Crystallex vs Bolivarian Republic of Venezuela

. In May, 2018 an ad hoc committee of shareholders of Crystallex brought a motion in the CCAA proceedings seeking to vary previous orders of the court providing, inter alia, to eliminate the participation of the DIP Lender, Fung and Oppenheimer in the recovery and for leave to commence oppression proceedings. Fasken was retained to independently represent the two directors in these proceedings. On May 22, 2018 the motions court judge dismissed the shareholders’ motion. The Ontario Court of Appeal subsequently refused to grant leave to appeal. The proceedings involved important issues in law dealing with variation of court orders, and in particular DIP financing orders, made in CCAA proceedings.