$BIOAQ Ch 11 dismissed and closed due to the reorg plan and the judge signing off on business activity needing to stay operational for the purpose of increasing value and the bidders, are able to see the plant operations in motion.
Ch 15 case is there in the U.S. due to the foreign CCAA in Canada. CH 15 exists in the U.S. because of the United Nations Commission on ITL.
The fact CH 11 was dismissed & closed is 1000x more critical than a silly CH 15 case. Besides, PWC answers what CCAA truly is:
“Q: Is a company that has filed for protection from its creditors under the Companies' Creditor Arrangement Act ("CCAA") in receivership or bankruptcy?”
“A: In a word, no. A company (also referred to as the "Debtor") that has filed under the CCAA for protection from its creditors is not in receivership or bankruptcy. Rather, it has filed under the CCAA in order to devise a plan of restructuring and compromise for its creditors that avoids the company going into receivership or bankruptcy, with a view to keeping the Debtor company operating, increasing the amount that may ultimately be paid to creditors and preserving the Debtor's employees' jobs.”
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