Recent Developments

Recent Developments

Recent Developments

Global—On 26 October 2012, the U.S. Court of Appeals for the Second Circuit, in a ruling that may impact sovereign debt restructurings, upheld a lower court order enjoining Argentina from making payments on restructured defaulted debt without making comparable payments to bondholders who did not participate in the restructuring.

Recent Developments

Recent Developments

Adananc

On February 28, 2011, Adanac Molybdenum Corporation announced that it successfully implemented its plan of compromise and arrangement and emerged from CCAA protection. It was announced that, on implementation, Adanac’s outstanding common shares were consolidated on a 150 to 1 basis with 24,698,888 post-consolidation common shares issued to creditors.

Adanac owns the Ruby Creek Project, located in northwest British Columbia.

Ambrilia Biopharma

Abitibi

Abitibi

In Capital One v. Solehdin,1 the Ontario Superior Court of Justice recognized judgments of a Louisiana bankruptcy court and held that they were enforceable in Ontario. The judgments were summary judgments against guarantors under their respective guarantees. The decision is significant – it is one of the first cases where guarantors challenged the recognition and enforcement of such judgments of a foreign bankruptcy court on the basis that the foreign bankruptcy court lacked the jurisdiction to grant the judgments.