#Report
Monitor's Certificate for non-assigned asset (Cormorant Utility Services Limited) — Court officer certificate
CFFI Ventures Inc.
FollowClosed
- Proceeding
- CCAAs. 11 of the CCAA
- File
- Hfx No. 551716
- Industry
- Financial services · Investment funds & schemes
OverviewSummary updated
CFFI Ventures Inc. has been under CCAA protection in Nova Scotia since March 13, 2026, and the proceeding remains active. Unaudited interim statements for the holding company on a standalone basis showed assets of $1.183 billion against liabilities of $2.038 billion as at September 30, 2025, a shareholder deficit of approximately $914.4 million; certain liabilities, most notably amounts owing to CRA, are disputed. Its primary secured indebtedness is US$776,784,249 as of February 10, 2026 owing to HPS Investment Partners LLC as agent, under a note purchase agreement that matured October 23, 2022 and remains unpaid, with covenants offside since June 28, 2019. A sale and investment solicitation process requires qualified bids to repay the HPS debt in full in cash, failing which the HPS secured creditors may credit bid.
Proceedings AIOpen Proceedings AI
Case updates86 dated entries
#Order
Interim order made the same day, carrying CFFI's stay of proceedings through to December 18, 2026.
#Sale
Justice Keith approved the September 16, 2026 asset purchase agreement with New Tide Capital LP in its entirety, vesting CFFI's interest in the Purchased Assets on delivery of the Monitor's Closing Certificate.
#Sale
Transaction approved conveying all of CFFI's right, title and interest in the Purchased Assets to New Tide Capital LP, Non-Assigned Assets vesting on a Non-Assigned Asset Transfer Certificate.
Source: Sale Approval and Vesting Order
#Sale
Redline of the revised Approval and Vesting Order to the draft Approval and Vesting Order served on Aug 26, 2026 — Approval and vesting order
#Report
The Supplement to the Fifth Report of the Monitor dated September 16, 2026 — Court officer report
#Report
Monitor reported no qualifying bid from 159 parties solicited, and supported a debt-assumption sale to New Tide Capital LP under an August 21, 2026 agreement; unsecured creditors would recover nothing.
Source: The Fifth Report of the Monitor dated August 25, 2026;
#Filing
Letter from Stikeman Elliott LLP ( "Stikeman" ), counsel to the Monitor, to the Court — Application / notice of application
#Order
The court approved a sale and investment solicitation process. A bid deadline of 2026-08-11.
Source: Sale and Investment Solicitation Process Approval Order
#Order
Coco Parties' objection to the Minimum Bid Threshold rejected, 12823543 Canada Ltd. being out of the money unless the Senior Secured Lenders recover 100% of their indebtedness.
#Report
Monitor reported on the proposed SISP and projected sufficient liquidity to fund operations through an extended stay period, again without any need for interim financing.
Source: Fourth Report of the Monitor
#Filing
Letter from Davies Ward Phillips and Vineberg LLP (" Davies "), counsel to Brendan Paddick, to the Court — Response / objection pleading
#Order
Letter from Justice John A. Keith of the Supreme Court (the " Court ") of Nova Scotia to counsel — Endorsement / reasons
#Report
Letter from McInnes Cooper, counsel to the Applicant, to the Court — Stakeholder communication
#Report
Letter from Osler, Hoskin & Harcourt LLP (" Osler "), counsel to HPS Investment Partners LLC, to the Court — Stakeholder communication
#Report
Letter from Stikeman Elliott LLP (" Stikeman "), counsel to the Monitor, to the Court — Stakeholder communication
#Report
Letter from Stikeman Elliott LLP ("Stikeman"), counsel to the Monitor, to the Court — Stakeholder communication
#Filing
Letter from counsel to SFPC Quantum LP ("Quantum") to the Court — Response / objection pleading
#Filing
Notice to Produce from Quantum to the CFFI dated March 23, 2026 — Application / notice of application
#Filing
Responding Brief of Law of SFPC Quantum LP dated June 3, 2026 — Response / objection pleading
#Order
SFPC Quantum LP comments on the draft amended and restated initial order ("Draft ARIO") — Amended and restated initial order
#Order
Interim order made, with the stay of proceedings continued to June 15, 2026.
Source: Stay Extension Order
#Order
Further order extending the stay of proceedings, carrying CFFI's CCAA protection through to May 29, 2026.
#Report
Monitor reported CFFI continuing to operate, with cash-flow projections showing sufficient liquidity to fund operations and proceeding costs through the proposed stay period without interim financing.
#Order
Justice Keith granted CFFI protection under s. 11 of the CCAA in Hfx No. 55716, appointing FTI Consulting Canada Inc. as Monitor, with a stay to March 23, 2026.
Source: Initial Order
AnalysisAll insights
Case update
CFFI Ventures: no qualifying bid, and a portfolio sold for its own debt
FTI took the Risley family's Nova Scotia holding company to 159 potential buyers and received seven bids, none of which qualified. On September 17 Justice Keith approved the sale of the whole portfolio — algae, skincare, offshore marine, green hydrogen, a powerline contractor and roughly 1,281 pieces of art — to an affiliate of HPS Investment Partners for the assumption of about US$1.12 billion of CFFI's own debt, and extended the stay to December 18, 2026.
Filing brief
CFFI Ventures: a carve-out that would have left the court blind and deaf
A Nova Scotia holding company that owns artwork and equity positions is buckling under a debt that started at US$250 million and is now put somewhere between US$790 million and US$1.118 billion. Its first-ranking creditor over one asset wanted that asset pulled out of the sale process and handled separately. The judge approved the process as proposed — and the reason turns on what a monitor is for.
Parties
Debtor
CFFI Ventures Inc.
Monitor
FTI
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Keith | Supreme Court of Nova Scotia | 12 orders, Mar 2026 – Sep 2026 | 7 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Stikeman Elliott LLP | 10 Jul 2026 | Service list · 10 Jul 2026 |
| DebtorCFFI Ventures Inc. | McInnes Cooper | 10 Jul 2026 | Service list · 10 Jul 2026 |
| CreditorBOMBARDIER INC. Nathalie Daoud | McCarthy Tétrault LLP | 10 Jul 2026 | Service list · 10 Jul 2026 |
| CreditorBrendan Paddick | BoyneClarke LLP | 10 Jul 2026 | Service list · 10 Jul 2026 |
| CreditorHina Khan | McCarthy Tétrault LLP | 13 Mar 2026 | Order · 13 Mar 2026 |
| CreditorHPS Investment Partners LLC | Cox & Palmer · Osler, Hoskin & Harcourt LLP | 10 Jul 2026 | Service list · 10 Jul 2026 |
| CreditorIconic Power Systems Inc | Borden Ladner Gervais LLP | 10 Jul 2026 | Service list · 10 Jul 2026 |
| CreditorRobert Orr | Stewart McKelvey | 10 Jul 2026 | Service list · 10 Jul 2026 |
| CreditorSFPC Quantum LP | Goodmans LLP | 10 Jul 2026 | Service list · 10 Jul 2026 |
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | HPS Investment Partners LLC (as agent) and HPS Secured Creditors (MP III Offshore Master Lux, L.P., Mezzanine Partners III, L.P., AP Mezzanine Partners III L.P.)Amended and restated pledge and security agreement (April 25, 2019) over all present and after-acquired personal property of CFFI and affiliate guarantors, and all capital stock held by CFFI/affiliate guarantors, excluding excluded property — Excludes default interest. Original notes issued under Note Purchase Agreement (Oct 23, 2017, A&R Apr 25, 2019) had aggregate principal of US$250 million; interest accrues at 8% cash + 5% PIK, and due to PIK election since 2019 the effective interest rate is 20% (28% as at Sept 30, 2025, before default interest). Facility matured October 23, 2022 and rema · as of 10 Feb 2026 | $777M USD | Pre-Filing Report of the Proposed Monitor |
| Secured | |||
| Secured |
2 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
2 transactions · 1 approved · 1 closed — The APA is hereby approved in its entirety. The Transaction is hereby approvedThe revised Approval and Vesting Order · 17 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| New Tide Capital LPall of the Applicant's right, title and interest in and to the Purchased Assets · asset sale · agreement 16 Sep 2026 | not stated | Approved16 Sep 2026 | Sale Approval and Vesting Order |
| New Tide Capital LPthe Purchased Assets (as defined in the APA) · asset sale · agreement 21 Aug 2026 | not stated | Closed1 Oct 2026 | Monitor's Certificate for non-assigned asset… |
AdvisorsFTI Capital Advisors - Canada ULC (financial advisor); FTI Corporate Finance Inc. (financial advisor)SFPC Quantum LP comments on Revised SISP Order
Closing termsVesting effective upon delivery of the Monitor's Closing Certificate (or Non-Assigned Asset Transfer Certificate for Non-Assigned Assets)The revised Approval and Vesting Order
RecoveriesAs stated in the filings
Unsecured creditors: not yet estimated. Senior Secured Lenders not yet estimated · 12823543 Canada Ltd. not yet estimated.EstimatedBook of Authorities · 5 Jun 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Senior Secured Lenders | — | not yet estimated | Estimated | Book of Authorities · 5 Jun 2026 |
| Unsecured | — | — | not yet estimated | Estimated | Book of Authorities · 5 Jun 2026 |
| EquityCoco Parties | 12823543 Canada Ltd. | — | not yet estimatedconditional | — | Book of Authorities · 5 Jun 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.
Fees and ratesAs stated in the filings
2 engagements · 2 firms — latest: FTI Consulting Canada Inc., The Fifth Report of the Monitor dated August 25, 2026; · 25 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| FTI Consulting Canada Inc.Monitor | — | The Fifth Report of the Monitor dated August 25, 2026; · 25 Aug 2026 | |||
| Stikeman Elliott LLPCounsel | — | The Fifth Report of the Monitor dated August 25, 2026; · 25 Aug 2026 |
6 blurred figures above
What each firm billed — each as the filing states it, with its source.
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See all plansEstate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
85 filings
| Date | Document | File |
|---|---|---|
Monitor's Certificate for non-assigned asset (Cormorant Utility Services Limited)
| PDF · Subscribers | |
| Monitor's Closing Certificate | PDF · Subscribers | |
Sale Approval and Vesting Order
| PDF · Subscribers | |
| Enhanced Powers and Fee Approval Order | PDF · Subscribers | |
Stay Extension and Ancillary Relief Order
| PDF · Subscribers | |
| Redline of the revised Approval and Vesting Order to the draft Approval and Vesting Order served on Aug 26, 2026 | PDF · Subscribers | |
| Redline of the revised Asset Purchase Agreement dated September 16, 2026 to the proposed APA dated August 21, 2026 | PDF · Subscribers | |
| Redline of the revised Enhanced Powers Order to the draft Enhanced Powers Order served on Aug 26, 2026 | PDF · Subscribers | |
The Supplement to the Fifth Report of the Monitor dated September 16, 2026
| PDF · Subscribers | |
The revised Approval and Vesting Order
| PDF · Subscribers | |
| The revised Asset Purchase Agreement dated September 16, 2026 | PDF · Subscribers | |
The revised Enhanced Powers Order
| PDF · Subscribers | |
| Affidavit of Michael Laznik, member of WMG Holdings, LLC (" WMG ") | PDF · Subscribers | |
| Notice of New Counsel representing WMG Holdings, Inc. (" WMG ") | PDF · Subscribers | |
| Affidavit of B. Bartlett dated August 25, 2026; | PDF · Subscribers | |
| Draft Form of Order; and | PDF · Subscribers | |
| Notice of Motion; | PDF · Subscribers | |
| Pre-Hearing Brief | PDF · Subscribers | |
The Fifth Report of the Monitor dated August 25, 2026;
| PDF · Subscribers | |
| The Monitor's Notice of Motion; | PDF · Subscribers | |
| The pre-hearing brief of the Monitor; and | PDF · Subscribers | |
| The proposed Enhanced Powers Order | PDF · Subscribers | |
| Proposed Asset Purchase Agreement | PDF · Subscribers | |
Letter from the Supreme Court of Nova Scotia to Counsel
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Sale Procedures
| PDF · Subscribers | |
Sale and Investment Solicitation Process Approval Order
| PDF · Subscribers | |
Notice of New Counsel representing Lingotto Investment Management LLP ( "Lingotto" )
| PDF · Subscribers | |
| Letter from Stikeman Elliott LLP ( "Stikeman" ), counsel to the Monitor, to the Court | PDF · Subscribers | |
| Second revised draft form of Order | PDF · Subscribers | |
Decision of the Honourable Justice Keith
| PDF · Subscribers | |
Fourth Report of the Monitor
| PDF · Subscribers | |
SFPC Quantum LP comments on Revised SISP Order
| PDF · Subscribers | |
SFPC Quantum LP comments on Revised SISP Order (redline)
| PDF · Subscribers | |
| Affidavit of B. Bartlett dated March 19, 2026 | PDF · Subscribers | |
Affidavit of B. Bartlett dated May 15, 2026
| PDF · Subscribers | |
| Affidavit of B. Bartlett dated May 28, 2026 | PDF · Subscribers | |
| Affidavit of B. Bartlett, CFO (Feb 17, 2026) | PDF · Subscribers | |
| Affidavit of B. Bartlett, CFO (March 11, 2026) | PDF · Subscribers | |
Affidavit of Brittany Bartlett sworn June 5, 2026
| PDF · Subscribers | |
Affidavit of Micheal Scott
| PDF · Subscribers | |
Affidavit of Richard Hugh affirmed June 3, 2026
| PDF · Subscribers | |
Book of Authorities
| PDF · Subscribers | |
| Book of Authorities of SFPC Quantum LP | PDF · Subscribers | |
| Brief of Law of the Applicant | PDF · Subscribers | |
| Brief of Law of the Applicants | PDF · Subscribers | |
| CFFI Factum | PDF · Subscribers | |
Draft Amended and Restated Initial Order
| PDF · Subscribers | |
Draft Amended and Restated Initial Order (redline)
| PDF · Subscribers | |
| Draft Form of Order | PDF · Subscribers | |
First Report of the Monitor dated March 19, 2026
| PDF · Subscribers | |
| Letter addressed the Court | PDF · Subscribers | |
| Letter from Davies Ward Phillips and Vineberg LLP (" Davies "), counsel to Brendan Paddick, to the Court | PDF · Subscribers | |
| Letter from HPS Investment Partners LLC ( "HPS" ) to the Court | PDF · Subscribers | |
Letter from Justice John A. Keith of the Supreme Court (the " Court ") of Nova Scotia to counsel
| PDF · Subscribers | |
| Letter from McInnes Cooper, counsel to the Applicant, to the Court | PDF · Subscribers | |
| Letter from Osler, Hoskin & Harcourt LLP (" Osler "), counsel to HPS Investment Partners LLC, to the Court | PDF · Subscribers | |
| Letter from SFPC Quantum LP ( "Quantum" ) to the Court | PDF · Subscribers | |
| Letter from SFPC Quantum LP (" Quantum ") to the Court | PDF · Subscribers | |
| Letter from SFPC Quantum LP ("Quantum") to the Court | Trustee site | |
| Letter from Stikeman Elliott LLP (" Stikeman "), counsel to the Monitor, to the Court | PDF · Subscribers | |
| Letter from Stikeman Elliott LLP ("Stikeman"), counsel to the Monitor, to the Court | PDF · Subscribers | |
| Letter from counsel to SFPC Quantum LP ("Quantum") to the Court | PDF · Subscribers | |
Letter from the Court to counsel
| PDF · Subscribers | |
| McInnes Cooper Letter to Supreme Court of Nova Scotia | PDF · Subscribers | |
| Memorandum of fact and law | PDF · Subscribers | |
Notice of Application in Chambers
| PDF · Subscribers | |
Notice of Motion
| PDF · Subscribers | |
Notice to Produce from Quantum to the CFFI dated March 23, 2026
| PDF · Subscribers | |
Proposed Initial Order
| PDF · Subscribers | |
| Rebuttal submissions of SPFC Quantum LP | PDF · Subscribers | |
| Redacted Affidavit of Micheal Scott | PDF · Subscribers | |
| Reply Submission to the Court | PDF · Subscribers | |
| Responding Affidavit of Michael Scott affirmed June 2, 2026 | PDF · Subscribers | |
| Responding Brief of Law of SFPC Quantum LP dated June 3, 2026 | PDF · Subscribers | |
SFPC Quantum LP comments on the draft amended and restated initial order ("Draft ARIO")
| PDF · Subscribers | |
| Third Report of the Monitor | PDF · Subscribers | |
Stay Extension Order
| PDF · Subscribers | |
| Second Report of the Monitor | PDF · Subscribers | |
Amended and Restated Initial Order
| PDF · Subscribers | |
| List of Known Creditors | PDF · Subscribers | |
| Notice to Creditors | PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
| Supplement to the Pre-Filing Report of the Proposed Monitor | PDF · Subscribers | |
Pre-Filing Report of the Proposed Monitor
| 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., “CFFI Ventures Inc.” (CCAA), Supreme Court of Nova Scotia. Retrieved 4 November 2026, https://proceedings.ca/case/cffi-ventures-inc