15132738 Canada Inc., the owner and operator of the Stephenville International Airport, has been in court-appointed receivership in Newfoundland and Labrador since March 9, 2026, on an application under section 243 of the Bankruptcy and Insolvency Act brought by BTG Capital Inc., which asserts secured creditor status. An earlier order was made February 20, 2026, and a stay ran to March 9, 2026. On the Interim Receiver's preliminary, unaudited figures, identified creditors are owed approximately $6,500,000.00, including $2,499,152.32 to BTG Capital, said to hold first ranking security over all assets, and a Canada Revenue Agency deemed trust claim of $822,513.93 for payroll remittances and HST. CRA reports the last payroll remittance was filed in June 2025 and HST returns have been outstanding since January 2023. No asset values have been quantified. A phase one deadline of April 7, 2026 and a bid deadline of May 6, 2026 apply.
The officer filed report no. Fifth Report. Airport operations ceased in June 2025 and the facility has remained dormant; the Receiver has completed the court-approved sale to Stephenville International Airport Corp. and is now winding down administrative matters, including a proposed distribution and possible assignment into bankruptcy.
Source: Fifth Report of the Receiver
The court granted an approval and vesting order for the sale to Stephenville International Airport Corp.
Source: Approval and Vesting Order
Litera Compare Redline – AVO [filed] and AVO – [FINAL] 23 April 26 — Approval and vesting order
The court approved a sale and investment solicitation process. A bid deadline of 2026-04-07.
Source: Amended SISP Order [Issued]
15132738 Canada Inc., the owner and operator of the Stephenville International Airport — Receivership filed, Newfoundland and Labrador.
Source: Receivership Order [Issued]
BTG Capital Inc. v. 15132738 Canada Inc Third Report of the Interim Receivership [09 Mar 263] — Court officer report
BTG Capial Inc. v. 15132738 Canada Inc. – Order for Extension of Interim Receivership was filed.
Source: BTG Capial Inc. v. 15132738 Canada Inc. – Order for Extension of Interim Receivership
Outcome brief
Stephenville Airport: bought for $6.90, sold on its lender's credit bid
Acquired under a 2022 agreement for $6.90 and approximately $1,069,093 in assumed liabilities, the airport went dormant after its power was disconnected in June 2025. Its sale to the nominee of a BTG Capital affiliate closed on June 5, 2026 at $4,465,686.87, $3,255,886.83 of it BTG debt credited; the receiver now asks to be discharged.
Debtor
15132738 Canada Inc., the owner and operator of the Stephenville International Airport
Applicant
BTG Capital Inc.
Receiver
Janes & Noseworthy
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice MacDonald | Supreme Court of Newfoundland and Labrador | 8 orders, Jan 2026 – Apr 2026 | 14 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ReceiverJanes & Noseworthy | O'Keefe & Sullivan | 17 Feb 2026 | Application · 17 Feb 2026 |
| ApplicantBTG Capital Inc. | Cox & Palmer | 17 Feb 2026 | Application · 17 Feb 2026 |
| CreditorBTGCapital Inc | Cox & Palmer | 14 Jan 2026 | Application · 14 Jan 2026 |
| CreditorTown of Stephenville | Stewart McKelvey | 17 Feb 2026 | Application · 17 Feb 2026 |
| CreditorTristar Electric Inc | Stewart McKelvey | 17 Feb 2026 | Application · 17 Feb 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 985 casesDeemed trust class claim (payroll remittances/HST). CRA advised last payroll remittance was filed June 2025 and HST returns outstanding since January 2023, indicating possibility of additional future liability (para 14, page 5/7). — debtor: 15132738 Canada Inc. | $823K | First Report Interim Receiver SIGNED |
| 4 | Secured |
1 more claim in 1 class The stack holds Deemed trusts (CRA and other) and Secured claims.
Every creditor and every amount, drawn to scale.
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See all plans4 transactions · 2 proposed · 1 approved · 1 closed — the transaction under the SISP was approved and substantially completed, with the Receiver's certificate filedFifth Report of the Receiver · 9 Jul 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| BTG Critical Infrastructure Co-invest L.P. IStalking horsethe Agreement of Purchase and Sale dated as of March 09, 2026 · asset sale · agreement 9 Mar 2026 | Subscribers | Approved9 Mar 2026outside 3 Jun 2026 | Amended SISP Order [Issued] |
| Stalking Horse Bidder, identity not statedStalking horseall of the Company's right, title and interest in and to the Property · asset sale | not stated | Proposed | BTG Capital Inc. v. 15132738 Canada Inc Third… |
| BTG Capital Inc.Stalking horsethe Debtor's assets · asset sale | not stated | Proposed | BTG Capital Inc. v. 15132738 Canada Inc Fourth… |
| Stephenville International Airport Corp.the Purchased Assets · asset sale · nominee/assignee: BTG Critical Infrastructure Co-invest L.P. I · agreement 9 Mar 2026 | Subscribers | Closed5 Jun 2026 | Fifth Report of the Receiver |
Preferred creditors: paid in full. BTG Capital Inc. paid in full · Workplace NL paid in full.Second Report of Interim Receiver Signed · 3 Mar 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| SecuredBTG Indebtedness | BTG Capital Inc. | — | paid in full | per the receiver | Second Report of Interim Receiver Signed · 3 Mar 2026 |
| Preferred | — | — | paid in full | per the receiver | Second Report of Interim Receiver Signed · 3 Mar 2026 |
| Preferred | Workplace NL | — | paid in full | Estimatedper the receiver | BTG Capital Inc. v. 15132738 Canada Inc Third Report of the Interim… · 9 Mar 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
2 engagements · 2 firms — latest: O'Keefe & Sullivan, 23 Jan – 7 Jul 2026, in feesFifth Report of the Receiver · 9 Jul 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| Janes & Noseworthy Ltd.Receiver | from 9 Jan 2026 | — | — | 2 people | Fifth Report of the Receiver · 9 Jul 2026 |
| O'Keefe & SullivanCounsel | 23 Jan – 7 Jul 2026 | — | not stated | Fifth Report of the Receiver · 9 Jul 2026 | |
4 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansAs at ·
Professional fees
$195K
As at 7 Jul 2026Fifth Report of the Receiver
The total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Cover Letter to Court
| PDF · Subscribers | |
| Draft Distribution and Discharge Order | PDF · Subscribers | |
Fifth Report of the Receiver
| PDF · Subscribers | |
| Memorandum of Fact and Law re Distribution & Discharge | PDF · Subscribers | |
| Receiver_s Motion re Distribution & Discharge | PDF · Subscribers | |
| Redline of the Draft Order against the Model Discharge Order | PDF · Subscribers | |
Receiver_s Certificate re Closing [Executed]
| PDF · Subscribers | |
Approval and Vesting Order
| PDF · Subscribers | |
Approval and Vesting Order – Revised 29 April 2026 (Clean)
| PDF · Subscribers | |
Approval and Vesting Order – Revised 29 April 2026 (Compare)
| PDF · Subscribers | |
| Independent Security Opinion of J. Santimaw | PDF · Subscribers | |
| Assignment of Agreement of Purchase and Sale 1408-8195-6639 v.1 (Execution Copy) | PDF · Subscribers | |
Approval and Vesting Order [revised]
| PDF · Subscribers | |
| Litera Compare Redline – Ontario Precedent versus [FINAL] | PDF · Subscribers | |
Supplement to Fourth Report [FINAL]
| PDF · Subscribers | |
BTG Capital Inc. v. 15132738 Canada Inc Fourth Report of the Receiver
| PDF · Subscribers | |
| Letter to the Court Re Hearing 15 Apr 26 | PDF · Subscribers | |
| Memorandum of Fact and Law of the Applicant | PDF · Subscribers | |
| Litera Compare Redline – AVO [filed] and AVO – [FINAL] 23 April 26 | PDF · Subscribers | |
NDA Stephenville Airport SISP
| PDF · Subscribers | |
Amended SISP Order [Issued]
| PDF · Subscribers | |
BTG Capital Inc. v. 15132738 Canada Inc Third Report of the Interim Receivership [09 Mar 263]
| PDF · Subscribers | |
| Phase 1 Offer Letter Form | PDF · Subscribers | |
Receivership Order [Issued]
| PDF · Subscribers | |
SISP Procedures Amended
| PDF · Subscribers | |
Teaser Stephenville Airport SISP
| PDF · Subscribers | |
| Memorandum of Fact and Law SISP BTG Capital Inc. and 15132738 CANADA INC | PDF · Subscribers | |
Second Report of Interim Receiver Signed
| PDF · Subscribers | |
| 2026 01G 0099 Affidavit of Ian Penney SISP SIGNED | PDF · Subscribers | |
Affidavit of Byron Holcek
| PDF · Subscribers | |
| Applicant’s Memorandum of Fact and Law | PDF · Subscribers | |
| Cover Letter to Court Re 15132738 Canada Inc SIGNED | PDF · Subscribers | |
Motion SISP SIGNED
| PDF · Subscribers | |
BTG Capial Inc. v. 15132738 Canada Inc. – Order for Extension of Interim Receivership
| PDF · Subscribers | |
First Report Interim Receiver SIGNED
| PDF · Subscribers | |
Interlocutory Application
| PDF · Subscribers | |
Sealing Order
| PDF · Subscribers | |
| Notice of Appointment of Receiver | PDF · Subscribers | |
Issued Interim Receivership Order
| PDF · Subscribers | |
| 2nd executed Affidavit of Carl Dymond BTG | PDF · Subscribers | |
| Affidavit of Lew Short final signed copy | PDF · Subscribers | |
| Applicant’s Supplemental Memorandum of Fact and Law | PDF · Subscribers | |
| Respondent’s Brief | PDF · Subscribers | |
| Stephenville Airport Inspection Report | PDF · Subscribers | |
| Supplemental Affidavit of Brett Stevenson | PDF · Subscribers | |
| Consent to Act | PDF · Subscribers | |
Originating Application
| PDF · Subscribers | |
| Affidavit of Brett Stevenson | PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “15132738 Canada Inc., the owner and operator of the Stephenville International Airport” (Receivership (court-appointed)), Supreme Court of Newfoundland and Labrador. Retrieved 5 November 2026, https://proceedings.ca/case/15132738-canada-inc-the-owner-and-operator-of-the-stephenville-international-air
Sources last checked · summary updated 9 August 2026 · Report a correction · Printed from proceedings.ca/case/15132738-canada-inc-the-owner-and-operator-of-the-stephenville-international-air
Facts and summaries are extracted automatically from the court filings linked on each page; the filings remain the authoritative record. Suggested corrections are reviewed against the source filings.