(6th Cir. B.A.P. Sep. 30, 2016)

(7^th Cir. Sept. 14, 2016)

(Bankr. E.D. Ky. September 14, 2016)

(Bankr. E.D. Ky. Sept. 14, 2016)

(N.D. Ind. Sept. 14, 2016)

(Bankr. W.D. Ky. Sep. 16, 2016)

(Bankr. W.D. Ky. Sep. 16, 2016)

The Ontario Court of Appeal (OCA) has closed the door on the application of equitable subordination in Companies’ Creditors Arrangement Act (CCAA) proceedings. In U.S. Steel Canada Inc.

La Cour d’appel de l’Ontario (la « CAO ») a fermé la porte à l’application du principe de la subordination reconnue en equity dans le contexte des procédures instituées en vertu de la Loi sur les arrangements avec les créanciers des compagnies (la « LACC »). Dans l’affaire U.S. Steel Canada Inc.

(Bankr. W.D. Ky. Sep. 12, 2016)

The bankruptcy court grants the motion to terminate the automatic stay. The creditor and the debtor entered into a sale contract prepetition for sale of the debtor’s real property. The debtor argued that the sale contract terminated prepetition, and the creditor argued that it should be permitted to pursue its claims on the contract in state court. The court finds that the debtor has no equity in the property and that it is not necessary to an effective reorganization. Thus, stay relief is appropriate. Opinion below.

Judge: Lloyd