Proceedings.

Local First

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Proceeding
Receivership (court-appointed)section 243 of the Bankruptcy and Insolvency Act (Canada), section 13 of the Judicature Act (Alberta) and section 65(7) of the Personal Property Security Act (Alberta)
Court
Court of King's Bench of Alberta
File
2501-01744
Filings held42
Last activity20 Feb 2026
On the record577 days
Secured debt$8.21M
OverviewSummary updated

Local First is the subject of proceedings under the Bankruptcy and Insolvency Act in the Court of King's Bench of Alberta, court file 2501-01744, commenced February 21, 2025. A court officer report bearing the same date records the appointment of FTI Consulting Canada Inc. as receiver. The proceeding remains active. Beyond that appointment, the record before us contains no further filings, reports or hearings.

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Case updates42 dated entries
#Sale

The court granted an approval and vesting order for the sale to Alaska First Media Inc. Closing terms, as extracted: Closing to occur on the Closing Date, with vesting effective upon delivery of the Receiver's Closing Certificate.

Source: Recognition Order (Approval and Vesting Order)

#Report

The officer filed report no. Second Report. The Debtors' radio station operations continue on a going-concern basis under management supervision while the Receiver conducts a Sale Process; a Stalking Horse APA for the Alaska Assets has been accepted as the successful bid, and the Receiver is working with the highest bidder toward a separate sale of the Texas Assets.

Source: Second Report of the Receiver

#Order

The court appointed FTI Canada Consulting Inc. as Receiver, on the application of ATB FINANCIAL. Court file 2501-01744.

Source: Receivership Order

#Report

Opening filing on the record: a court officer report dated February 21, 2025 recording the appointment of FTI Consulting Canada Inc. as receiver.

Source: Receiver's Certificate

Parties

Debtor

Local First

Receiver

FTI

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice LemaCourt of King's Bench of Alberta3 orders, Feb 2025 – Jan 202626 cases on record
Justice DunlopCourt of King's Bench of Alberta2 orders, Oct 2025 – Jan 202644 cases on record

Counsel of record

PartyCounselFirst seenSource
ReceiverFTINorton Rose Fulbright Canada LLP16 Oct 2025Service list · 16 Oct 2025
DebtorLocal FirstMiller Thomson LLP21 Feb 2025Application · 21 Feb 2025
CreditorAddress for ServiceMiller Thomson LLP16 Oct 2025Service list · 16 Oct 2025
Secured creditorATB FinancialBurnet Duckworth & Palmer LLP16 Oct 2025Service list · 16 Oct 2025
CreditorNoel WebbOsler, Hoskin & Harcourt LLP16 Oct 2025Service list · 16 Oct 2025
Capital structureAs asserted in the filings
Priority classCreditorAmountSource
SecuredATB Financial · in 56 casesGeneral Security Agreements dated April 26, 2023 (all present and after-acquired personal property, plus floating charge on real property) granted by Local First Media and Local First Properties; Pledge Agreement dated April 26, 2023 granted by Local First Media over shares of BTC USA Holdings Management Inc. and Local First Properties USA Inc.; registered against Borrowers via Alberta PPR (Exhibits 12-13) — Indebtedness under commitment letter dated April 10, 2023, secured jointly and severally; also guaranteed and secured by Guarantors BTC USA Holdings Management Inc., Local First Properties · as of 5 Feb 2025$8.21M USDAffidavit of Greg Steidl, sworn on February 10, 2025
Sale processAs stated in the filings

2 transactions · 1 closed · 1 proposed — Approval and Vesting Order recognized and enforced; no competing offers exceeded stalking horse priceRecognition Order (Approval and Vesting Order) · 20 Feb 2026

Parties solicited

100

Second Report of the Receiver

NDAs signed

6

Second Report of the Receiver

Bid deadline (round closed)

9 December 2025

Sale Process Procedures

Stalking horse

Alaska First Media Inc. · $1.28M USD

Recognition Order (Approval and Vesting Order)

PurchaserPriceStatusSource
Alaska First Media Inc.Stalking horsethe Debtors' right, title, and interest in and to the Alaska Assets · asset sale · nominee/assignee: its nominee · agreement 16 Oct 2025$1.28M USDcomprised of $380,797.59 for the Alaska Stations and Alaska Assets and $900,000.00 for the Alaska Real PropertyClosed2 Jun 2026Receiver's Certificate
highest bidder among Texas Assets Bidders, unnamedthe Texas Assets · asset salenot statedProposedSecond Report of the Receiver
AdvisorsFTI Consulting Canada Inc. (sale agent); FTI Capital Advisors - Canada ULC (financial advisor); Realtor engaged by the Receiver (listing broker)Second Report of the Receiver
Closing termsClosing to occur on the Closing Date, with vesting effective upon delivery of the Receiver's Closing CertificateRecognition Order (Approval and Vesting Order)
Estate financialsReported figures — never derived
Total assets at filing$1.01M USD

As at 31 Dec 2024 · per unaudited Frontier Media financial statements (book value) · entity-level - Frontier Media LLC only (operational entity) — Total assets approx US$1.0M comprised of Cash US$46,400, Trade/other receivables US$752,500, PP&E US$208,100; book values do NOT account for value of Real Estate Properties owned by Local First USA (separate entity), which had a management-provided valuation of US$6.7 million as of October 22, 2024. Unsecured creditors reported at approximately US$5.6 million as at Appointment Date (page 9) but not stated as part of a formal balance sheet.

Cumulative receipts

$96.2K

As at 12 Jan 2026Second Report of the Receiver

Cumulative disbursements

$198K

As at 12 Jan 2026Second Report of the Receiver

Cash on hand

$46K

As at 12 Jan 2026Second Report of the Receiver

Professional fees to date

$69.4K

As at 12 Jan 2026Second Report of the Receiver

Documents
42 filings
DateDocumentFile
Receiver's Certificate
  • Closing confirmed Closed · 2 Jun 2026 · Alaska First Media Inc.
  • Commencement date 21 February 2025
  • Court COURT OF KING’S BENCH OF ALBERTA
  • Court file no 2501-01744
PDF
Recognition Order (Approval and Vesting Order)
  • Closing terms Closing to occur on the Closing Date, with vesting effective upon delivery of the Receiver's Closing Certificate
  • Order date 20 February 2026
  • Purchaser Alaska First Media Inc. (stalking horse) · the Debtors' right, title, and interest in and to the Alaska Assets · asset sale · $1.28M USD · approved
  • Sale outcome Sale approved — Approval and Vesting Order recognized and enforced; no competing offers exceeded stalking horse price
  • + 1 more extracted fact
PDF
Assumption NoticePDF
DeclarationPDF
Notice of HearingPDF
Sale MotionPDF
Application (Stalking Horse Sale and Approval Order)
  • Presiding officer Justice Johnston
PDF
Brief in support of the Stalking Horse Sale and Approval order
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Order (Sale Approval and Vesting Order)
  • Closing terms Vesting effective upon delivery of Receiver's Closing Certificate
  • Purchaser Alaska First Media Inc. (stalking horse) · nominee/assignee its nominee · the Licenses, Real Property, Tangible Personal Property, Records, Call Letters, Assumed Contracts, Accounts Receivable, and Intellectual Property, all as defined and described in the Sale Agreement (the Purchased Assets ) · asset sale · approved
  • Sale outcome Sale approved — Transaction and Sale Agreement approved after no superior offers were received in the Sale Process
  • Stalking horse Stalking horse Alaska First Media Inc.
PDF
Second Report of the Receiver
  • Cash on hand $46K · Note: Table header labeled '(CAD 000's)' but the narrative text states the plain dollar figure matching the table value, so treated as actual dollars, not thousands. · As at: 2026-01-02
  • Disbursements $198K · Note: Shown as a negative figure in the schedule (parentheses) representing total outflows. · Since: Date of Appointment
  • Operational summary The Debtors' radio station operations continue on a going-concern basis under management supervision while the Receiver conducts a Sale Process; a Stalking Horse APA for the Alaska Assets has been accepted as the successful bid, and the Receiver is working with the highest bidder toward a separate sale of the Texas Assets.
  • Process results 100 solicited · 6 NDAs · as of 9 Dec 2025
  • + 8 more extracted facts
PDF
Form of NDAPDF
Local First - Teaser
  • Bid deadline 9 December 2025
  • Sale advisor FTI Consulting Canada Inc. (sale agent); FTI Capital Advisors - Canada ULC (financial advisor)
PDF
Sale Process Procedures
  • Bid deadline 9 December 2025
  • Presiding officer Justice M. J. Lema
PDF
Application (Sale Process)PDF
Brief (Sale Process)
  • Counsel Norton Rose Fulbright Canada LLP
PDF
Order (Sale Process)
  • Presiding officer Justice Dunlop
  • Purchaser Alaska First Media Inc. (stalking horse) · the current and future assets, undertakings and properties of Local First Media Group Inc., Local First Properties Inc., BTC USA Holdings Management Inc., Local First Properties USA Inc., Alaska Broadcast Communications, Inc., Frontier Media LLC and Broadcast 2 Podcast, Inc. · asset sale · back-up bid
  • Sale outcome Sale process approved — The Sale Process is approved and the Stalking Horse Agreement is approved solely as the Stalking Horse Bid
  • Stalking horse Stalking horse Alaska First Media Inc.
PDF
First Report of the Receiver
  • Financial position Assets $1.01M USD · as at 31 Dec 2024 · per unaudited Frontier Media financial statements (book value) · entity-level - Frontier Media LLC only (operational entity) — Total assets approx US$1.0M comprised of Cash US$46,400, Trade/other receivables US$752,500, PP&E US$208,100; book values do NOT account for value of Real Estate Properties owned by Local First USA (separate entity), which had a management-provided valuation of US$6.7 million as of October 22, 2024. Unsecured creditors reported at approximately US$5.6 million as at Appointment Date (page 9) but not stated as part of a formal balance sheet.
  • Sale outcome Approval pending — The Receiver is requesting the this Honourable Court approve the Sale Process and Stalking Horse APA.
  • Secured creditors $8.2M USD · Note: Approximate amount stated as 'approximately US $8.2 million plus accrued interest and legal costs'; Receiver's Counsel conducting independent review of validity and enforceability of ATB's security · Page: 9 · As of: Appointment Date (February 21, 2025) · Debtor: Local First Media Group Inc., Local First Properties Inc., BTC USA Holdings Management Inc., Local First Properties USA Inc., Alaska Broadcast Communications, Inc., Frontier Media LLC, Broadcast 2 Podcast, Inc. · Creditor: ATB Financial · Security: Security over the Debtors' Property (fulcrum secured creditor); Local First Media and Local First Properties are main borrowers; BTC USA, Frontier Media, and Alaska Broadcast Communications are Guarantors
  • Stalking horse Stalking horse Alaska First Media Inc.
PDF
Notice and Statement of Receiver with Creditor Listing
  • Financial position Assets $1.04M USD · as at 31 Dec 2024 · per book value as stated in the unaudited financial statements of the Frontier Media LLC · Frontier Media LLC (operating entity in the US of radio stations); real estate held by Local First Properties USA Inc. not included as no financial information was prepared or provided — Real estate property owned by Local First Properties USA Inc. is excluded from the asset table; a 2023 valuation report estimated real property value at US $6.7 million. Liabilities are stated separately and as of a different date (February 21, 2025): amount owed to secured creditor ATB Financial was approximately US $8,205,843.77 plus interest and costs, and amount owed to other (unsecured) creditors was approximately US $5.6 million.
PDF
Service List
  • Counsel Miller Thomson LLP
PDF
Recognition OrderPDF
Application of Michael Berthiaume for Admission Pro Hac Vice to Represent FTI Consulting Canada Inc., Solely in its Capacity as Court-Appointed Receiver of the Debtors (Docket No. 9)PDF
Application of Steve A. Peirce for Admission Pro Hac Vice to Represent FTI Consulting Canada Inc., Solely in its Capacity as Court-Appointed Receiver of the Debtors (Docket No. 8)PDF
Certificate of Service (Docket No. 10)PDF
Certificate of Service (Docket No. 14)PDF
Form 401 Petition re: Alaska Broadcast Communications, Inc. (Case No. 25-50052, Docket No. 1)PDF
Form 401 Petition re: BTC USA Holdings Management Inc. (Case No. 25-50050, Docket No. 1)PDF
Form 401 Petition re: Broadcast 2 Podcast, Inc. (Case No. 25-50053, Docket No. 1)PDF
Form 401 Petition re: Local First Media Group Inc. (Case 25-41368 Docket No. 1)PDF
Form 401 Petition re: Local First Properties Inc. (Case No. 25-41369, Docket No. 1)PDF
Form 401 Petition re: Local First Properties USA Inc. (Case No. 25-50051, Docket No. 1)PDF
Letter to Parties in Interest re Chapter 15 Bankruptcy Case FilingsPDF
Motion For an Order Directing Joint Administration of Cases Under Chapter 15 of the Bankruptcy Code (Case 25-41368 Docket No. 3)PDF
Notice of Filing of Petitions Pursuant to Chapter 15 of the Bankruptcy Code (Docket No. 12)PDF
Receiver's List Filed Pursuant to Bankruptcy Rule 1007(A)(4) (Case 25-41368 Docket No. 2)PDF
Supporting Declaration of Deryck Helkaa (Case 25-41368 Docket No. 5)PDF
Supporting Declaration of Howard Gorman (Case 25-41368 Docket No. 6)PDF
Verified Petition with Proposed Order (Case 25-41368 Docket No. 4)PDF
Affidavit of Greg Steidl, sworn on February 10, 2025
  • Secured creditors $8.21M USD · Note: Indebtedness under commitment letter dated April 10, 2023, secured jointly and severally; also guaranteed and secured by Guarantors BTC USA Holdings Management Inc., Local First Properties USA Inc., Alaska Broadcast Communications Inc., and Broadcast 2 Podcast Inc. via Continuing/Limited Recourse Guarantees and corresponding Security Agreements/Pledge/Deed of Trust dated April 26, 2023 (registered PPSA/UCC in Alberta, Delaware, Alaska, California); Frontier Media LLC added as Guarantor under Forbearance Agreements though it did not execute separate security. Amount per ATB Loan Payout Estimate (Exhibit 8, dated Feb 5, 2025) matches affidavit's stated indebtedness as of the same date. · Page: 34 · As of: 2025-02-05 · Debtor: Local First Media Group Inc. and Local First Properties Inc. (the "Borrowers") · Creditor: ATB Financial · Security: General Security Agreements dated April 26, 2023 (all present and after-acquired personal property, plus floating charge on real property) granted by Local First Media and Local First Properties; Pledge Agreement dated April 26, 2023 granted by Local First Media over shares of BTC USA Holdings Management Inc. and Local First Properties USA Inc.; registered against Borrowers via Alberta PPR (Exhibits 12-13)
PDF
Brief in Support of Receivership ApplicationPDF
Consent to Act as ReceiverPDF
Receivership Application
  • Applicant ATB Financial
  • Appointee FTI Consulting Canada Inc.
  • Appointee role receiver and manager
  • Commencement date 10 February 2025
  • + 5 more extracted facts
PDF
Receivership Order
  • Applicant ATB FINANCIAL
  • Appointee FTI Canada Consulting Inc.
  • Appointee role Receiver
  • Commencement date 21 February 2025
  • + 4 more extracted facts
PDF

Filing titles, dates, and extracted key facts are public.

CiteProceedings., “Local First” (Receivership (court-appointed)), Court of King's Bench of Alberta. Retrieved 20 September 2026, https://proceedings.ca/case/local-first

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Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/local-first

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.