representative work

Cassels Successfully Represents Debenture Holders in Application Confirming Extension of Contractual “Outside Date”


On September 23, 2021, Cassels represented Hadron Healthcare and Consumer Special Opportunities Master Fund, Senvest Global (KY), LP and Senvest Master Fund, LP in proceedings before the Ontario Superior Court of Justice (Commercial List).

At issue was whether the “Outside Date” of a restructuring support agreement could be extended without the request or consent of the counterparty to the agreement. The secured lenders and debenture holders argued that upon receipt of their written “consent”, the Outside Date was extended automatically. The Court accepted the interpretation of the agreement advocated by the debenture holders. The decision can be found here.

This was the second of two recent successful decisions obtained by Cassels in the Gotham Green Partners, LLC v. iAnthus Capital Holdings, Inc. litigation. The other, where the secured lenders and debenture holders successfully opposed a motion for leave to intervene, can be found here.