Seafood 2000 Ltd. filed under the CCAA on May 15, 2026. Orders are recorded on May 15 and May 29, 2026, with stay expiry dates of May 21, 2026 and July 31, 2026. On unaudited estimates from the company's books as at May 2, 2026, assets stood at $26,526,929 against liabilities of $22,395,356, comprising secured claims of $16,039,527 (Farm Credit Canada) and $2,074,968 (National Bank of Canada), property taxes of $49,595, and trade payables and other unsecured debt of $4,231,266. Consolidated liabilities, including subsidiaries SF2K USA Ltd. and 70%-owned Packers Pride USA LLC, were estimated at $25,642,899.73. Both primary secured lenders have issued notices of default: FCC by letter dated April 13, 2026 for breach of a debt service ratio covenant, and NBC over the unrepaid $3,000,000 demand loan due November 30, 2025 and an unsatisfactory debt/equity ratio. The cash flow forecast was filed under seal.
Approved the SISP and the Stalking Horse Agreement with CG Group Ltd., a $16,000,000 credit bid of secured debt to subscribe for all of Seafood 2000's shares, with bids due October 14, 2026.
Source: Sale and Investment Solicitation Process (``SISP``) Approval Order
The officer filed report no. Fourth Report. The spring lobster season concluded by the end of June and the plant was idle in July; operations were restarted on August 18, 2026 for the fall lobster season. The Company repaid NBC and the FPEI DIP Financing, and FCC's debt was assigned to CG Group, which is advancing new DIP funding; a SISP is proposed to sell the building and equipment.
Source: Monitor's Fourth Report
Extended the stay beyond its July 31, 2026 expiry, on the Monitor's request for a short extension to pursue a sale transaction or develop a SISP.
A second order made the same day further continued the stay of proceedings in favour of Seafood 2000.
Monitor's Third Report reported spring lobster operations ran without significant service interruptions and the season concluded; receipts of $13,997,581 against disbursements of $13,815,929 for the 11 weeks ended July 18, 2026, ending cash $3,374,612.
Source: Monitor's Third Report
The officer filed report no. Second Report. The Company continues to operate the Spring lobster season in the ordinary course under Monitor oversight and daily involvement, without significant service interruption, while its Financial Advisor holds discussions with potential equity, investment or financing parties.
Source: Monitor's Second Report
Continued the stay past its May 21, 2026 expiry, carrying CCAA protection to July 31, 2026 as the company kept operating.
Granted Seafood 2000 CCAA protection on its own application, appointed MNP Ltd. as Monitor and stayed proceedings to May 21, 2026, in Supreme Court file S1 GS 31472.
Source: Initial Order
Case update
Seafood 2000: a new lender, a fall season and a $16 million credit bid
Between July 27 and September 10 the PEI lobster processor was barred from buying lobster, repaid Finance PEI's $3.26 million DIP and National Bank's $2.27 million, watched Farm Credit Canada sell its debt to CG Group Ltd., reopened for the fall season on a new $3.8 million CG Group DIP, and entered a court-approved sale process in which CG Group's roughly $16 million credit bid for all of the company's new shares is the stalking horse.
Filing brief
Seafood 2000: the lobster season would not wait
A Prince Edward Island processor with $26.5 million of assets and $22.4 million of debt could not close a working-capital facility for the spring lobster season. It filed under the CCAA on May 15 with a $490,000 debtor-in-possession loan from Finance PEI and express authority to pay for lobster and bait. A week later it asked to increase that loan to $3.8 million.
Debtor
Seafood 2000 Ltd.
Monitor
MNP
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| ApplicantSeafood 2000 Ltd. | Cox & Palmer | 11 May 2026 | Application · 11 May 2026 |
| CreditorFARM CREDIT CANADA | McInnes Cooper | 22 May 2026 | Service list · 22 May 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Farm Credit Canada · in 40 casesContinuing Collateral Mortgage (dated July 17, 2024) over four parcels of real property, registered in the amount of $16,200,000; Continuing Collateral Leasehold Mortgage (PID 172650); General Security Agreement (Nov 14, 2022) giving first charge over all present and after-acquired personal property, subject to NBC's priority over accounts receivable and inventory; personal guarantees of Etienne Dodier, Louis Landry and Conrad Leger (officers/directors) limited to $16,200,000 — FCC Loan Agreement (May 16, 2024) principal advanced was $16,200,000 for the 2024 Acquisition; balance stated is 'est · as of 28 Mar 2025 | $16M | Affidavit of Etienne Dodier |
| Secured | |||
| Secured | |||
| Secured | |||
| Secured | |||
| Secured |
5 more claims in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale process approved — SISP approved, Stalking Horse Agreement approved but sale/vesting not yet approvedSale and Investment Solicitation Process (``SISP``) Approval Order · 10 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| CG Group Ltd.Stalking horseall of the issued and outstanding shares of the Applicant · share subscription · agreement 10 Sep 2026 | Subscribers | Proposedoutside 15 Nov 2026 | Sale and Investment Solicitation Process… |
As at ·
Cumulative receipts
$18.2M
As at 9 Sep 2026Monitor's Fourth Report
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.
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See all plans| Date | Document | File |
|---|---|---|
Fourth Amended and Restated Initial Order
| PDF · Subscribers | |
Sale and Investment Solicitation Process (``SISP``) Approval Order
| PDF · Subscribers | |
Monitor's Fourth Report
| PDF · Subscribers | |
Third Amended and Restated Initial Order
| PDF · Subscribers | |
Second Amended and Restated Initial Order
| PDF · Subscribers | |
Monitor's Third Report
| PDF · Subscribers | |
Monitor's Second Report
| PDF · Subscribers | |
Amended and Restated Initial Order
| PDF · Subscribers | |
| Amended Initial Order | PDF · Subscribers | |
Monitor's First Report
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Notice to Creditors
| PDF · Subscribers | |
Initial Order
| PDF · Subscribers | |
Notice of Application
| PDF · Subscribers | |
Affidavit of Etienne Dodier
| 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., “Seafood 2000 Ltd.” (CCAA), Supreme Court of Prince Edward Island. Retrieved 4 November 2026, https://proceedings.ca/case/seafood-2000-ltd
Sources last checked · summary updated 7 August 2026 · Report a correction · Printed from proceedings.ca/case/seafood-2000-ltd
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.