UN | PÉTROLE ET GAZ

​​PENSION ADMINISTRATION

York (Police Services Board) v. York Regional Police Association, 2015 CanLII 62103 (ON LA)

Grant Forest Products Inc. v. The Toronto-Dominion Bank, 2015 ONCA 570

Nortel Networks Corporation (Re), 2015 ONSC 2987

The U.S. Supreme Court decided on Monday, June 1, 2015, that Chapter 7 debtors may not rid themselves of second-mortgage liens in cases where, at the time of the bankruptcy, the first mortgage is undersecured. The decision reverses two Eleventh Circuit rulings that would have made such liens disappear under Section 506(d) of the Bankruptcy Code. 

A bankruptcy case^[1] (no surprise) has produced another instructive court ruling on post-acceleration enforceability of a prepayment (make-whole) premium provision contained in a debt instrument. This latest lesson comes via the U.S. District Court for the Southern District of New York, affirming a ruling of that district’s U.S.

Au début de 2015, les sociétés 9171665 Canada Ltd. et Connacher Oil and Gas Limited (collectivement, « Connacher ») ont présenté à la Cour du Banc de la Reine de l’Alberta (la « Cour ») une demande d’ordonnance finale en vertu de l’article 192 de la Loi canadienne sur les sociétés par actions (la « LCSA ») en vue de l’approbation d’un plan d’arrangement visant la restructuration de Connacher (l’« Arrangement »). Le 2 avril 2015, le juge C.M.

In early 2015, 9171665 Canada Ltd. and Connacher Oil and Gas Ltd. (together Connacher) applied to the Alberta Court of Queen's Bench (Court) for a final order pursuant to section 192 of the Canada Business Corporations Act (CBCA) for the approval of a plan of arrangement to restructure Connacher (Arrangement). On April 2, 2015, Justice C.M. Jones rejected Connacher's restructuring proposal for the reasons set out below.

TORONTO (May 15, 2015) - On May 12, 2015, the Ontario Superior Court of Justice and U.S. Bankruptcy Court delivered an unprecedented joint ruling in the multi-jurisdictional dispute over the allocation of US$7.3-billion raised from the sale of the Nortel Networks global business units and patent portfolio.

At dispute was how to divide Nortel’s estate between bondholders, pensioners, suppliers and former employees of the parent company in Canada and its U.S. and European subsidiaries.

In an opinion issued today, the Supreme Court held that debtors do not have the right to immediately appeal a bankruptcy court’s decision denying confirmation of a proposed reorganization plan. This decision resolves a circuit split, and confirms the balance of power between debtors and creditors in the plan confirmation process. As the Supreme Court explained, “the knowledge that [a debtor] will have no guaranteed appeal from a denial should encourage the debtor to work with creditors and the trustee to develop a confirmable plan as promptly as possible.”