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The Court of Appeal for Ontario dismissed motions for an extension of time and a stay pending appeal in a receivership sale dispute, finding insufficient explanation, prejudice, and no merit.
The appeal was allowed in part: the court affirmed the motion judge's exercise of discretion to permit the Debtor to redeem but held that, given the eleventh‑hour redemption that upset a court‑approved sale process, the redemption must be conditioned on payment of reasonable compensation for 255's costs thrown away ($300,000) and the Receiver's specified expenses; the court set aside the provisional execution provision and ordered that if the refinancing does not close by the fixed deadline the Receiver's AVO and distribution order will be granted.
Source excerpt
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.
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