Mariner Seafoods Inc. is subject to proceedings under section 11 of the Companies' Creditors Arrangement Act. An application was filed January 13, 2010, and the Supreme Court of Prince Edward Island issued an Initial Order on January 14, 2010 (court file no. S1-GS-23555). Grant Thornton Limited was appointed monitor. Secured creditors include GE Capital for $909,128.61. Listed unsecured claims include Mark Bonnell for $5,570,767.91, Active Communities Inc. for $2,540,000.00, Montague Cold Storage for $1,246,600.72, and Lorne Bonnell for $200,000.00, among numerous trade creditors and employee wage claims.
A claims procedure has been established — see the order for deadlines.
The officer filed report no. Eleventh Report. The Plan of Compromise or Arrangement was rejected by the statutory majority of creditors after extensive negotiations failed, and the Monitor recommends the stay of proceedings be lifted so creditors can pursue their own remedies.
Source: Monitor's Eleventh Report to Court - December 13, 2010
The officer filed a report. Mariner is under CCAA protection and proposes an Amended Plan to orderly liquidate trade receivables, SRED claims, remaining inventory and GST refunds for distribution, while retaining its processing licence, Murray Harbour real estate and Fisher receivables. The Monitor estimates about $125,000 for unsecured creditors (roughly 2% on average after a $500 priority payment) and recommends approval, warning that rejection would probably lead to receivership and plant closure.
The officer filed report no. Tenth Report. Mariner has put forward a Proposed Plan of Compromise or Arrangement without consensus from the Principal Creditors and seeks a stay extension to December 14, 2010 for a creditor vote. The Monitor considers management to be acting in good faith and believes the plan avoids a receivership that would likely mean permanent plant closure and job losses.
The officer filed report no. Ninth Report. Mariner's equipment is leased to Chestnut Holdings until December 2010, and Chestnut continues to employ about 80 people at the plant. Mariner and its Principal Creditors failed to reach consensus on a Plan of Compromise or Arrangement, and the stay has been extended to October 22, 2010.
The officer filed report no. Eighth Report. The report is a short update on post-filing activities: a second equipment appraisal by Castle Appraisals was performed on site on September 6, 2010, with the appraisal due to be submitted on September 9, 2010. It follows up on negotiations between Mariner and the Principal Creditors reported in the Seventh Report.
Source: Monitor's Eighth Report to Court - September 8, 2010
The officer filed report no. Seventh Report. The report covers negotiations between Mariner and its Principal Creditors on a tentative plan of compromise or arrangement, which will require a second appraisal of Mariner's equipment; the parties are willing to continue negotiating.
Source: Monitor's Seventh Report to Court - September 1, 2010
The officer filed report no. Sixth Report. Mariner is no longer paying operating invoices after the April 29, 2010 Order, only urgent conservatory disbursements. Chestnut Ventures now pays wages and conservation costs under a lease agreement. The company is seeking a stay extension to late September 2010 to try to agree a plan with its Principal Creditors.
The officer filed report no. Fifth Report. Mariner's own operations have been replaced by Chestnut Ventures Inc., which since early May 2010 leases its equipment and part of the premises, processes seafood and employs about 80 former Mariner employees. Mariner is settling with GE and seeking a stay extension to early August 2010 to file a plan of arrangement.
The officer filed report no. Fourth Report. Mariner is under CCAA protection and is arranging leases with Chestnut Ventures to operate the Mariner/Montague plant for the 2010 processing season, along with a redemption agreement with GE and a stay extension to early June 2010 to allow time for a plan of arrangement.
The officer filed report no. Third Report. Mariner remains under CCAA protection while negotiating a proposed lease of its equipment to a third party for the 2010 processing season and a $300,000 partial redemption of GE's senior secured position; failure could lead to receivership and cessation of operations, with hundreds of jobs lost.
Initial Application (Appendix A is a copy of the CCAA as amended December 14, 2009 and has not been reproduced) — Application / notice of application
Debtor
Mariner Seafoods Inc.
Monitor
Doane Grant Thornton
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | GE Capital · in 8 casesListed as secured claim in creditor listing — debtor: Mariner Seafoods Inc. | $909K | Creditors List |
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) | |||
| 7 | Preferred (BIA s. 136) |
135 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansUnsecured creditors: a distribution. Innovation PEI a distribution.EstimatedMonitor's Report to Creditors - November 24, 2010 · 24 Nov 2010
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | Unsecured Creditors of Mariner excluding Mark Bonnell, Andrew Bonnell, Lorne Bonnell and Montague Cold Storage | — | a distributionconditional | Estimatedper the monitor | Monitor's Report to Creditors - November 24, 2010 · 24 Nov 2010 |
| Unsecured | Innovation PEI | — | Under the planvote pendingper the monitor | Monitor's Report to Creditors - November 24, 2010 · 24 Nov 2010 |
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.
1 blurred figure above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
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See all plansCumulative receipts
$1.44M
As at 13 Dec 2010Monitor's Eleventh Report to Court - December 13, 2010
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Monitor's Eleventh Report to Court - December 13, 2010
| PDF · Subscribers | |
Instructions for completing Proxy
| PDF · Subscribers | |
Monitor's Report to Creditors - November 24, 2010
| PDF · Subscribers | |
| Amended Plan - November 17, 2010 | PDF · Subscribers | |
| Instruction letter to Creditors-November 17, 2010 | PDF · Subscribers | |
Notice to Creditors - Plan of Compromise
| PDF · Subscribers | |
Creditor Proxy and Voting Letter
| PDF · Subscribers | |
Monitor's Tenth Report to Court - October 21, 2010
| PDF · Subscribers | |
| Motion Record - October 20, 2010 | PDF · Subscribers | |
Monitor's Ninth Report to Court - October 7, 2010
| PDF · Subscribers | |
Monitor's Eighth Report to Court - September 8, 2010
| PDF · Subscribers | |
Monitor's Seventh Report to Court - September 1, 2010
| PDF · Subscribers | |
Monitor's Sixth Report to Court - August 18, 2010
| PDF · Subscribers | |
| Affidavit of Mark Bonnell - June 9, 2010 | PDF · Subscribers | |
Monitor's Fifth Report to Court - June 9, 2010
| PDF · Subscribers | |
Monitor's Fourth Report to Court - April 28, 2010
| PDF · Subscribers | |
| Affidavit of Mark Bonnell - April 27, 2010 | PDF · Subscribers | |
| GE Notice of Motion - Court Hearing - April 27, 2010 | PDF · Subscribers | |
Monitor's Third Report to Court - April 26, 2010
| PDF · Subscribers | |
| Monitor's Second Report to Court - April 16, 2010 | PDF · Subscribers | |
| Affidavit of Mark Bonnel - April 14, 2010 | PDF · Subscribers | |
| Affidavit of Mark Bonnel - April 7, 2010 | PDF · Subscribers | |
Notice of Motion
| PDF · Subscribers | |
| Monitor's First Report to Court - February 9, 2010 | PDF · Subscribers | |
| Exhibits | PDF · Subscribers | |
| Monitor's First Report to Principal Creditors - January 29, 2010 | PDF · Subscribers | |
| Notice to Creditors Ad - The Guardian - January 20, 2010 | PDF · Subscribers | |
Affidavit of Mark Bonnell
| PDF · Subscribers | |
| Notice to Creditors Initial CCAA - January 14, 2010 | PDF · Subscribers | |
| Proof of Claim | PDF · Subscribers | |
| Report to Court - January 13, 2010 | PDF · Subscribers | |
Initial Application (Appendix A is a copy of the CCAA as amended December 14, 2009 and has not been reproduced)
| PDF · Subscribers | |
Creditors List
| 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., “Mariner Seafoods Inc.” (CCAA), Supreme Court of Prince Edward Island. Retrieved 4 November 2026, https://proceedings.ca/case/mariner-seafoods-inc
Sources last checked · summary updated 6 September 2026 · Report a correction · Printed from proceedings.ca/case/mariner-seafoods-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.