San Industries Ltd. et al.
Follow- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
- File
- S-248267
San Industries Ltd. et al. remain under Companies' Creditors Arrangement Act protection granted by the Supreme Court of British Columbia. The initial order was made following a hearing at Vancouver on November 29, 2024, the date the proceedings commenced. The case is active. No further orders, reports or milestones have been entered on this record since the initial order, so nothing has yet been determined here as to the debtors' assets, claims against them, or the course the restructuring will take.
The Trustee's Preliminary Report to Creditors: operations were shut down in early 2025 after the CCAA sale process, a deficiency of $89,688,787.50 is reported, and no realizations for unsecured creditors are expected.
The stay was extended to September 30, 2026 by order of February 25, 2026.
Source: Order Made After Application (Stay Extension), February 25, 2026
Order Made After Application (Interim Distribution Order), February 25, 2026 — Distribution order
The court approved the sale of the Langley Farm real property and chattels to Martini Farms Ltd. for $3,010,000, exclusive of applicable taxes; the transaction closed on November 18, 2025.
Source: Approval and Vesting Order - Langley Farm, November 3, 2025
The stay was extended to February 27, 2026 by order of October 29, 2025.
Source: Order Made After Application (Stay Extension), October 29, 2025
Order Made After Application (Interim Distribution Order), October 29, 2025 — Distribution order
The stay was extended to October 31, 2025 by order of September 2, 2025.
Source: Order Made After Application (Stay Extension), September 2, 2025
The stay was extended to August 29, 2025 by order of July 4, 2025.
Source: Order Made After Application (Stay Extension), July 4, 2025
The court approved the sale of the Coulson Mill and related operating assets to the Fraserview Cedar Partnership; the transaction closed on June 20, 2025 for net proceeds of $12.1 million.
Source: Approval and Vesting Order - Coulson Mill, June 12, 2025
The court approved the Langley sale agreement with Cedarline Industries Ltd. for substantially all of the company's operating equipment and related business assets; it closed on July 15, 2025.
Source: Approval and Vesting Order - Langley Plant, June 12, 2025
The court granted an approval and vesting order for the San Forest sale agreement with 1537037 B.C. Ltd.
Source: Approval and Vesting Order - SFP Plant, June 12, 2025
The court approved the inventory sale agreement and a process to liquidate and auction the remaining inventory through Tradewest Asset Solutions Inc.
Source: Order Made After Application (Inventory Sale Process Approval), May 7, 2025
By order of May 7, 2025 the stay was extended to July 18, 2025.
Source: Order Made After Application (Stay Extension and DIP Increase), May 7, 2025
Order Made After Application (Delivery of Withheld Inventory), February 21, 2025 — Order (other)
A further order was made after application on January 29, 2025.
Source: Order Made After Application (Lift Stay and Sale of Certain Assets), January 29, 2025
A second order of January 16, 2025 approved a sale process with a bid deadline of February 28, 2025.
The same day the court extended the stay of proceedings to May 30, 2025.
Source: Order Made After Application for Stay Extension and DIP Increase, January 16, 2025
The court approved a sale and investment solicitation process run by the Monitor with Cushman & Wakefield as listing broker, with a phase one deadline of February 28, 2025 and a bid deadline of April 30, 2025.
Source: Sale and Investment Solicitation Process, January 16, 2025
Notice of Application for Approval of a Sales Process, January 13, 2025 — Application / notice of application
Notice of Application for Stay Extension and DIP Increase Order, January 13, 2025 — Application / notice of application
The stay was extended to January 17, 2025.
Source: Second Amended and Restated Initial Order, December 19, 2024
Notice of Application for Second Amended and Restated Initial Order, December 17, 2024 — Application / notice of application
The court extended the stay of proceedings to December 19, 2024.
Source: Amended and Restated Initial Order, December 9, 2024
Notice of Application for Amended and Restated Initial Order, December 4, 2024 — Application / notice of application
San Industries Ltd. and the parties listed on Schedule A petitioned for an initial order under the Companies' Creditors Arrangement Act on November 29, 2024, court file S-248267.
Source: Petition to Court for Initial Order, November 29, 2024
Initial order granted after a hearing at Vancouver on November 29, 2024, placing the San Industries group under CCAA protection and commencing these proceedings.
Source: Initial Order, November 29, 2024
Outcome brief
San Industries: mills sold, then bankruptcy to release a $1.8 million holdback
Deloitte, running the San Group's CCAA with enhanced powers, sold the Coulson sawmill, two remanufacturing plants and a Langley farm and paid RBC and BDC $21.7 million; on August 19, 2026 it assigned San Industries Ltd. and Coulson Manufacturing 2017 Ltd. into bankruptcy, the step that lets a $1.8 million priority-claims holdback go to the lenders, and the trustee expects nothing for unsecured creditors.
Debtor
San Industries Ltd. et al.
Monitor
Deloitte
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Stephens | Supreme Court of British Columbia | 22 orders, Nov 2024 – Feb 2026 | 12 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorDeloitte | Blake, Cassels & Graydon LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorAshina Sharma | Ascent Employment Law Corporation | 15 May 2026 | Service list · 15 May 2026 |
| CreditorBusiness Development Bank of Canada | Borden Ladner Gervais LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorCanadian Western Bank | McCarthy Tétrault LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorCatalyst Paper Corporation and Domtar Inc | Lawson Lundell LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorCity | Owen Bird Law Corporation | 15 May 2026 | Service list · 15 May 2026 |
| CreditorExport Development Canada and Vancouver Fraser Port Authority | Owen Bird Law Corporation | 15 May 2026 | Service list · 15 May 2026 |
| CreditorRoyal Bank of Canada | Fasken Martineau DuMoulin LLP | 15 May 2026 | Service list · 15 May 2026 |
| CreditorUnited Steelworkers Local 2009 and USW Local 1-1937 | McCarthy Tétrault LLP | 15 May 2026 | Service list · 15 May 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesDeemed trust class - source deduction arrears — debtor: San Group (Petitioners, collectively) · as of 31 Aug 2024 | $5.05M | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency · in 926 casesDeemed trust class - GST arrears, aggregate across the five named entities; do not sum with source deduction arrears entry — debtor: Axon Lumber Ltd., Acorn Forest Products Ltd., Super-Cut Lumber Industries Ltd., Coulson Manufacturing 2017 Ltd., Mountainside Logging Ltd. · as of 31 Aug 2024 | $1.01M | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
| 4 | Secured | Royal Bank of Canada (formerly HSBC Bank Canada) · in 556 casesFirst position PPSA over San Industries, Coulson, Acorn, Axon, Super-Cut and San Cedar; assignments of book debts and subordination/postponement/assignment agreements; Coulson mortgage (registered principal $10,000,000.00, first ranking charge, Coulson Lands, no. CA5974732); guaranteed by San Industries, Coulson, Axon, San Forest, Super-Cut, San Holdings, San Cedar, Acorn and personally by Sukhjit Singh Sanghera, Kamaljit Singh Sanghera and Iqbal Singh Deol — Aggregate of San Industries and Coulson Credit Facilities (2 revolving loans, 7 non-revolving loans incl. BCAP co-loan with BDC, 2 lette · as of 25 Oct 2024 | $100M | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
| 4 | Secured | His Majesty the King in Right of British Columbia (HKBC) - Ministry of Forests (stumpage)Certificates of judgment; unclear whether covered by the first-position PPSA granted by San Holdings Inc. to HKBC (see separate entry) — Regulatory/quasi-governmental Crown stumpage debt. Prose estimate: Coulson owes HKBC approximately $22,000,000.00 in stumpage fees (para 86). Earlier certificate of judgment obtained Feb 5, 2024 in the amount of $7,481,606.46 (superseded/added to by this later judgment). — debtor: Coulson Manufacturing 2017 Ltd. · as of 12 Sep 2024 | $14.6M | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
| 4 | Secured | Royal Bank of Canada (formerly HSBC Bank Canada) · in 556 casesMortgages: $3,500,000.00 registered principal, first ranking charge over Axon Lands 1 (no. CA5296887); $15,000,000.00 registered principal, first ranking charge over Axon Lands 2 (no. CA3092376); guaranteed by San Industries, Coulson, Super-Cut and personally by Sukhjit Singh Sanghera, Kamaljit Singh Sanghera, Iqbal Singh Deol — Aggregate outstanding on Axon Credit Facilities (3 non-revolving loans, 1 letter of guarantee) per RBC demand letters dated Oct 25, 2024 — debtor: Axon Lumber Ltd. · as of 25 Oct 2024 | $4.67M | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
| 4 | Secured | Five Peaks Capital Ltd. · in 2 casesSecond mortgage over all lands and premises of the Coulson Lands (registered no. CB1381654) and assignment of rents (no. CB1381655) — Amount is registered mortgage principal, not confirmed outstanding balance; subordinate to RBC's first mortgage on Coulson Lands — debtor: Coulson Manufacturing 2017 Ltd. · as of 17 Jun 2024 | $3M | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
| 4 | Secured | Business Development Bank of Canada · in 241 casesMortgages creating first ranking charge over San Forest Lands 1 and San Forest Lands 2 (registered no. CA7196293); first position PPSA over San Forest, and assignments of book debts/subordination agreements; guaranteed by Super-Cut, San Industries, Axon, Coulson, San Forest, Acorn and personally by Sukhjit Singh Sanghera, Kamaljit Singh Sanghera, Iqbal Singh Deol (each limited to $1,000,000 plus interest and cost per loan) — Aggregate outstanding on BDC Credit Facilities (Loans 232436-1, 143805-4, 143805-03, 143805-02, 187509-01) per BDC demand letters dated Nov 7, 2024. Figure as printed in t · as of 7 Nov 2024 | $43.4K | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
| 4 | Secured | His Majesty the King in Right of British Columbia (HKBC)First position personal property security registered in British Columbia; assignments of book debts and subordination, postponement, and assignment agreements — Regulatory/Crown-related security; no balance stated for San Holdings' obligations specifically — debtor: San Holdings Inc. | — | Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024 |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
12 transactions · 7 closed · 4 approved · 1 not completed — The Transaction closed on June 20, 2025 for net proceeds of $12.1 millionCoulson Manufacturing 2017 Ltd. - Trustee's Preliminary Report · 2 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Inventory to be sold via auction/liquidation to purchaser(s) not yet identifiedall Petitioners' remaining inventory, including but not limited to the inventory located at the Coulson Mill, the Langley Plant, and the San Forest Product Plant · auction | not stated | Approved7 May 2025 | Order Made After Application (Inventory Sale… |
| 0752615 B.C. Ltd., Fraserview Cedar Products Ltd., Fraserview Re-Manufacturing Inc., and Gillwood Products Inc., carrying on business as a partnership as The Fraserview Cedar Partnershipall of the Company's right, title and interest in and to the Purchased Assets described in the Coulson Sale Agreement · asset sale · nominee/assignee: 1534987 B.C. Ltd. ('New Co.'), a newly incorporated company related to the Purchasers · ResidualCo: 1534987 B.C. Ltd. · agreement 11 May 2025 | $12reported as net proceeds of $12.1 million, net of realtor commissions of $30,275; Purchaser also assumed certain liabilities including property tax and licence fee arrears | Closed20 Jun 2025 | Coulson Manufacturing 2017 Ltd. - Trustee's… |
| 1537037 B.C. Ltd.the Purchased Assets described in the San Forest Sale Agreement · asset sale · agreement 15 May 2025 | Sealedpurchase price details contained in the Confidential Report, sealed | Approved12 Jun 2025 | Approval and Vesting Order - SFP Plant, June… |
| Cedarline Industries Ltd.the Purchased Assets described in the Langley Sale Agreement · asset sale · agreement 2 Jun 2025 | Sealedpurchase price details contained in the Confidential Report, sealed | Closed15 Jul 2025 | San Industries Ltd. - Trustee's Preliminary… |
| purchaser of the Coulson Mill; not named in provided textthe Coulson Mill Transaction · asset sale | not stated | Closed20 Jun 2025 | Eighth Report of the Monitor, June 30, 2025 |
| purchaser of the SFP Plant; not named in provided textthe SFP Transaction · asset sale | not stated | Approved | Eighth Report of the Monitor, June 30, 2025 |
| purchaser of the Langley Plant; not named in provided textthe Langley Plant Transaction · asset sale | not stated | Approved | Eighth Report of the Monitor, June 30, 2025 |
| Cattermole Storage Ltd.the Langley Plant and Langley Farm Property · asset sale | not stated | Not completed | Supplement to the Tenth Report (Redacted),… |
| Martini Farms Ltd.the Purchased Assets described in the Langley Farm Sale Agreement · asset sale · agreement 3 Oct 2025 | $3.01MPurchase Price: $3,010,000, exclusive of any applicable taxes. | Closed29 Jul 2025 | Monitor's Certificate - SFP Plant, July 29, 2025 |
| purchaser of the Langley Farm Property, unnamedreal property and chattels located at 25895 88 Avenue, Langley, British Columbia, VIM 3N5 · real property | $2.93MProceeds net of sales taxes, property tax adjustment, and commission fees; not the gross purchase price | Closed | Monitor's Eleventh Report, February 19, 2026 |
| unnamedthe Langley Farm Transaction | not stated | Closed18 Nov 2025outside 30 Jun 2025 | Monitor's Eleventh Report, February 19, 2026 |
| Axon Lumber Ltd.the Langley Plant (land and buildings) · real property | $12.4Mnet proceeds of $12.4 million allocated to Axon Lumber Ltd. for the land and buildings and to the Company for the equipment | Closed15 Jul 2025 | San Industries Ltd. - Trustee's Preliminary… |
Unsecured creditors: no distribution. BDC $5.1M · CWB no distribution · Five Peaks Capital Ltd. no distribution.EstimatedCoulson Manufacturing 2017 Ltd. - Trustee's Preliminary Report · 2 Sep 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | Senior Lenders (RBC and BDC) | — | $21.7Minterim | Estimatedper the monitor | Tenth Report of the Monitor, October 22, 2025 · 22 Oct 2025 |
| Secured | BDC | — | $5.1Minterim | Estimatedper the monitor | Tenth Report of the Monitor, October 22, 2025 · 22 Oct 2025 |
| SecuredBDC | Business Development Bank of Canada | — | shortfall | Estimatedper the monitor | Notice of Application for October 29, 2025 Hearing · 29 Oct 2025 |
| Secured | CWB | — | no distribution | Estimatedper the monitor | Tenth Report of the Monitor, October 22, 2025 · 22 Oct 2025 |
| Secured | Five Peaks Capital Ltd. | — | no distribution | Estimatedper the trustee | Coulson Manufacturing 2017 Ltd. - Trustee's Preliminary Report · 2 Sep 2026 |
| SecuredLenders (first interim distribution) | RBC and BDC | — | $21.7Minterim | Finalper the monitor | San Industries Ltd. - Trustee's Preliminary Report · 2 Sep 2026 |
| Secured | Senior Lenders | — | shortfall | Estimatedper the monitor | Monitor's Eleventh Report, February 19, 2026 · 19 Feb 2026 |
| Secured | the Lenders | — | short by $129M | Estimatedper the trustee | Coulson Manufacturing 2017 Ltd. - Trustee's Preliminary Report · 2 Sep 2026 |
| Unsecured | — | — | no distribution | Estimatedper the trustee | Coulson Manufacturing 2017 Ltd. - Trustee's Preliminary Report · 2 Sep 2026 |
| Unsecured | CWB | — | no distribution | Estimatedper the trustee | San Industries Ltd. - Trustee's Preliminary Report · 2 Sep 2026 |
| Unsecured | Canada Revenue Agency | — | no recovery | Estimatedper the monitor | Tenth Report of the Monitor, October 22, 2025 · 22 Oct 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.
As at 18 Aug 2026 · per Statement of Affairs - totals from the list of assets and liabilities as stated and estimated by the bankrupt/debtor, unaudited · entity - San Industries Ltd. (the Company), not the consolidated San Group — Deficiency of $89,688,787.50 reported (liabilities exceed assets); the Trustee states it 'does not expect the bankruptcy estate to realize any assets for the benefit of creditors'; Statement of Affairs form template text references 'the date of the bankruptcy, on the 29th day of November 2024' though the Trustee states the Statement of Affairs was prepared 'as of August 18, 2026' and the actual Date of Bankruptcy is August 19, 2026.
Cash on hand
$1.6M
As at 2 Sep 2026San Industries Ltd. - Trustee's Preliminary Report
| Date | Document | File |
|---|---|---|
| Notice of Application for September 17, 2026 Hearing | ||
| Affidavit #1 of R. Pai, September 15, 2026 | ||
| Affidavit #1 of S. Danielisz (without exhibits) , September 15, 2026 | ||
Coulson Manufacturing 2017 Ltd. - Trustee's Preliminary Report
| ||
San Industries Ltd. - Trustee's Preliminary Report
| ||
| Coulson Manufacturing 2017 Ltd. - Creditor Package | ||
| San Industries Ltd. - Creditor Package | ||
Service List
| ||
Notice of Application for February 25, 2026 Hearing
| ||
Order Made After Application (Insurance Claims Assignment), February 25, 2026
| ||
Order Made After Application (Interim Distribution Order), February 25, 2026
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Order Made After Application (Stay Extension), February 25, 2026
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Monitor's Eleventh Report, February 19, 2026
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Monitor's Certificate - Langley Farm, November 18, 2025
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Approval and Vesting Order - Langley Farm, November 3, 2025
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Sealing Order (Supplement to the Tenth Report), November 3, 2025
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Supplement to the Tenth Report (Redacted), November 3, 2025
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Notice of Application for October 29, 2025 Hearing
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Order Made After Application (Interim Distribution Order), October 29, 2025
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Order Made After Application (Stay Extension), October 29, 2025
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Tenth Report of the Monitor, October 22, 2025
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| N otice of Application for September 2, 2025 Hearing | ||
Order Made After Application (Stay Extension), September 2, 2025
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| Ninth Report of the Monitor, August 27, 2025 | ||
Monitor's Certificate - SFP Plant, July 29, 2025
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Monitor's Certificate - Reman Plant, July 15, 2025
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| Notice of Application for July 4, 2025 Hearing | ||
Order Made After Application (Stay Extension), July 4, 2025
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Eighth Report of the Monitor, June 30, 2025
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Monitor's Certificate - Coulson Mill, June 26, 2025
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Approval and Vesting Order - Coulson Mill, June 12, 2025
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Approval and Vesting Order - Langley Plant, June 12, 2025
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Approval and Vesting Order - SFP Plant, June 12, 2025
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| Notice of Application for June 12, 2025 Hearing | ||
Sealing Order (First Confidential Supplement), June 12, 2025
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Seventh Report of the Monitor, June 4, 2025
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| Notice of Application for May 7, 2025 Hearing | ||
Order Made After Application (Inventory Sale Process Approval), May 7, 2025
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Order Made After Application (Stay Extension and DIP Increase), May 7, 2025
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Sixth Report of the Monitor, April 30, 2025
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| Affidavit #3 of Jennifer Alambre, March 3, 2025 | ||
Order Made After Application (Jace Trucklines Accounting), February 27, 2025
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Order Made After Application (Return of Equipment), February 27, 2025
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| Affidavit #2 of Jennifer Alambre, February 26, 2025 | ||
| Affidavit #1 of Jennifer Alambre, February 25, 2025 | ||
| Notice of Application for February 21, 2025 Hearing | ||
Order Made After Application (Delivery of Withheld Inventory), February 21, 2025
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Order Made After Application (Kingsley Group Hearing), February 21, 2025
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Order Made After Application (Return of Equipment), February 21, 2025
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Order Made After Application (WEPP), February 21, 2025
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| Fifth Report of the Monitor, February 18, 2025 | ||
| Affidavit #1 of Bank Employee (with exhibits), February 4, 2025 | ||
| Affidavit #1 of Bank Employee (without exhibits), February 4, 2025 | ||
| Notice of Application for February 4, 2025 Hearing | ||
Order Made After Application (Kingsley Group Inventory), February 4, 2025
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| Fourth Report of the Monitor, February 3, 2025 | ||
| Notice of Application for January 29, 2025 Hearing | ||
Order Made After Application (Lift Stay and Sale of Certain Assets), January 29, 2025
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| San Group - Teaser, January 20, 2025 | ||
Order Approving Sale Process, January 16, 2025
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Order Made After Application for Stay Extension and DIP Increase, January 16, 2025
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Sale and Investment Solicitation Process, January 16, 2025
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| Notice of Application for Approval of a Sales Process, January 13, 2025 | ||
| Notice of Application for Stay Extension and DIP Increase Order, January 13, 2025 | ||
Third Report of the Monitor, January 13, 2025
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Second Amended and Restated Initial Order, December 19, 2024
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| Second Report of the Monitor, December 18, 2024 | ||
| Affidavit #3 of Kimberly Lopez, December 17, 2024 | ||
| Notice of Application for Second Amended and Restated Initial Order, December 17, 2024 | ||
Amended and Restated Initial Order, December 9, 2024
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First Report of the Monitor, December 7, 202 4
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| List of Creditors, December 6, 2024 | ||
| Notice to Creditors, December 6, 2024 | ||
| Affidavit #2 of Kimberly Lopez, December 4, 2024 | ||
| Notice of Application for Amended and Restated Initial Order, December 4, 2024 | ||
| Affidavit #1 of Kimberly Lopez, November 29, 2024 | ||
Initial Order, November 29, 2024
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| Notice of Hearing, November 29, 2024 | ||
Petition to Court for Initial Order, November 29, 2024
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Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024
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| Affidavit #1 of Sukhjit Sanghera (without exhibits), November 27, 2024 | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “San Industries Ltd. et al.” (CCAA), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/san-industries-ltd-et-al