Section 8 of the Interest Act (Canada) (the Act) was considered by the Ontario Superior Court of Justice in Grant Forest Products Inc. (Re) in the context of an inter-creditor dispute.
In a recent decision in the Companies’ Creditors Arrangement Act (“CCAA”) Proceedings ofTimminco Ltd. et al.[1], Justice Morawetz of the Ontario Superior Court of Justice [Commercial List] observed that the disclaimer provisions of the CCAA apply equally in the context of a restructuring plan and a sales process.
On 27 July 2012, Justice Morawetz of the Ontario Superior Court of Justice (Commercial List) released reasons for decision in the Sino-Forest CCAA case concerning the scope and effect of the 2009 amendments to the CCAA that subordinate “equity claims” to all other claims and provide that under a CCAA plan, no payment can be made in respect of equity claims until all other claims are paid in full.
In Re LightSquared LP, the Ontario Court of Superior Justice [Commercial List] (the “Canadian Court”) refined the test for determining the location of a debtor’s center of main interest (“COMI”) under Part IV of the Companies’ Creditors Arrangement Act (the “CCAA”), which is the Canadian equivalent of Chapter 15 of the U.S. Bankruptcy Code.
In the recent decision in the CCAA Proceedings of Timminco Ltd. et al.[1], the Ontario Court of Appeal has affirmed the CCAA Court’s jurisdiction to grant super-priority status to DIP financing charges (including over provincial deemed trusts) and, effectively, confirmed that a supervising CCAA Court has a broad discretion to do so.
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:
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
Cinram International Income Fund (TSX: CRW.UN), a Canadian company that is one of the world’s largest providers of multi-media products, has agreed to sell virtually all of its assets and businesses in the United States, Canada, the United Kingdom, France and Germany to Najafi Companies after obtaining creditor protection under the Companies' Creditors Arrangement Act (CCAA).
Cinram International Income Fund (TSX: CRW.UN), a Canadian company that is one of the world’s largest providers of multi-media products, has sought and obtained protection under the Companies' Creditors Arrangement Act (CCAA). The company proposes to sell its assets and businesses in the United States, Canada, the United Kingdom, France and Germany to Najafi Companies.
In the recent decision of the Ontario Superior Court of Justice (the “Ontario Court”) inRe Hartford Computer Hardware Inc.1 (“Re Hartford”), the Ontario Court held that the public policy exemption in foreign recognition proceedings under the Companies’ Creditors Arrangement Act (the “CCAA”) should be interpreted narrowly.