Shaw-Almex Industries Limited and related debtors have been under CCAA protection in Ontario since May 13, 2025, following enforcement steps by their two principal secured lenders. Royal Bank of Canada, SAIL's principal secured creditor under a general security agreement, issued a demand letter and notice of intention to enforce security on March 19, 2025, in respect of outstanding principal of $15,589,239.09 and US$523,779.53, plus accrued interest. Business Development Bank of Canada followed on March 28, 2025, in respect of its mortgage over SAIL's real property at 17 Shaw Almex Road, Parry Sound. On an unconsolidated, entity-level basis, SAIL's internal unaudited statements put assets at $24.7 million as at December 31, 2024, against estimated liabilities of $54.9 million drawn from the creditor list filed with its NOI — compared with $25.7 million in assets and $35.9 million in liabilities in its December 31, 2022 audited statements. The proceeding is active.
The officer filed report no. Eighth Report. The Applicants no longer have an operating business following the sale transaction; the Monitor is winding up remaining subsidiaries (mostly by abandonment) and working to resolve outstanding items under the Minutes of Settlement before seeking termination of the CCAA proceedings.
Source: Eighth Report of the Monitor
The court granted an approval and vesting order for the sale to Almex Canada, Limited. Closing terms, as extracted: Effective Time deemed to be August 27, 2025, being the date the Monitor delivered the Monitor's Certificate. Sealed: Confidential Exhibit '1' appended to the Hustrulid Affidavit and the Confidential Exhibit appended to the Third Report.
The court granted an approval and vesting order. Sealed: Confidential Exhibit '1' appended to the Hustrulid Affidavit, Confidential Exhibit appended to the Third Report.
Source: Approval and Vesting Order
Notice of Motion - Determination of Share Purchase Agreement — Application / notice of application
An initial order was granted.
Source: Revised Draft Initial Order to the Applicants' Motion Record
The court approved a sale and investment solicitation process. A phase 1 deadline of 2025-05-22. A bid deadline of 2025-06-12.
Source: SISP Approval Order
Second Report of the Proposal Trustee and the Pre-Filing Report of the Proposed Monitor — Pre-filing report
Debtor
Shaw-Almex Industries Limited et al.
Monitor
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Dietrich | Ontario Superior Court of Justice | 13 orders, May 2025 – May 2026 | 89 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Stikeman Elliott LLP | 30 May 2025 | Order · 30 May 2025 |
| ApplicantShaw-Almex Industries Limited et al. | Reconstruct LLP | 13 May 2025 | Order · 13 May 2025 |
| CreditorSAIL RemainCo Inc | Reconstruct LLP | 12 Jan 2026 | Service list · 12 Jan 2026 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Royal Bank of Canada (RBC) · in 556 casesRBC Credit Agreement / RBC Security (general security over SAIL's assets, pre-existing secured lender); SAIL's principal secured creditor — Principal amount; plus accrued and unpaid interest. RBC issued a demand letter and notice of intention to enforce security on March 19, 2025 (amount stated is current outstanding principal, not tied to a specific dated statement in the document). — debtor: Shaw-Almex Industries Limited (SAIL) | $15.6M | First Report of the Proposal Trustee |
| 4 | Secured | Business Development Bank of Canada (BDC) · in 241 casesBDC Mortgage - mortgage against SAIL's real property located at 17 Shaw Almex Road, Parry Sound — Amount not stated. BDC issued a demand letter and notice of intention to enforce its security on March 28, 2025. The BDC Mortgage ranks ahead of the proposed Administration Charge and DIP Lender's Charge. — debtor: Shaw-Almex Industries Limited (SAIL) | — | First Report of the Proposal Trustee |
| 4 | Secured | BDC Capital Inc. · in 30 casesNot specified — Listed as one of SAIL's secured creditors; no amount or specific security stated. — debtor: Shaw-Almex Industries Limited (SAIL) | — | First Report of the Proposal Trustee |
| 5 | PMSI / lessors | PPSA equipment financiers (PMSI class) · in 183 casesPurchase-money security interests / equipment financing (serialized equipment) — Document refers generically to 'various equipment financiers' among SAIL's secured creditors; no individual amounts stated. — debtor: Shaw-Almex Industries Limited (SAIL) | — | First Report of the Proposal Trustee |
“not stated” means the record names the claim without a figure; “—” means not in the extracted record.
2 transactions · 2 closed — The Applicants sold substantially all of their business to the Purchaser following a robust SISP.Eighth Report of the Monitor · 10 Aug 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Almex Canada, Limitedall of the Vendor's right, title and interest in and to the Purchased Assets, and all of the U.S. Vendor's right, title and interest in and to the Purchased Business Name · assets and shares · nominee/assignee: one or more designee(s) of Almex Canada as designated pursuant to the Purchase Agreement and listed on the Monitor's Certificate · agreement 10 Jul 2025 | SealedConfidential terms of the Asset Purchase Agreement remain sealed | Closed27 Aug 2025 | Eighth Report of the Monitor |
| winning bidders at online auction of Fusion's manufacturing equipment, unnamedcertain of Fusion's manufacturing equipment · auction | $200Kpreliminary estimate of net auction proceeds payable to the estate | Closedoutside 31 Aug 2025 | Fourth Report of the Monitor |
BDC Capital: no distribution.FinalEighth Report of the Monitor · 10 Aug 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | BDC Capital | $3.39M | no distribution | Finalper the monitor | Eighth Report of the Monitor · 10 Aug 2026 |
| Secured | RBC | — | $12Minterim | Finalper the monitor | Eighth Report of the Monitor · 10 Aug 2026 |
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 31 Dec 2024 · per Present book value of assets based on internal unaudited financial statements as at December 31, 2024; present liabilities are an estimate based on SAIL's list of creditors filed with the NOI (that liabilities figure may include amounts owing to non-arm's length parties, and is not separately dated beyond the NOI filing) · SAIL (unconsolidated, entity-level; excludes subsidiaries) — For comparison, as of December 31, 2022 (SAIL's most recent audited financial statements), SAIL had unconsolidated assets with a book value of approximately $25.7 million and unconsolidated liabilities with a book value of approximately $35.9 million.
| Date | Document | File |
|---|---|---|
Eighth Report of the Monitor
| ||
Counsel/Endorsement Slip
| ||
Stay Extension Order
| ||
Factum of the Monitor
| ||
Motion Record of the Monitor
| ||
Seventh Report of the Monitor
| ||
| Aide Mémoire | ||
Monitor's Aide Mémoire
| ||
Amended Approval and Vesting Order
| ||
Service List
| ||
| Sixth Report of the Monitor | ||
Consent Order
| ||
| Proposed Consent Court Order (TUV Settlement) | ||
| The Third Supplemental to the Monitor's Fifth Report | ||
Reply Factum of the Monitor
| ||
| Abbreviated Book of Authorities of Timothy Shaw | ||
| Responding Factum of Timothy Shaw | ||
Amended Notice of Motion (TUV Proceedings)
| ||
| Reply Motion of the Monitor | ||
| Second Supplement to the 5th Report of the Monitor | ||
| Responding Motion of Timothy Shaw | ||
| Supplement to the Fifth Report of the Monitor | ||
| Supplemental Motion Record | ||
| Fifth Report of the Monitor | ||
| TUV Order | ||
Third Stay Extension Order
| ||
| Factum of the Applicants | ||
Fourth Report of the Monitor
| ||
| Motion Record of the Applicants | ||
Monitor's Certificate
| ||
Counsel/Endorsement
| ||
Amended Counsel/Endorsement Slip
| ||
Ancillary Order
| ||
Approval and Vesting Order
| ||
Supplement to the Third Report of the Monitor
| ||
| Third Report of the Monitor | ||
Endorsement Slip
| ||
Second Stay Extension Order
| ||
| Second Report of the Monitor | ||
Aide Mémoire – Brief of Law
| ||
Authorities of the Monitor
| ||
Aide Mémoire of the Monitor
| ||
Notice of Motion - Contempt
| ||
Notice of Motion - Determination of Share Purchase Agreement
| ||
Property Preservation Order
| ||
| Revised Draft Property Preservation Order | ||
| Supplement to the First Report of the Monitor | ||
First Report of the Monitor
| ||
| Notice of Appearance | ||
| Notice to Creditors | ||
Discharge Order
| ||
Initial Order
| ||
SISP Approval Order
| ||
| Shaw Almex Fusion, LLC - List of Known Creditors | ||
| Revised Draft Discharge Order to the Applicants' Motion Record | ||
Revised Draft Initial Order to the Applicants' Motion Record
| ||
| Supplement to the Second Report of the Proposal Trustee and the Pre-Filing Report of the Proposed Monitor | ||
| Second Report of the Proposal Trustee and the Pre-Filing Report of the Proposed Monitor | ||
First Report of the Proposal Trustee
| ||
| Certificate of Filing | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Shaw-Almex Industries Limited et al.” (CCAA), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/shaw-almex-industries-limited-et-al
Sources last checked · summary updated 8 August 2026 · Report a correction · Printed from proceedings.ca/case/shaw-almex-industries-limited-et-al
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.