The applicants, acting as Foreign Representative, sought a recognition order from the Ontario Superior Court of Justice for various orders issued by the United States Bankruptcy Court for the Southern District of Texas under the Companies’ Creditors Arrangement Act (CCAA).
The requested relief included approval of a sale of substantially all Chapter 11 Debtors’ assets, vesting orders for Canadian assets, and recognition of claims, assumption/rejection procedures, and key employee incentive plan orders.
The motion was unopposed and supported by the Information Officer.
The court found the transactions beneficial to stakeholders, the sale process fair and reasonable, and the U.S. orders consistent with CCAA principles, granting the requested recognition and approvals.
