Pélican International inc. et al.
- Proceeding
- CCAACompanies' Creditors Arrangement Act, RSC 1985, c C-36
- File
- 500-11-065405-256
- Industry
- Manufacturing
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.
Extended the stay of proceedings to March 31, 2027, both the Mach and GSI transactions having closed and the estate remaining in wind-down.
Source: 29.09.2026_Stay Extension Order
Reported closing cash of $4,970.4 thousand as at September 20, 2026, mainly undistributed GSI proceeds, and four-week professional fees of $68.6K plus $12.4K GSI-related against $176.0K and $15.0K budgeted.
Sought a further stay extension to September 30, 2026, with the Monitor overseeing the orderly wind-down of the CCAA and Chapter 15 proceedings toward final distributions.
Reported $16,087,000 of receipts and $18,014,000 of disbursements for the 19 weeks ended August 21, 2026, reflecting GSI proceeds and the $17.5 million distribution to the Lenders, leaving roughly $4.3 million.
Source: Seventh Report to the Court
Extended the stay of proceedings to August 31, 2026 as the GSI unit sale moved toward closing and the Debtors' wind-down continued.
Source: Order Approving Sale, Vesting & Distribution Order & Stay Extension
Approved the April 8, 2026 unit purchase agreement selling Pelican Topco's 85% equity interest in GSI Outdoors LLC to GSI IDK Holdco, Inc. and authorized a $17,500,000 distribution to NBC.
Vested Topco's rights, title and interest in the Purchased Units in the Purchaser on issuance of the Monitor's Certificate upon fulfilment of the UPA's closing conditions.
Source: Stay Extension Order
Reported $4.7 million of cash as at April 12, 2026, a $643,000 positive variance, and sought approval of GSI IDK Holdco, Inc.'s revised offer and a $17.5 million distribution to NBC.
Source: Sixth Report to the Court
Reported $822,000 received and $37,126,000 disbursed in the 19 weeks ended November 30, 2025, including the $35.5 million secured distribution; the GSI process yielded five offers from 222 parties contacted.
Source: Fifth Report to the Court
Extended the stay of proceedings to November 30, 2025, with the Debtors by then without employees or directors and their remaining GSI equity interest being marketed.
Source: Second ARIO
Reported $43,664,000 of receipts for the 13 weeks ended July 20, 2025, including $42.0 million from the Mach Transaction, and sought authority to distribute $35.5 million to NBC and approximately $110,000 to employees.
Source: Fourth Report to the Court
Extended the stay of proceedings to August 11, 2025, the Pelican and Confluence business having been sold and the Monitor turning to the GSI Outdoors sale process.
Source: AVO-Recognition Order
Approved the April 22, 2025 asset purchase agreement with 9539-5893 Québec Inc. and vested the Purchased Assets on issuance of the Monitor's Certificate; closing followed May 10, 2025 at 12:01 a.m.
Approved the sale and transfer of the U.S. Assets, with assumption and assignment of contracts and leases and vesting in the Purchaser on the APA's terms.
Sealed the purchase price, deposit and holdback amounts under the purchase agreement, together with Exhibits P-2B and P-2D and Appendices C and D to the Monitor's report.
Source: Order Extenting the Stay
Recorded 235 parties solicited and 53 NDAs, four offers received by the bid deadline, and selection of Groupe Mach Acquisition Inc.'s bid, which would retain approximately 461 active employees.
Source: Thrid Report to the Court
Amended Application for the Issuance of an Initial Order — Application / notice of application
Reported approximately $3.2 million of cash on hand as at March 23, 2025 and $610,000 of professional fees for the week then ended, a positive variance against budget.
Source: Second Report to the Court
Motion for Entry of Order Scheduling Hearing on Recognition of Chapter 15 Petitions — Application / notice of application
Verified Petition for Recognition of Foreign Main Proceeding — Application / notice of application
Declared the Lenders and the Applicant unaffected secured creditors, unstayed and free to enforce their pre-filing credit, hedging, forbearance and related security agreements.
Source: Initial Order
Granted on National Bank of Canada's application under the CCAA, appointing FTI Consulting Canada Inc. as Monitor and staying proceedings until March 28, 2025.
Source: Initial Order Hearing Minutes
Approved and ratified the sale and investment solicitation process for the Debtors' business, operations and assets, with a parallel process for GSI and an April 10, 2025 bid deadline.
Source: SISP Order
Case update
Pelican International: $53 million to the lenders, a wind-down still to plan
Seventeen months into the creditor-led CCAA of the Québec kayak maker, both businesses are sold — Pelican and Confluence for $42,000,000 to a buyer that includes former executives, the 85% stake in GSI Outdoors to GSI's founders — the syndicate has been paid $35.5 million and $17.5 million, and FTI, holding $4.3 million, asks for a stay to September 30 to plan the end.
Debtor
Pélican International inc. et al.
Applicant
National Bank of Canada
Monitor
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Garin | Superior Court of Québec | 10 orders, Mar 2025 – Aug 2025 | 5 cases on record |
| Justice Rogers | Superior Court of Québec | 4 orders, Apr 2026 – Sep 2026 | 16 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Osler, Hoskin & Harcourt LLP · Troutman Pepper Locke LLP | 8 Apr 2025 | Order · 23 Apr 2026 |
| Foreign representative | Troutman Pepper Locke LLP | 24 Mar 2025 | Application · 24 Mar 2025 |
| CreditorGroupe MACH Inc | CAIN LAMARRE, s.e.n.c.r.l. · Woods LLP | 8 Apr 2025 | Service list · 8 Apr 2025 |
| CreditorGSI IDK Holdco, Inc | Dentons United States LLP | 8 Apr 2025 | Service list · 8 Apr 2025 |
| CreditorKevin Henderson | Kuhn LLP | 8 Apr 2025 | Service list · 8 Apr 2025 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | National Bank of Canada, as administrative agent, collateral agent and hypothecary representative, for a syndicate including National Bank of Canada, Bank of Montreal, Fédération des Caisses DesjardinSyndicated secured loan under Credit Agreement; hypothecary/collateral security (NBC as hypothecary representative) — USD-denominated tranche of aggregate outstanding capital owed under the Credit Agreement; forbearance conditions imposed since August 2024 following event of default; Initial Order confirms these creditors remain 'unaffected creditors' entitled to enforce their security. — debtor: Pelican International Inc., Pelican US Topco LLC, Confluence Outdoor Inc. · as of 18 Mar 2025 | $62.7M USD | Motion for Provisional Relief |
| 4 | Secured | |||
| 7 | Preferred (BIA s. 136) | |||
| 8 | Unsecured |
3 more claims in 3 classes The stack holds Secured, Preferred (BIA s. 136) and Unsecured claims.
Every creditor and every amount, drawn to scale.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans5 transactions · 2 proposed · 2 closed · 1 not completed — The Pelican and Confluence business sale (Mach Transaction) closed in 2025 and the GSI equity sale (GSI Transaction) closed in May 2026, with distributions made to the Lenders.Pelican_Eighth Report to the Court · 30 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Groupe Mach Acquisition Inc.substantially all of the assets and operations of the Sellers · asset sale · agreement 23 Apr 2025 | Subscribers | Proposed | Thrid Report to the Court |
| unnamed party that submitted the liquidation bid for the Sellers' assetsassets of the Sellers (liquidation) · asset sale | Subscribers | Not completed | Thrid Report to the Court |
| 9539-5893 Quebec Inc. Now Known as Pelican Intl Inc.the U.S. Assets · asset sale · agreement 23 Apr 2025 | Subscribers | Closed10 May 2025 | Seventh Report to the Court |
| GSI SISP not yet commenced; no bidder identified at time of reportthe assets and business of GSI Outdoor LLC · auction | not stated | Proposed | Fourth Report to the Court |
| GSI IDK Holdco, Inc.the Purchased Units · share sale · agreement 8 Apr 2026 | Subscribers | Closed15 May 2026outside 28 Apr 2025 | Seventh Report to the Court |
Secured creditors: a distribution.FinalApplication for a Stay Extension Order · 21 Aug 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | — | — | Finalper the monitor | Application for a Stay Extension Order · 21 Aug 2026 | |
| Secured | National Bank of Canada, as administrative agent | — | interim | per the monitor | Sixth Report to the Court · 23 Apr 2026 |
| Preferred | certain of the Debtors' employees (priority claim) | — | Estimatedper the monitor | Fourth Report to the Court · 6 Aug 2025 |
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.
3 blurred figures above
The claims and what each class or creditor recovers — each as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansAs at ·
Cumulative receipts
$16.1M
As at 21 Aug 2026Seventh Report to the Court
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plans| Date | Document | File |
|---|---|---|
29.09.2026_Stay Extension Order
| PDF · Subscribers | |
| Application for a stay Extension Order, affidavit, notice of presentation, list of exhibits | Trustee site | |
Pelican_Eighth Report to the Court
| PDF · Subscribers | |
Application for a Stay Extension Order
| PDF · Subscribers | |
Seventh Report to the Court
| PDF · Subscribers | |
GSI - Monitor's certificate
| PDF · Subscribers | |
Order Approving Sale, Vesting & Distribution Order & Stay Extension
| PDF · Subscribers | |
Approval Vesting and Distribution Order
| PDF · Subscribers | |
Cancellation and removal Order
| PDF · Subscribers | |
Sixth Report to the Court
| PDF · Subscribers | |
Stay Extension Order
| PDF · Subscribers | |
Fifth Report to the Court
| PDF · Subscribers | |
Distribution Order
| PDF · Subscribers | |
Second ARIO
| PDF · Subscribers | |
Fourth Report to the Court
| PDF · Subscribers | |
AVO-Recognition Order
| PDF · Subscribers | |
| Order Amending Case Caption | PDF · Subscribers | |
| Notice of Filing Revised Orde for Sale Motion | Trustee site | |
Certificate of the Monitor
| PDF · Subscribers | |
| Notice of Filing of Unsealed Terms of Asset Purchase Agreement | PDF · Subscribers | |
Notice of Filing Oral Reasons for Judgment, Approval, Vesting & Assignment Order and Order Extending Stay or Proceedings DI 73
| PDF · Subscribers | |
Approval, Vesting and Assignment Order
| PDF · Subscribers | |
Order Extenting the Stay
| PDF · Subscribers | |
| Outline Arguments of the Monitor | PDF · Subscribers | |
PV-Motifs-2025-04-28
| PDF · Subscribers | |
| Order Granting Motion to File Under Seal | PDF · Subscribers | |
Order Scheduling Recognition Sale Hearing
| PDF · Subscribers | |
| Declaration of Martin Franco | PDF · Subscribers | |
Motion to File Under Seal
| PDF · Subscribers | |
| Sale Motion | PDF · Subscribers | |
| Application for the issuance of an approval and vesting order | PDF · Subscribers | |
Thrid Report to the Court
| PDF · Subscribers | |
| Notice of Filing Revised Recognition Order | PDF · Subscribers | |
| Recognition Order | PDF · Subscribers | |
| Notice of Agenda for Hearing | PDF · Subscribers | |
Service List
| PDF · Subscribers | |
| Amended Application for the Issuance of an Initial Order | PDF · Subscribers | |
Amended and Restated Intial Order
| PDF · Subscribers | |
| Oral Reasons for Amended Restated Intial Order | PDF · Subscribers | |
Second Report to the Court
| PDF · Subscribers | |
Initial Order Hearing Minutes
| PDF · Subscribers | |
Court Order
| PDF · Subscribers | |
| Order Granting Provisional Relief Pursuant To Section 1519 Of The Bankruptcy Code | PDF · Subscribers | |
(US Topco) Petition
| PDF · Subscribers | |
Declaration of Sandra Abitan
| PDF · Subscribers | |
Motion for Entry of Order Scheduling Hearing on Recognition of Chapter 15 Petitions
| PDF · Subscribers | |
Motion for Joint Administration
| PDF · Subscribers | |
Motion for Provisional Relief
| PDF · Subscribers | |
Verified Petition for Recognition of Foreign Main Proceeding
| PDF · Subscribers | |
Avis aux créanciers
| PDF · Subscribers | |
Notice to creditors
| PDF · Subscribers | |
Pelican - GSI Outdoors Teaser
| PDF · Subscribers | |
Pelican NDA
| PDF · Subscribers | |
| Application for the issuance of an initial order | PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
Pre Filing Report to the Court
| PDF · Subscribers | |
SISP Order
| PDF · Subscribers | |
| Application for Second ARIO and Distribution Order | 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., “Pélican International inc. et al.” (CCAA), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/pe-lican-international-inc-et-al