Law360 Canada (October 13, 2023, 6:06 AM EDT) -- Motion by DGAP Investments Ltd. (“DGAP”) to stay pending leave to appeal order. Ernst & Young Inc., in its capacity as the court appointed interim Land Restructuring Officer of the Land Vehicle (“LRO”), was authorized to enter into a Securities Purchase Agreement (“SPA”) with the U.S. Steel Canada Inc., now Stelco Inc. (“Stelco”). Stelco was granted protection under the Companies’ Creditors Arrangement Act (“CCAA”). Significant creditors consisted of Stelco’s retirees, employees and pensioners. Their interests were represented by the respondents the United Steelworkers Local 1005 Employee Life Health Trust, United Steelworkers Local 8782 Employee Life Health Trust, the Non-USW Retiree Life and Health Trust, and the Pension Deficit Funding Trust (“Stakeholders”). The court approved Stelco’s restructuring plan that provided for, among other things, Stelco’s transfer of industrial land to a group of special purpose entities designed to hold land (“Land Vehicle”). The land in the Land Vehicle was then to be sold for the benefit of the Stakeholders. LandCo was a limited partner in the broader limited partnership collectively known as the Land Vehicle Stakeholders. DGAP complained that the order approving the SPA in essence approved a sale of the same beneficial interest in land that had already been sold to DGAP....
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