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When can environmental regulatory orders be compromised claims under the Companies’ Creditors Arrangement Act? Supreme Court of Canada provides clarification

Newfoundland and Labrador v. AbitibiBowater Inc., 2012 SCC 67

Canada, Environment & Climate Change, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, US Constitution, Supreme Court of Canada, Quebec Court of Appeal
Ontario Court of Appeal upholds extraordinary DIP financing arrangements in CCAA proceedings over objections of majority creditors

In Re Crystallex, 2012 ONCA 404, the Ontario Court of Appeal unanimously upheld unusually broad DIP financing arrangements granted pursuant to section 11.2 of the Canadian Companies' Creditors Arrangement Act (CCAA) despite the vociferous objections of substantially all of Crystallex’s creditors.  By dismissing the appeal, the Court endorsed the supervising CCAA judge’s approval of:

Canada, Ontario, Banking, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Court of Appeal for Ontario
DIP financing rules crystallized: interim DIP financing arrangements approved by the Ontario Court of Appeal

In Re Crystallex, the Ontario Court of Appeal (“Court of Appeal”) unanimously upheld three orders of the Ontario Superior Court of Justice (“OSCJ”) that (1) authorized bridge financing, (2) authorized interim financing

Canada, Ontario, Arbitration & ADR, Insolvency & Restructuring, Litigation, Osler Hoskin & Harcourt LLP, Bridge loan, Court of Appeal for Ontario