Gradek Energy
- Proceeding
- CCAAsection 11 of the Companies' Creditors Arrangement Act
- File
- 500-11-047563-149
Gradek Energy Inc. and Gradek Energy Canada Inc. obtained protection under the Companies' Creditors Arrangement Act on October 15, 2014 in the Superior Court of Québec, court file 500-11-047563-149, with Samson Bélair/Deloitte & Touche Inc. as Monitor. The proceedings remain active. A creditor list for Gradek Energy Canada Inc. reports secured claims of $11,498,185.84, unsecured claims of $2,853,544.19 and total liabilities of $14,351,730.03. The largest secured claim is $9,971,055.00 owed to Thomas Gradek, a director and related party, followed by the Official Receiver at $1,260,805.00, the Cour Supérieure du Québec – Montréal at $115,840.00, Investissement Québec at $77,524.84 and Dundee Corporation at $72,961.00. On the unsecured side, Raymond Chabot Grant Thornton is listed at $1,069,125.00 and DRN Industriel at $677,368.80, with Revenu Québec holding $69,284.50 in the deemed trust class and employees $5,189.42.
A claims procedure has been established — see the order for deadlines.
The officer filed report no. Tenth Report. The Companies continue to pursue commercial testing and discussions with a potential environmental solution client, are running an unsuccessful-so-far Capital Raise process, and are exploring a partnership with a Manufacturer to reduce capital costs, with the Monitor also contacting auctioneers as a fallback.
Source: Tenth Report to the Court Submitted by Deloitte Restructuring Inc. in its Capacity as Monitor
Order to the Amended Motion for a Eight Order Extending the Stay Period — Application / notice of application
Amended Motion for a Eight Order Extending the Stay Period and for an Additional Interim Lenders Charge — Application / notice of application
The officer filed report no. Ninth Report. The Companies continue testing programs and discussions with potential clients and expect to sign a letter of intent with an environmental solution provider, while seeking additional DIP financing to launch a Capital Raise process; the restructuring is described as slowly progressing.
The officer filed report no. Eighth Report. The Companies are still in CCAA protection, continuing testing programs and discussions with potential clients (an environmental solution provider) toward a commercial agreement/LOI, and have secured a further $200,000 interim DIP financing commitment; a stay extension to May 14, 2015 is sought, with a risk of forced liquidation if the LOI and additional DIP financing are not obtained.
The officer filed report no. Seventh Report. The Companies are still in CCAA protection, running testing programs and negotiating a commercial agreement with potential clients while seeking additional DIP financing to attract an investor; without these, a forced liquidation of assets is possible.
The officer filed report no. Sixth Report. The Companies continue testing programs and discussions with potential clients on a commercial agreement for the RHS technology and are seeking additional DIP financing to launch an investor solicitation; no commercial agreement has yet been reached.
The officer filed report no. Fifth Report. The Companies continue testing programs and discussions with potential clients toward a commercial agreement for the RHS technology, have secured additional DIP financing of $500,000 and an agreement with their main secured creditor Dundee, and are seeking a stay extension to March 19, 2015.
The officer filed report no. Fourth Report. The Petitioners continue testing programs and discussions with potential clients toward a commercial agreement for the RHS technology, while seeking additional DIP financing and negotiating with Dundee on the post-CCAA capital structure. The Monitor supports extending the stay to January 27, 2015 and expects no plan of arrangement can be filed by then.
The officer filed report no. Third Report. The Companies are continuing testing programs and discussions with potential clients toward a commercial agreement, are preparing materials to solicit investors, and have not yet secured additional DIP financing; operations are running at a lower level than anticipated and management has deferred pay to preserve liquidity.
The officer filed report no. Second Report. The Companies remain in the development stage with no revenues, continuing testing programs and discussions with potential clients to reach a commercial agreement while seeking additional DIP financing to cover a forecast shortfall; GEC is not operating.
The officer filed report no. First Report. The Petitioners are in CCAA protection and are funded by a $700K DIP financing, of which only $250K is expected in the near term; the rest depends on obtaining proper insurance coverage. The 13-week cash flow shows a projected shortfall of about $147K that the Companies have not yet secured funding for.
Initial order granted at Montreal, bringing Gradek Energy under CCAA protection in the Superior Court of Québec and commencing the proceeding.
Source: Initial Order
Undated filings1 — no date appears on the document · show
Debtor
Gradek Energy
Monitor
Deloitte & Touche
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Thomas GradekDirector; related party — debtor: Gradek Energy Canada Inc. | $9.97M | Creditors's list |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
73 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 plansAs at ·
Cumulative receipts
$704K
As at 16 Dec 2014Third Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
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 plans| Date | Document | File |
|---|---|---|
Order Autorizing the Ninth Extension to September 1, 2015
| PDF · Subscribers | |
| Motion for a Tenth Order Extending the Stay Period | PDF · Subscribers | |
Order Autorizing the Ninth Extension to August 21, 2015
| PDF · Subscribers | |
Tenth Report to the Court Submitted by Deloitte Restructuring Inc. in its Capacity as Monitor
| PDF · Subscribers | |
| Motion for a Ninth Order Extending the Stay Period | PDF · Subscribers | |
Order to the Amended Motion for a Eight Order Extending the Stay Period
| PDF · Subscribers | |
| Amended Motion for a Eight Order Extending the Stay Period and for an Additional Interim Lenders Charge | PDF · Subscribers | |
Order Authorizing the Eighth Extension to July 10, 2015
| PDF · Subscribers | |
Ninth Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
| Motion for a Eight Order Extending the Stay Period | PDF · Subscribers | |
Order Authorizing the Seventh Extension to May 14, 2015
| PDF · Subscribers | |
| Order Authorizing the Sixth Extension to April 17, 2015 | PDF · Subscribers | |
Eighth Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
Motion for a Seventh Order Extending the Stay Period
| PDF · Subscribers | |
Motion for a Sixth Order Extending the Stay Period
| PDF · Subscribers | |
Seventh Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
| Order Authorizing the Fifth Extension to April 2, 2015 | PDF · Subscribers | |
Motion for a Fifth Order Extending the Stay Period
| PDF · Subscribers | |
Sixth Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
| Information sheet | PDF · Subscribers | |
Notice to Creditors of the claim process
| PDF · Subscribers | |
| Proof of claim form | PDF · Subscribers | |
| Affidavit of Stephan Gradek | PDF · Subscribers | |
Motion for a Claims Procedure Order
| PDF · Subscribers | |
Order Authorizing the Fourth Extension to March 19, 2015
| PDF · Subscribers | |
| Order Authorizing the Third Extension to January 27, 2015 | PDF · Subscribers | |
Fifth Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
Motion for a Fourth Order Extending the Stay Period
| PDF · Subscribers | |
Fourth Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
Motion for a Third Order Extending the Stay Period
| PDF · Subscribers | |
Motion for a Second Order Extending the Stay Period
| PDF · Subscribers | |
Third Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
| Order Authorizing the First Extension to December 19, 2014 | PDF · Subscribers | |
Motion for an Order Extending the Stay Period
| PDF · Subscribers | |
Second Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
First Report to the Court Submitted by Samson Bélair/Deloitte & Touche Inc. in its Capacity as Monitor
| PDF · Subscribers | |
Creditors's list
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
Schedules A, B and C
| PDF · Subscribers | |
Amended Motion for an Initial Order
| PDF · Subscribers | |
| Exhibit R-1 | PDF · Subscribers | |
| Exhibit R-10 | PDF · Subscribers | |
| Exhibit R-12 | PDF · Subscribers | |
| Exhibit R-2 | PDF · Subscribers | |
| Exhibit R-3 | PDF · Subscribers | |
| List of Exhibits | PDF · Subscribers | |
| Exhibit R-5 | PDF · Subscribers | |
| Order Authorizing the Second Extension to January 16, 2014 | PDF · Subscribers | |
| Exhibit R-4 | PDF · Subscribers | |
| Exhibit R-6 | PDF · Subscribers | |
| Exhibit R-8 | PDF · Subscribers | |
| Exhibit R-7 | PDF · Subscribers | |
| Exhibit R-9 | PDF · Subscribers | |
| Exhibit R-11 | 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., “Gradek Energy” (CCAA), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/gradek-energy