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.
The court granted an approval and vesting order for the sale to New Tide Capital LP. Closing terms, as extracted: Vesting effective upon delivery of the Monitor's Closing Certificate (or Non-Assigned Asset Transfer Certificate for Non-Assigned Assets).
Redline of the revised Approval and Vesting Order to the draft Approval and Vesting Order served on Aug 26, 2026 — Approval and vesting order
The Supplement to the Fifth Report of the Monitor dated September 16, 2026 — Court officer report
The officer filed report no. Fifth Report. The court-approved sale process (SISP) failed to produce a qualifying bid, so the Monitor now supports a debt-assumption sale of substantially all CFFI's assets to an HPS-affiliated purchaser; after closing, CFFI is expected to have no employees or directors and will be wound down under enhanced Monitor powers.
Source: The Fifth Report of the Monitor dated August 25, 2026;
The court approved a sale and investment solicitation process. A bid deadline of 2026-08-11.
Source: Sale and Investment Solicitation Process Approval Order
Letter from Stikeman Elliott LLP ( "Stikeman" ), counsel to the Monitor, to the Court — Application / notice of application
The court approved a sale and investment solicitation process. A phase 1 deadline of 2026-07-21. A bid deadline of 2026-08-11.
Source: Sale Procedures
The court approved a sale and investment solicitation process. A phase 1 deadline of 2026-08-12. A bid deadline of 2026-09-30.
The court approved a sale and investment solicitation process. A phase 1 deadline of 2026-08-12. A bid deadline of 2026-09-30.
Source: SFPC Quantum LP comments on Revised SISP Order (redline)
The officer filed report no. Fourth Report. CFFI remains under CCAA protection while pursuing approval of a proposed SISP to sell or refinance its assets and equity investments, with the Monitor reporting sufficient forecast liquidity to fund operations through an extended stay period and no need for interim financing.
Source: Fourth Report of the Monitor
Letter from Davies Ward Phillips and Vineberg LLP (" Davies "), counsel to Brendan Paddick, to the Court — Response / objection pleading
Letter from Justice John A. Keith of the Supreme Court (the " Court ") of Nova Scotia to counsel — Endorsement / reasons
Letter from McInnes Cooper, counsel to the Applicant, to the Court — Stakeholder communication
Letter from Osler, Hoskin & Harcourt LLP (" Osler "), counsel to HPS Investment Partners LLC, to the Court — Stakeholder communication
Letter from Stikeman Elliott LLP (" Stikeman "), counsel to the Monitor, to the Court — Stakeholder communication
Letter from Stikeman Elliott LLP ("Stikeman"), counsel to the Monitor, to the Court — Stakeholder communication
Letter from counsel to SFPC Quantum LP ("Quantum") to the Court — Response / objection pleading
Notice to Produce from Quantum to the CFFI dated March 23, 2026 — Application / notice of application
Responding Brief of Law of SFPC Quantum LP dated June 3, 2026 — Response / objection pleading
The stay of proceedings was extended to 2026-05-29.
Source: SFPC Quantum LP comments on the draft amended and restated initial order ("Draft ARIO")
The officer filed report no. First Report. CFFI continues to operate and advance its restructuring under CCAA protection; its cash-flow projections show sufficient liquidity to fund operations and proceeding costs through the proposed stay period without need for interim financing.
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.
Debtor
CFFI Ventures Inc.
Monitor
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Keith | Supreme Court of Nova Scotia | 9 orders, Mar 2026 – Sep 2026 | 6 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Stikeman Elliott LLP | 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 | 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 |
| Creditors First Report (Mar 19, 2026), Appendix B, fn. 8: 'Restructuring legal counsel includes the legal counsel of McInnes Cooper (counsel to ) and legal counsel of H | Osler, Hoskin & Harcourt LLP | 5 Jun 2026 | Application · 5 Jun 2026 |
| CreditorSFPC Quantum LP | Goodmans LLP | 10 Jul 2026 | Service list · 10 Jul 2026 |
| 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 | SFPC Quantum LP (as lender and agent)Securities pledge agreement (May 24, 2022) over CFFI's shares in Cormorant, and general security agreement (May 24, 2022) over all CFFI property/undertakings (excluding certain excluded assets), securing CFFI's guarantee of the Cormorant Credit Agreement (senior secured non-revolving term loan of $36.1 million plus delayed draw loan of $5.16 million, original principal) — Table in Report shows $0.00 claimed under the CFFI Guarantee (guarantee not yet called upon) but states underlying facility indebtedness of $30,664,707 as of Feb 10, 2026. HPS agreed to subordinate/postpone its security inter · as of 10 Feb 2026 | $30.7M | Pre-Filing Report of the Proposed Monitor |
| Secured | FPR Financial CorporationPledge agreement securing secured demand promissory note dated October 6, 2023; security is subordinate to HPS — Note is repayable on demand, bears interest at 10% per annum, and is personally guaranteed by Mr. Risley (director/beneficial owner family member) — a related party guarantee. — debtor: CFFI Ventures Inc. · as of 10 Feb 2026 | $2.1M USD | Pre-Filing Report of the Proposed Monitor |
2 transactions · 1 proposed · 1 approved — 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 LPthe Purchased Assets (as defined in the APA) · asset sale · agreement 21 Aug 2026 | not stated | Proposed | The Fifth Report of the Monitor dated August… |
| 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 | Approved17 Sep 2026 | The revised Approval and Vesting Order |
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.
2 engagements · 2 firms — latest: (firm not named), —, $789,092.75The Fifth Report of the Monitor dated August 25, 2026; · 25 Aug 2026
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| (firm not named)capacity not statedfirm not named in the heading | — | 718.5 | $789,092.75total | $1,098.25stated average | The Fifth Report of the Monitor dated August 25, 2026; · 25 Aug 2026 |
| FTI Consulting Canada Inc.Monitor | — | 1,446.6 | $1,613,247.50total | $1,115.20stated average | The Fifth Report of the Monitor dated August 25, 2026; · 25 Aug 2026 |
As at 30 Sep 2025 · per CFFI's interim financial statements (unaudited) · CFFI Ventures Inc. (holding company) on a standalone basis — investments in portfolio businesses carried at book value of ~$718.6 million (not consolidated); plus $320.3 million current assets, $62.5 million long-term advances, $67.6 million beneficial investments; liabilities include $1.41 billion current liabilities and $634.8 million related party debt — Certain liabilities, most notably amounts owing to CRA, are disputed. Resulting shareholder deficit was approximately $914.4 million on a balance sheet basis.
| Date | Document | File |
|---|---|---|
Stay Extension and Ancillary Relief Order
| ||
| Redline of the revised Approval and Vesting Order to the draft Approval and Vesting Order served on Aug 26, 2026 | ||
| Redline of the revised Asset Purchase Agreement dated September 16, 2026 to the proposed APA dated August 21, 2026 | ||
| Redline of the revised Enhanced Powers Order to the draft Enhanced Powers Order served on Aug 26, 2026 | ||
The Supplement to the Fifth Report of the Monitor dated September 16, 2026
| ||
The revised Approval and Vesting Order
| ||
| The revised Asset Purchase Agreement dated September 16, 2026 | ||
The revised Enhanced Powers Order
| ||
| Affidavit of Michael Laznik, member of WMG Holdings, LLC (" WMG ") | ||
| Notice of New Counsel representing WMG Holdings, Inc. (" WMG ") | ||
| Affidavit of B. Bartlett dated August 25, 2026; | ||
| Draft Form of Order; and | ||
| Notice of Motion; | ||
| Pre-Hearing Brief | ||
The Fifth Report of the Monitor dated August 25, 2026;
| ||
| The Monitor's Notice of Motion; | ||
| The pre-hearing brief of the Monitor; and | ||
| The proposed Enhanced Powers Order | ||
| Proposed Asset Purchase Agreement | ||
Letter from the Supreme Court of Nova Scotia to Counsel
| ||
Service List
| ||
Sale Procedures
| ||
Sale and Investment Solicitation Process Approval Order
| ||
| Notice of New Counsel representing Lingotto Investment Management LLP ( "Lingotto" ) | ||
| Letter from Stikeman Elliott LLP ( "Stikeman" ), counsel to the Monitor, to the Court | ||
| Second revised draft form of Order | ||
Decision of the Honourable Justice Keith
| ||
Fourth Report of the Monitor
| ||
SFPC Quantum LP comments on Revised SISP Order
| ||
SFPC Quantum LP comments on Revised SISP Order (redline)
| ||
| Affidavit of B. Bartlett dated March 19, 2026 | ||
| Affidavit of B. Bartlett dated May 15, 2026 | ||
| Affidavit of B. Bartlett dated May 28, 2026 | ||
| Affidavit of B. Bartlett, CFO (Feb 17, 2026) | ||
| Affidavit of B. Bartlett, CFO (March 11, 2026) | ||
Affidavit of Brittany Bartlett sworn June 5, 2026
| ||
Affidavit of Micheal Scott
| ||
| Affidavit of Richard Hugh affirmed June 3, 2026 | ||
Book of Authorities
| ||
| Book of Authorities of SFPC Quantum LP | ||
| Brief of Law of the Applicant | ||
| Brief of Law of the Applicants | ||
| CFFI Factum | ||
Draft Amended and Restated Initial Order
| ||
Draft Amended and Restated Initial Order (redline)
| ||
| Draft Form of Order | ||
First Report of the Monitor dated March 19, 2026
| ||
| Letter addressed the Court | ||
| Letter from Davies Ward Phillips and Vineberg LLP (" Davies "), counsel to Brendan Paddick, to the Court | ||
| Letter from HPS Investment Partners LLC ( "HPS" ) to the Court | ||
Letter from Justice John A. Keith of the Supreme Court (the " Court ") of Nova Scotia to counsel
| ||
| Letter from McInnes Cooper, counsel to the Applicant, to the Court | ||
| Letter from Osler, Hoskin & Harcourt LLP (" Osler "), counsel to HPS Investment Partners LLC, to the Court | ||
| Letter from SFPC Quantum LP ( "Quantum" ) to the Court | ||
| Letter from SFPC Quantum LP (" Quantum ") to the Court | ||
| Letter from SFPC Quantum LP ("Quantum") to the Court | Trustee site | |
| Letter from Stikeman Elliott LLP (" Stikeman "), counsel to the Monitor, to the Court | ||
| Letter from Stikeman Elliott LLP ("Stikeman"), counsel to the Monitor, to the Court | ||
| Letter from counsel to SFPC Quantum LP ("Quantum") to the Court | ||
Letter from the Court to counsel
| ||
| McInnes Cooper Letter to Supreme Court of Nova Scotia | ||
| Memorandum of fact and law | ||
Notice of Application in Chambers
| ||
| Notice of Motion | ||
Notice to Produce from Quantum to the CFFI dated March 23, 2026
| ||
Proposed Initial Order
| ||
| Rebuttal submissions of SPFC Quantum LP | ||
| Redacted Affidavit of Micheal Scott | ||
| Reply Submission to the Court | ||
| Responding Affidavit of Michael Scott affirmed June 2, 2026 | ||
| Responding Brief of Law of SFPC Quantum LP dated June 3, 2026 | ||
SFPC Quantum LP comments on the draft amended and restated initial order ("Draft ARIO")
| ||
| Third Report of the Monitor | ||
Stay Extension Order
| ||
| Second Report of the Monitor | ||
Amended and Restated Initial Order
| ||
| List of Known Creditors | ||
| Notice to Creditors | ||
Initial Order
| ||
| Supplement to the Pre-Filing Report of the Proposed Monitor | ||
Pre-Filing Report of the Proposed Monitor
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “CFFI Ventures Inc.” (CCAA), Supreme Court of Nova Scotia. Retrieved 20 September 2026, https://proceedings.ca/case/cffi-ventures-inc
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/cffi-ventures-inc
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.