#Report
Trustee's report to the creditors on its preliminary administration (in French only) — Pre-filing report
Les Productions Horticoles Demers Inc., Les Serres Demers Inc., Les Serres Olivier Inc., 9718656 Canada Inc., and Immeubles PHD S.E.C.
ActiveFollow
- Proceeding
- NOIarticle 50.4(9) de la Loi sur la faillite et l'insolvabilité
- File
- 200-11-030598-265
OverviewSummary updated
Les Productions Horticoles Demers Inc., with Les Serres Demers Inc., Les Serres Olivier Inc., 9718656 Canada Inc. and Immeubles PHD S.E.C., filed notices of intention under BIA s. 50.4 on 8 January 2026 in the Superior Court of Québec (Commercial Division), file 200-11-030598-265. An internal consolidated balance sheet at 30 November 2025 showed assets of $97,192,658 against liabilities of $119,600,859 and negative equity of ($22,408,201). The Fédération des Caisses Desjardins du Québec, owed $31,536,240 and identified as principal secured creditor and interim lender, heads blanket-security claims that also include Investissement Québec at $28,294,538 and Financement Agricole Canada at $13,325,494; an opinion on the validity of the security is pending before distribution to secured creditors. A Form 78 for the combined bankrupt estate of 9569-0707 Québec Inc., 9569-0715 Québec Inc. and Immeubles PHD S.E.C. reports assets of $3,182,784.00, liabilities of $48,734,685.32 and a deficit of $45,551,901.32.
Proceedings AIOpen Proceedings AI
Case updates17 dated entries
#Sale
The court granted an approval and vesting order for the sale to Gestion PHD inc. Closing terms, as extracted: Closing occurs at the Heure de clôture on the Date de clôture, upon issuance of the Syndic's Certificate certifying payment of the Prix de souscription and satisfaction/waiver of closing conditions. Sealed: Convention de souscription non-caviardée (pièce R-5) and Annexes A and B of the Cinquième rapport.
Source: Approval and Reverse Vesting Order (Gestion PHD Inc. Transaction) (en français seulement)
#Sale
The court granted an approval and vesting order for the sale to Les Serres Savoura Lévis inc., Les Serres Savoura Drummondville inc. Closing terms, as extracted: Vesting occurs upon issuance of the Syndic's Certificate confirming payment of the purchase price and satisfaction/waiver of closing conditions. Sealed: La Convention et les annexes A et B du Cinquième rapport.
Source: Approval and Vesting Order (Savoura Transaction) (en français seulement)
#Report
Fifth report of the Trustee on the business and financial affairs of the Debtors (in French only) — Court officer report
#Report
Fourth report of the Trustee on the business and financial affairs of the Debtors (in French only) — Court officer report
#Filing
Third Request for extension of time to submit proposals (and confirmation of approval) (in French only) — Application / notice of application
#Filing
Request for extension of time to submit proposals (and confirmation of approval) (in French only) — Application / notice of application
#Report
Third report of the Trustee on the business and financial affairs of the Debtors (in French only) — Court officer report
#Filing
Request for extension of time to submit proposals (and confirmation of approval) (in French only) – dated 2026-02-02 was filed. Court file 200-11-030598-265.
#Report
Second report of the Trustee on the business and financial affairs of the Debtors (in French only) — Court officer report
#Report
First report of the Trustee on the business and financial affairs of the Debtors (in French only) — Court officer report
#Filing
Les Productions Horticoles Demers Inc., Les Serres Demers Inc., Les Serres Olivier Inc., 9718656 Canada Inc., and Immeubles PHD S.E.C. — NOI filed, Quebec.
AnalysisAll insights
Precedent note
On September 15 Justice Myers approved a reverse vesting order while asking whether its reasons were good ones. Across fifteen proceedings this year, the reasons filed come down to permits and licences that take weeks to a year to replace, tax losses and transfer tax, contracts needing consent, a Crown deemed trust, and buyers who would buy no other way.
Filing brief
Demers: a reverse vesting order to keep the work permits
A Quebec greenhouse group sold its Lévis and Drummondville operations to Savoura in an ordinary asset sale. The berry fields went to the founding family instead — and by reverse vesting order, for two reasons the trustee sets out plainly: about $44 million of accumulated tax losses that an asset purchase would destroy, and temporary foreign workers holding closed work permits who cannot simply be re-hired by a new company before sowing season.
Parties
Debtor
Les Productions Horticoles Demers Inc., Les Serres Demers Inc., Les Serres Olivier Inc., 9718656 Canada Inc., and Immeubles PHD S.E.C.
Proposal trustee
PwC
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Lussier | Superior Court of Québec | 2 orders, Jun 2026 | 1 case on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteePwC | Mes Guillaume Michaud, Charlotte Dion et Guillaume Roux-Spitz | 28 May 2026 | Order · 28 May 2026 |
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Fédération des Caisses Desjardins du Québec · in 46 casesSûreté sur l'ensemble des actifs des Débitrices (blanket security) — Opinion sur la validité des sûretés en attente avant distribution aux créanciers garantis; identifié comme le principal créancier garanti et prêteur intérimaire — debtor: Demers (consolidé: PHD, LSD, Les Serres Olivier Inc., 9718656 Canada Inc., Immeubles PHD SEC) · as of 8 Jan 2026 | $31.5M | First report of the Trustee on the business and financial affairs of the Debtors (in French only) |
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
234 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
3 transactions · 3 approved — Order approves the subscription transaction with Gestion PHD inc. and the related reverse vesting reorganization for Lot 3.Approval and Reverse Vesting Order (Gestion PHD Inc. Transaction) (en… · 2 Jun 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Gestion PHD inc.les Actions souscrites, les Actifs conservés (y compris les Actifs Désignés du Lot 3, les Immeubles, les Contrats assumés) et les opérations corporatives et commerciales envisagées au terme des étapes de la Réorganisation · share subscription · ResidualCo: 9569-0707 Québec inc. (« Nouco 1 ») et 9569-0715 Québec inc. (« Nouco 2 ») | Subscribers | Approved2 Jun 2026outside 5 Jun 2026 | Approval and Reverse Vesting Order (Gestion PHD… |
| Les Serres Savoura Drummondville inc.les actifs mobiliers décrits à l'Annexe A et des actifs immobiliers décrits à l'Annexe B (Lot 2) et les Contrats cédés décrits à l'Annexe C · asset sale | Sealed | Approved2 Jun 2026 | Approval and Vesting Order (Savoura… |
| Les Serres Savoura Lévis inc.les actifs mobiliers décrits à l'Annexe A et des actifs immobiliers décrits à l'Annexe B (Lot 1) et les Contrats cédés décrits à l'Annexe C · asset sale | Subscribers | Approved2 Jun 2026 | Approval and Vesting Order (Savoura… |
AdvisorsPricewaterhouseCoopers Corporate Finance Inc. (financial advisor)Fifth report of the Trustee on the business and financial affairs of…
Closing termsClosing occurs at the Heure de clôture on the Date de clôture, upon issuance of the Syndic's Certificate certifying payment of the Prix de souscription and satisfaction/waiver of closing conditions.Approval and Reverse Vesting Order (Gestion PHD Inc. Transaction) (en…
Sealed materialsLa Convention et les annexes A et B du Cinquième rapport; Convention de souscription non-caviardée (pièce R-5) and Annexes A and B of the Cinquième rapportApproval and Vesting Order (Savoura Transaction) (en français seulement)
Estate 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
16 filings
| Date | Document | File |
|---|---|---|
| Trustee's report to the creditors on its preliminary administration (in French only) | PDF · Subscribers | |
Notice of bankruptcy and first meeting of creditors
| PDF · Subscribers | |
Approval and Reverse Vesting Order (Gestion PHD Inc. Transaction) (en français seulement)
| PDF · Subscribers | |
Approval and Vesting Order (Savoura Transaction) (en français seulement)
| PDF · Subscribers | |
Fifth report of the Trustee on the business and financial affairs of the Debtors (in French only)
| PDF · Subscribers | |
Request for the issuance of an approval and vesting order and an approval and reverse vesting order (en français seulement)
| PDF · Subscribers | |
| Fourth report of the Trustee on the business and financial affairs of the Debtors (in French only) | PDF · Subscribers | |
| Third Request for extension of time to submit proposals (and confirmation of approval) (in French only) | PDF · Subscribers | |
| Request for extension of time to submit proposals (and confirmation of approval) (in French only) | PDF · Subscribers | |
| Third report of the Trustee on the business and financial affairs of the Debtors (in French only) | PDF · Subscribers | |
Request for extension of time to submit proposals (and confirmation of approval) (in French only) – dated 2026-02-02
| PDF · Subscribers | |
Second report of the Trustee on the business and financial affairs of the Debtors (in French only)
| PDF · Subscribers | |
| Notices of filing of intention to make a proposal | PDF · Subscribers | |
Order approving the implementation of a sale and investment solicitation process, a key employee retention plan, interim financing, creating an administrative charge and authorizing certain payments (in French only)
| PDF · Subscribers | |
First report of the Trustee on the business and financial affairs of the Debtors (in French only)
| PDF · Subscribers | |
Motion for the issuance of an order approving the implementation of a sale and investment solicitation process, a key employee retention plan, interim financing, creating an administrative charge and authorizing certain payments (in French only)
| 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., “Les Productions Horticoles Demers Inc., Les Serres Demers Inc., Les Serres Olivier Inc., 9718656 Canada Inc., and Immeubles PHD S.E.C.” (NOI), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/les-productions-horticoles-demers-inc-les-serres-demers-inc-les-serres-olivier-i