Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc., Baffinland Iron Mines LP

Outcome brief

Baffinland: a KERP charge ahead of the senior secured lender security

On October 29 Justice Steele approved Baffinland's KERP and a charge of up to CAD$17,096,250 ranked ahead of the senior secured lender security; the monitor says the DIP and senior secured lenders support both. A second order authorizes the CRO to execute a sealed agreement with the Qikiqtani Inuit Association and Nunavut Tunngavik Inc.

31 October 2026

Outcome brief

Baffinland: the court puts the CRO in the driver's seat

Justice Jana Steele's October 14 reasons give the CRO "the ultimate decision-making power" in Baffinland's sale process, rejecting the debtors' version "on this basis alone": EDC's DIP consent right, reasonably exercised. The monitor's October 29 motion asks that the CRO be authorized to sign an agreement with QIA and NTI and that it be sealed.

27 October 2026

Case update

Baffinland: the monitor's case for letting the CRO decide

FTI, Baffinland's monitor, recommends the lenders' form of sale process, in which the court-appointed CRO, with the monitor's assistance, makes the key decisions, and says royalties and ArcelorMittal's place as largest iron ore customer give the operating committee's members an economic interest in the outcome. EDC says the debtors are in default; they deny it.

8 October 2026

Case update

Baffinland: the lenders' answer on who picks the winning bid

Export Development Canada, which says about US$230 million of its DIP has been advanced, told the court on October 2 that a sale process not reasonably acceptable to it is a material default. For the October 9 hearing, the noteholders' committee says the shareholder-appointed operating committee is "playing chicken" with the lender.

4 October 2026

Case update

Baffinland: who decides the sale process

Baffinland's sale process is ready except for one term. The debtors' September 17 motion, returnable September 24, leaves the choice of winning bid with the shareholder-appointed operating committee. They say the DIP lender and the senior secured lenders, citing alleged conflicts over two royalty agreements, want the court-appointed CRO to decide. The day before filing, the committee adopted a mandate that puts independent members in place of any conflicted member. The DIP lender's deadline for a SISP order has moved twice and now falls on September 30.

18 September 2026

Case update

Baffinland: what the noteholders got for standing down

Ottawa offered Baffinland's iron mine a $400 million DIP. Its existing secured lenders — Oaktree, Hartree and an ad hoc committee of 8.750% noteholders — cross-moved with a rival facility of their own, and the court gave the government a four-week bridge and a litigation timetable instead of an answer. Cross-examinations had begun when the parties settled. On June 30 Madam Justice Steele approved the deal, and what the lenders took in exchange for dropping their opposition is not money.

30 June 2026

Case update

Baffinland: the sealift can't wait for the DIP fight

Three competing debtor-in-possession proposals, a cross-motion by the senior secured lenders to have the court authorise someone else's, and a de novo hearing still to be scheduled. Meanwhile a mine on Baffin Island has one annual window to receive supplies by sea. The court's answer was a US$100 million charge in favour of suppliers that dissolves automatically the moment any DIP is approved.

12 June 2026