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The court granted Square Nine interim CCAA relief and adjourned the competing receivership application, finding CCAA a viable alternative while sales and marketing continued.
The court approved revised CCAA sale and vesting orders for Bron Media, subject to amendments excluding three film projects and deleting an unnecessary clause, and extended the stay to March 29, 2024.
The court extended the CCAA stay, approved increased DIP financing and restructuring charges, and allowed a SISP for Bron Media Corp., with limited modifications.
The Supreme Court of British Columbia approved an amended reverse vesting order for PaySlate Inc., validated service, increased DIP financing, and extended the stay.
The court dismissed PaySlate’s reverse vesting order application, finding inadequate service, weak valuation evidence, and no sufficient basis for the broad releases and contractual restrictions.
The court dismissed the leave application because the motion judge correctly concluded there was no basis to vary the final amending CCAA orders: notice complied with the Initial Order and s.23 CCAA via the Monitor's published materials and website, shareholders had knowledge but failed to act forthwith, there were no slips, fraud or newly discovered facts to invoke inherent jurisdiction or r.59.06(2), the DIP lender had relied in good faith and would be prejudiced, and the substantive claims were time‑barred; accordingly the proposed appeal lacked prima facie merit.
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The court held that Purcell had to execute HPP’s mortgage and GSA with a prohibition on further security, and it declined to add a reasonableness limit on HPP’s consent.
Leave to appeal was dismissed because the very issues under s.11.01(a) had been finally decided against the moving parties on prior motions, no leave was sought earlier, the elements of issue estoppel apply and there is no prima facie merit; the supervising judge properly exercised his discretion in the CCAA context, including consideration of DIP financing and progress of the proceedings, so leave is not warranted.
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The court approved replacing the DIP lender with Varsity Capital Corporation and increased the DIP facility to $1.75 million, with nunc pro tunc amendments to the initial order.
The Court held the billed work was properly required for preparing restructuring proposals and thus fell within the scope of the Administration Charge and the accounts were entitled to be taxed as presented; objections about double payment and allocation of the charge were reserved for later proceedings.
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