a major construction company, sought CCAA protection due to insolvency, over $1 billion in active contracts, and over 200 lawsuits.

The application was unopposed and resulted from extensive stakeholder negotiations.

The court granted an initial order for CCAA protection, including a stay of proceedings, approval of a tailored $8 million Debtor-in-Possession (DIP) facility funded by Zurich Insurance, an Administration Charge for professional fees, and a Directors' Charge for $3 million (excluding John Aquino).

The court emphasized the public interest in completing critical infrastructure projects and the preference for CCAA over receivership to preserve enterprise value.