#Order
Extended the stay of proceedings to November 27, 2026, from its expiry that day.
Source: Order Extending the Stay of Proceedings dated September 30, 2026
Enerkem Inc. et al.
FollowActive
- Proceeding
- CCAASections 9, 10, 11, 11.02(2), 11.03 and 36 of the Companies’ Creditors Arrangement Act
- File
- 500-11-065700-250
OverviewSummary updated
Enerkem Inc. and related debtors have been under CCAA protection since May 12, 2025 in Quebec, with the proceedings active. An unaudited balance sheet drawn from Enerkem Inc.'s books and records shows total assets of $26,261,000 against total liabilities of $432,173,000 as at March 31, 2025, an equity deficit of $(405,912,000). Secured debt as at that date includes $222,000,000 owing on senior secured convertible notes held by Repsol, ESC Sustainable Solutions Fund, L.P. and funds managed by Monarch Alternate Capital LP, secured by a first charge over Enerkem Canada's assets, and $71,500,000 on superpriority notes that matured November 30, 2024 and remain unpaid, with Enerkem stating it cannot repay them and noteholders not having demanded repayment. A 2014 loan facility maturing in August 2025 leaves $16,275,000 owing to Fiera Private Debt Fund IV LP and $613,000 to the Federation of Canadian Municipalities, secured by first liens on the Enerkem Alberta Biofuels entities.
Proceedings AIOpen Proceedings AI
Case updates29 dated entries · 1 undated
#Report
Reported the Residual Debtors have no operations, the Monitor managing dismantling, decommissioning and environmental compliance at the Alberta Plant; EAB cash was $635,000 at August 31, 2026, and a further stay extension was sought.
#Filing
Application for a Stay Extension dated September 24, 2026 — Application / notice of application
#Order
The stay of proceedings was further extended to September 30, 2026.
Source: Order Extending the Stay of Proceedings dated May 15, 2026
#Order
The stay of proceedings was extended to May 15, 2026.
Source: Order Extending the Stay of Proceedings dated November 17, 2025
#Filing
Application for a Stay Extension dated November 12, 2025 — Application / notice of application
#Sale
Approved and ratified the Subscription Agreement dated July 22, 2025, under which Repsol Quimica, Monarch Alternative Capital LP and ESC Sustainable Solutions Fund subscribe for shares against their notes claims.
Source: Approval and Reverse Vesting Order dated July 30, 2025
#Sale
Set closing to occur on issuance of the Monitor's Certificate confirming satisfaction or waiver of conditions, with excluded assets, contracts and liabilities transferring to ResidualCo 1 and ResidualCo 2; the Transactions were subsequently completed.
Source: Cancellation and Discharge Order dated July 30, 2025 (Original French Version)
#Order
Sealed Appendix C to the Third Report; the SISP produced no letters of intent from 182 solicited parties and did not reach Phase 2, with no distribution expected to pre-filing unsecured creditors.
#Report
The Third Report reported net cash of $5,045,000 at July 20, 2025 against a budget of $3,478,000, receipts of $7,945,000 including $6,000,000 of DIP financing, and professional fees of $2,502,000.
#Filing
Amended Application for the Issuance of an Approval and Reverse Vesting Order dated July 25, 2025 — Application / notice of application
#Order
Extended the stay of proceedings to August 22, 2025, from its expiry that day.
Source: Amended and Restated Initial Order dated May 22, 2025
#Report
The Second Report recorded the SISP's May 13, 2025 launch with materials sent to 173 potential bidders, net cash of $5,316,000 at May 18 against a budget of $4,729,000, and professional fees of $712,000.
#Order
Justice Célinè Legendre granted the Initial Order under sections 9, 10, 11, 11.02(2), 11.03 and 36 of the CCAA, appointing Deloitte Restructuring Inc. as Monitor and staying proceedings to May 22, 2025.
Source: Initial Order dated May 12, 2025
#Order
Authorized a sale and investment solicitation process to solicit sales of or investment in the Company or Business, with Deloitte Restructuring Inc. as sale agent; Phase 1 bids were due June 19, 2025.
Source: Sale and Investment Solicitation Process Order dated May 12, 2025
Undated filings1 — no date appears on the document · show
—
Order
Application for the Issuance of an Initial Order, an Amended and Restated Initial Order, and an Order approving a Sale and Investment Solicitation Process dated May 11, 202 5 — Stay extended
AnalysisAll insights
Outcome brief
Enerkem: a $175 million credit bid, and the biorefinery left in Edmonton
Enerkem's three noteholders took the Montreal company in September 2025 by credit-bidding $175 million of note principal under a reverse vesting order. Its retired Edmonton biorefinery stayed behind with the monitor, under an Alberta enforcement order since June 5, 2026; on September 24 the monitor asked to extend the stay to November 27.
Precedent note
What stay extensions are actually granted
Seven CCAA files, three provinces, and no two extensions alike — four days because the court could not sit, twenty days more than the debtor asked for, a full year when all that is left of the company is a lawsuit. The boundary is the case's own calendar.
Parties
Debtor
Enerkem Inc. et al.
Monitor
Deloitte
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Legendre | Superior Court of Québec | 8 orders, May 2025 – Sep 2026 | 8 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorDeloitte | Osler, Hoskin & Harcourt LLP | 12 Nov 2025 | Application · 12 Nov 2025 |
| ApplicantEnerkem Inc. et al. | Stikeman Elliott LLP | 15 May 2026 | Service list · 15 May 2026 |
| Interim lender | Bennett Jones LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorAd Hoc Committee of Noteholders | Goodmans LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorBurckhardt Compression Inc | Dentons Canada LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorCaliber Control Systems Ltd | Bryan & Company LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorCity of Edmonton | Cummings Andrews Mackay LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorFiera Private Debt Fund IV LP and Federation of Canadian Municipalities | Borden Ladner Gervais LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorInvestissement Québec | McCarthy Tétrault LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorJas Forwarding Worldwide Inc | Fishman Flanz Meland Paquin LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorMI SAFETY INC. Leduc | Bishop & McKenzie LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorMorimatsu Heavy Industries Co., Ltd | Grandpré Chait | 15 May 2026 | Service list · 15 May 2026 |
| CreditorOneC Construction Inc | Miller Thomson LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorRevtech International Inc | Bryan & Company LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorStage 3 Separation Canada, Inc | Lawson Lundell LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorWaste Management of Canada Corporation | Stinson Leonard Street LLP | 15 May 2026 | Service list · 15 May 2026 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | RepsolBalance per Company's internal books and records (Note 1); list not final, amounts subject to change — debtor: Enerkem Inc. et al. · as of 12 May 2025 | $182M | List of Creditors dated May 12, 2025 |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
227 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
Successful bid selected — The Monitor continued discussions with bidders in the EAB SISP to assess dismantling costs of the Alberta Plant; subject to the outcome, a definitive agreement will be negotiated and submitted to the Court for approval.Sixth Report to the Court submitted by Deloitte Restructuring Inc. in… · 24 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Repsol Quimica, S.A., Monarch Alternative Capital LP and ESC Sustainable Solutions Fund, L.P.the Subscribed Shares issued by the Issuer, Enerkem Inc., pursuant to the Transactions, with Excluded Assets, Excluded Contracts and Excluded Liabilities transferred to the ResidualCos · share subscription · ResidualCo: ResidualCo 1 and ResidualCo 2 (collectively, the "ResidualCos") · agreement 22 Jul 2025 | Subscribers | Closeddate not statedoutside 5 Sep 2025 | Sixth Report to the Court submitted by Deloitte… |
AdvisorsDeloitte Restructuring Inc. (sale agent); Deloitte Corporate Finance Inc. (financial advisor)Third Report to the Court submitted by Deloitte Restructuring Inc. in…
Closing termsClosing occurs upon issuance of the Monitor's Certificate confirming satisfaction or waiver of conditions to closing under the Subscription Agreement, triggering the Closing Sequence stepsApproval and Reverse Vesting Order dated July 30, 2025
Sealed materialsAppendix C to the Third ReportApproval and Reverse Vesting Order dated July 30, 2025
RecoveriesAs stated in the filings
Unsecured creditors: no distribution.EstimatedThird Report to the Court submitted by Deloitte Restructuring Inc. in… · 25 Jul 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | pre-filing unsecured creditors (other than those for which Assumed Liabilities are owed, including the Retained Employees) | — | no distribution | Estimatedper the monitor | Third Report to the Court submitted by Deloitte Restructuring Inc. in… · 25 Jul 2025 |
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.
Estate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing
As at ·
Cumulative receipts
$7.95M
As at 25 Jul 2025Third Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Monitor dated July 25, 2025
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and 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
28 filings
| Date | Document | File |
|---|---|---|
Order Extending the Stay of Proceedings dated September 30, 2026
| PDF · Subscribers | |
Application for a Stay Extension dated September 24, 2026
| PDF · Subscribers | |
Sixth Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Monitor dated September 24, 2026
| PDF · Subscribers | |
Order Extending the Stay of Proceedings dated May 15, 2026
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Fifth Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor dated May 8, 2026 | PDF · Subscribers | |
| Application for a Stay Extension dated May 7, 2026 | PDF · Subscribers | |
Order Extending the Stay of Proceedings dated November 17, 2025
| PDF · Subscribers | |
| Fourth Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor dated November 13, 2025 | PDF · Subscribers | |
Application for a Stay Extension dated November 12, 2025
| PDF · Subscribers | |
| Certificate of the Monitor dated September 2, 2025 | PDF · Subscribers | |
Approval and Reverse Vesting Order dated July 30, 2025
| PDF · Subscribers | |
Cancellation and Discharge Order dated July 30, 2025 (Original French Version)
| PDF · Subscribers | |
Order Extending the Stay Period, Expanding the Powers of the Monitor and Releasing, Terminating and Discharging Certain CCAA Charges dated July 30, 2025
| PDF · Subscribers | |
| Appendix C of the Third Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor | PDF · Subscribers | |
Amended Application for the Issuance of an Approval and Reverse Vesting Order dated July 25, 2025
| PDF · Subscribers | |
| Third Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor dated July 25, 2025 | PDF · Subscribers | |
Amended and Restated Initial Order dated May 22, 2025
| PDF · Subscribers | |
Second Report to the Court submitted by Deloitte Restructuring inc. in its capacity as Monitor dated May 21, 2025
| PDF · Subscribers | |
Notice to Creditors dated May 16, 2025
| PDF · Subscribers | |
| Notice to Employees dated May 15, 2025 | PDF · Subscribers | |
Initial Order dated May 12, 2025
| PDF · Subscribers | |
List of Creditors dated May 12, 2025
| PDF · Subscribers | |
Sale and Investment Solicitation Process Order dated May 12, 2025
| PDF · Subscribers | |
Teaser (Version originale anglaise)
| PDF · Subscribers | |
Application for the Issuance of an Initial Order, an Amended and Restated Initial Order, and an Order approving a Sale and Investment Solicitation Process dated May 11, 202
| PDF · Subscribers | |
First Report to the Court submitted by Deloitte Restructuring Inc. in its capacity as Proposed Monitor dated May 11, 2025
| PDF · Subscribers | |
| Application for the Issuance of an Initial Order, an Amended and Restated Initial Order, and an Order approving a Sale and Investment Solicitation Process dated May 11, 202 5 | Trustee site | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Enerkem Inc. et al.” (CCAA), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/enerkem-inc-et-al