05:06 PM EST, 01/31/2025 (MT Newswires) -- Superior Plus ( SUUIF ) after close of trade Friday announced that the Alberta Court of Appeal has ruled in favour of Superior in the matter of Chemtrade Electrochem, formerly Canexus Corporation v. Superior Plus Corporation ( SUUIF ), overturning the decision and ruling that Superior was not required to pay Chemtrade a C$25 million reverse termination fee on the termination of the arrangement agreement between the parties in 2016.

As a result of this ruling, a statement noted, Superior is entitled to the return of approximately C$28 million (which included interest and costs) paid to Chemtrade in January 2023, plus applicable interest and costs.

For its part, Chemtrade came out with its own response later. The company said since the initial decision was subject to appeal, it did not record a gain on the successful outcome of the lawsuit and the Court of Appeal ruling will have no impact on its financial results. Chemtrade noted it has 60 days from January 31, 2025 to commence an application for leave to appeal to the Supreme Court of Canada.

"This ruling is extremely disappointing for us", said Scott Rook, President and CEO of Chemtrade. "We are consulting our legal counsel and are considering our options including commencing an application for leave to appeal and continuing our claims against Canexus's legal advisors on the transaction, and their insurers. We will continue to pursue all avenues of recovery available to us."

Superior is a North American distributor of propane, compressed natural gas, renewable energy and related products and services, servicing about 770,000 customer locations in the U.S. and Canada.

Chemtrade operates a diversified business providing industrial chemicals and services to customers in North America and around the world.