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Dominion Diamond Mines ULC ( Dominion or the Company ) announced today that it has completed the previously announced sale of the Ekati Mine and associated assets to Arctic Canadian Diamond Company Ltd. ( Arctic ), a company formed and owned by funds and accounts managed by DDJ Capital Management, Brigade Capital Management, LP and Western Asset Management Company, LLC. The Alberta Court of Queen s Bench (the Court ) approved the sale pursuant to an order issued on December 11, 2020.
Arctic has acquired substantially all of Dominion s assets, excluding Dominion s interest in the joint venture agreement and liabilities relating to the Diavik Diamond Mine, in consideration for the assumption of various liabilities owing to Dominion s creditors, employees, suppliers and surety bond holders, including assuming US$70 million of Dominion s outstanding indebtedness under its existing revolving credit agreement and the reclamation obligations of the Ekati mine. In addition, Arcti
Looking Forward: Class Actions in 2021
Clarity on the Enforcement of Settlements
In
3113736 Canada Ltd. v Cozy Corner Bedding Inc., the Ontario Court of Appeal provided an answer about whether a class member is bound by a class action release even if the party did not receive notice of the class action, the settlement which contained the release, or the right to opt-out. The Court held that while notice to class members must be adequate, the lack of actual notice to any particular class member does not prevent the class from being bound where sufficient steps have been taken to provide adequate notice.
Author of the article: Harold Carmichael
Publishing date: Feb 02, 2021 • February 2, 2021 • 1 minute read •
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Ernst & Young has set up a web link so people can check the progress of the court proceedings as Laurentian University works to clean up its financial mess.
Laurentian students, staff and other interested parties can go to www.ey.com/ca/Laurentian, which will access a Restructuring Document Centre.
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Ernst & Young has been hired to monitor Laurentian’s restructuring process.
“On February 1, 2021, Laurentian University of Sudbury (“LU”) commenced court-supervised restructuring proceedings under the Companies’ Creditors Arrangement Act (“CCAA”), in order to, among other things, obtain a stay of proceedings, and to provide an opportunity to financially and operationally restructure,” said a message pertaining to Laurentian’s situation. “Ernst