Pélican International inc. et al.

Pélican International inc. commenced CCAA proceedings in Quebec on March 19, 2025, together with Pelican US Topco LLC and Confluence Outdoor Inc. On a consolidated basis, the Debtors reported unaudited book-value total assets of $229,307,000 and total liabilities of $181,359,000 as at December 31, 2024, with aggregate outstanding indebtedness described as approximately $181.4 million. Borrowings under a December 15, 2023 credit agreement, amended five times through December 30, 2024, stood at US$62,670,339 under the term facility and CAD$39,976,555 under the revolving facility as of March 18, 2025, together roughly $130 million, owing to National Bank of Canada as agent, Bank of Montreal, Fédération des Caisses Desjardins du Québec and The Toronto Dominion Bank, secured by first-ranking liens over the Debtors' Canadian and US property. The proposed Monitor's Canadian and US counsel are reviewing that security, which is not yet confirmed. The case remains active.