Reconciling the interests of retirees with those of secured creditors is challenging both legally and practically. The deeply divided Supreme Court decision is evidence of that. Even with its division, the Supreme Court of Canada has brought some greater certainty regarding the order of claims when pensioners whose pension plans are being wound up come up against DIP lenders and secured creditors. The decision, in all likelihood, is not the last word on the matter, but until the next case, advisers have some guidance from the top court in the land as to how to advise various stakeholders.
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