Proceedings.

Sinobec Group Inc. et al.

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Proceeding
CCAACompanies' Creditors Arrangement Act, RSC 1985, c C-36
File
500-11-065769-255
Filings held61
Last activity14 Sep 2026
On the record528 days
Secured debtSubscribers
OverviewSummary updated

Sinobec Group Inc. and its affiliated companies commenced CCAA proceedings before the Superior Court of Québec under court file 500-11-065769-255, with the application filed June 4, 2025 in Montréal. As of May 26, 2025, secured claims against the group are held by Laurentian Bank of Canada for USD $12,771,181.37, Business Development Bank of Canada for USD $15,325,417.50, Royal Bank of Canada for USD $19,156,772.07 and Bank of Montreal for USD $55,987,210.06. The trustee's list of creditors as of the same date names several hundred unsecured creditors, including trade suppliers, logistics providers and professional firms, with individual claims ranging from under USD $10 to over USD $11 million owed to Perfect Gateway Enterprises.

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Case updates62 dated entries
#Report

The officer filed report no. Seventh Report of the Monitor. Sinobec has ceased operating following the sale of its assets in fall 2025 and the permanent layoff of all employees; the Monitor continues an investigation into recovery of outstanding foreign-to-foreign accounts receivable (approximately $103M) and is seeking a further stay extension to pursue this work.

Source: Seventh report of the Monitor

#Report

The officer filed report no. Sixth Report. Following the closing of the sale of the Purchased Assets to Acquisition Canalum Inc., operations have been wound down in an orderly fashion: employment of remaining staff ended in December 2025, funds were swept to the Monitor's trust accounts, and the only remaining accounts receivable are the F2F A/R, which the Monitor continues to investigate.

Source: Sixth report of the Monitor

#Report

The officer filed report no. Fifth Report. Sinobec is winding down operations: 62 of 76 employees have been permanently laid off, the remainder will follow after the sale to the Purchaser closes, and operations will cease at closing. The Monitor's forensic investigation of the F2F accounts receivable is ongoing, and the Monitor supports a stay extension and designating the proceeding a liquidating CCAA for WEPP.

Source: Fifth report of the Monitor

#Sale

The court granted an approval and vesting order for the sale to Acquisition Canalum Inc. Sealed: unredacted version of the Purchase Agreement.

Source: Approval and Vesting Order

#Report

The officer filed report no. Fourth Report. The debtors are in a CCAA sale process; the Monitor has selected Acquisition Canalum Inc. as successful bidder to buy the inventory, normal-course receivables and equipment, with leases to be disclaimed after closing and employees not being retained. The F2F receivables investigation continues.

Source: Fourth report of the Monitor

#Report

The officer filed report no. Third Report. Sinobec continues to operate under CCAA protection, conducting COD sales of inventory and collecting pre-filing receivables funded by an interim DIP facility, while the second phase of the SISP continues and the Monitor investigates the F2F accounts receivable.

Source: Third report of the Monitor

#Order

Sinobec Group Inc. et al. — CCAA filed, Québec.

Guide

What happens to employees when a company goes bankrupt in Canada

When a Canadian employer goes bankrupt or into creditor protection, its workers are owed pay it cannot meet. What ranks first, what the Wage Earner Protection Program pays and how to apply, and what happens to severance, pensions, benefits and jobs when the business is sold, drawn from the court record.

Case update

Sinobec: a worldwide freeze, and the monitor's hand on the cheques

Fifteen months after Sinobec Group sought CCAA protection, its monitor and Bank of Montreal are suing the aluminum trader's founder for CAD 91,222,670.42, have seized his shares and 29 Québec properties before judgment, and hold a freeze over his companies in ten countries. On August 27 PwC asked the court to rule that $410,548 of the companies' payments are outside the ordinary course, to put a Montréal building's sale proceeds in trust, and to hold the group to cash-neutral spending until an interlocutory hearing set for January 2027.

Parties

Debtor

Sinobec Group Inc. et al.

Monitor

PwC

Bench and counselPer the orders and service lists on the record

Bench

JudgeCourtOn this docketCases on record
Justice RogersSuperior Court of Québec16 orders, Aug 2025 – Aug 202616 cases on record
Justice PinsonnaultSuperior Court of Québec2 orders, Jun 202631 cases on record
Justice BissonSuperior Court of Québec2 orders, Jul 2025 – Aug 20254 cases on record
Justice CorriveauSuperior Court of Québec2 orders, May 202512 cases on record

Counsel of record

PartyCounselFirst seenSource
MonitorPwCStikeman Elliott LLP23 Jan 2026Service list · 23 Jan 2026
ApplicantSinobec Group Inc. et al.Osler, Hoskin & Harcourt LLP26 May 2025Order · 26 May 2025
CreditorC. RMcCarthy Tétrault LLP23 Jan 2026Service list · 23 Jan 2026
CreditorDachser USA Air & Sea Logistics IncGardiner Roberts LLP23 Jan 2026Service list · 23 Jan 2026
CreditorEverlast GroupBlaney McMurtry LLP23 Jan 2026Service list · 23 Jan 2026
CreditorMe Jennifer StamNorton Rose Fulbright Canada LLP23 Jan 2026Service list · 23 Jan 2026
CreditorMe Jordan KleinWinston & Strawn LLP23 Jan 2026Service list · 23 Jan 2026
CreditorMidwest Industrial MetalsBlake, Cassels & Graydon LLP23 Jan 2026Service list · 23 Jan 2026
CreditorPORT CITY LOGISTICSBenesch Friedlander Copan & Aronoff LLP14 Sep 2026Service list · 14 Sep 2026
CreditorPosner Metals LimitedCozen O'Connor LLP23 Jan 2026Service list · 23 Jan 2026
Capital structureAs asserted in the filings
stated amounts, drawn to scale · for subscribers
#Priority classCreditorAmountSource
4SecuredBank of Montreal · in 297 casesdebtor: Sinobec Group Inc. & al. · as of 26 May 2025$56M USDList of creditors as of May 26, 2025
4Secured
4Secured
4Secured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured
8Unsecured

214 more claims in 2 classes The stack holds Secured and Unsecured claims.

Every creditor and every amount, drawn to scale.

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Sale processAs stated in the filings

Sale closed — the transaction previously approved by the Court as part of the Approval and Vesting Order, with net proceeds distributedSeventh report of the Monitor · 10 Jun 2026

Parties solicited

130

Fourth report of the Monitor

Bid deadline (round closed)

3 July 2025

SISP Approval Order

PurchaserPriceStatusSource
Acquisition Canalum Inc.the assets described in Schedule "C" hereof (the " Purchased Assets ") · asset saleSubscribersClosed18 Sep 2025outside 5 Sep 2025Seventh report of the Monitor
AdvisorsPricewaterhouseCoopers Corporate Finance Inc. (financial advisor); SISP Advisor (sale agent)Fifth report of the Monitor
Sealed materialsunredacted version of the Purchase AgreementApproval and Vesting Order
RecoveriesAs stated in the filings

Unsecured creditors: no distribution. the Lenders a distribution.EstimatedSixth report of the Monitor · 26 Jan 2026

ClassCreditorClaimsRecoveryBasisSource
Securedthe Lenders—a distributionconditionalper the monitorSixth report of the Monitor · 26 Jan 2026
Preferredformer employees—no distributionconditionalEstimatedper the debtorApplication for a Stay Extension Order and a WEPPA Order · 3 Oct 2025
Unsecured——no distributionEstimatedper the monitorSixth report of the Monitor · 26 Jan 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.

Estate financialsReported figures — never derived

Cash on hand

$2.75M USD

As at 8 Jun 2026Seventh report of the Monitor

Professional fees

As at

1 more reported figure

Each one as the filing states it, with its source.

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Documents
61 filings
DateDocumentFile
Service List as of September 14, 2026
  • Counsel Cozen O'Connor LLP
PDF · Subscribers
Schedule for Presentation of the Application for Interlocutory InjunctionPDF · Subscribers
Motion of the monitor for directionsPDF · Subscribers
Case Management Order on the time limit to apply for quashing of the seizure before judgment
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Order granting motion of foreign representative for (i) recognition of Fourth amended and restated initial order and (ii) related relief
  • Order date 13 August 2026
PDF · Subscribers
Safeguard Order
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Safeguard Order (Final)
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Safeguard Order – dated 2026-07-07
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Modified originating application, application for a seizure before judgment, Application for injunctive relief and Application for Safeguard OrderPDF · Subscribers
Minutes of hearing (en français seulement)
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Fourth Amended and Restated Initial Order
  • Presiding officer Justice Michel A. Pinsonnault
PDF · Subscribers
Judgment on the application to issue the fourth amended and restated initial order
  • Presiding officer Justice Michel A. Pinsonnault
PDF · Subscribers
Order for Injunctive Relief and Other Ancillary Relief
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Order for Seizure Before Judgment (in French only)
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Stay Extension Order
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Seventh report of the Monitor
  • Closing confirmed Closed · 18 Sep 2025 · Acquisition Canalum Inc.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Application for a Stay Extension OrderPDF · Subscribers
Exhibits of Marie-Chantal Dréau’s Sworn StatementPDF · Subscribers
Exhibits of Originating ApplicationPDF · Subscribers
Originating application, Application for a seizure before judgment, Application for injunctive relief, Application to proceed in camera, Application for a confidentiality order, Application for Special Mode of Service and de bene esse application to proceed ex partePDF · Subscribers
Sworn Statement of Marie-Chantal DréauPDF · Subscribers
Sworn Statement of Marie-Klaude GagnonPDF · Subscribers
Sworn Statement of Philippe JordanPDF · Subscribers
Stay Extension Order – dated 2026-03-26
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Amended Application for a Fourth Amended and Restated Initial OrderPDF · Subscribers
Stay Extension Order – dated 2026-01-30
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Distribution Order
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Sixth report of the Monitor
  • Closing confirmed Closed · Acquisition Canalum Inc.
  • Operational summary Following the closing of the sale of the Purchased Assets to Acquisition Canalum Inc., operations have been wound down in an orderly fashion: employment of remaining staff ended in December 2025, funds were swept to the Monitor's trust accounts, and the only remaining accounts receivable are the F2F A/R, which the Monitor continues to investigate.
  • Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Application for a Fourth Amended and Restated Initial Order and a Distribution OrderPDF · Subscribers
Service List as of January 23, 2026
  • Counsel Norton Rose Fulbright LLP
PDF · Subscribers
Order (i) recognizing and enforcing a vesting order, (ii) approving the sale of certain of the Debtors’ assets, (iii) approving assumption an assignment of certain contracts and (iv) granting Related Relief
PDF · Subscribers
Stay Extension Order – dated 2025-10-07
  • Counsel Osler Hoskin & Harcourt LLP
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
WEPPA Order
  • Counsel Osler Hoskin & Harcourt LLP
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Fifth report of the Monitor
  • Operational summary Sinobec is winding down operations: 62 of 76 employees have been permanently laid off, the remainder will follow after the sale to the Purchaser closes, and operations will cease at closing. The Monitor's forensic investigation of the F2F accounts receivable is ongoing, and the Monitor supports a stay extension and designating the proceeding a liquidating CCAA for WEPP.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 8 more extracted facts
PDF · Subscribers
Application for a Stay Extension Order and a WEPPA Order
  • Recovery outcome Entries: per estimated · Table missing:
PDF · Subscribers
Approval and Vesting Order
  • Order date 18 September 2025
  • Presiding officer Justice Karen M. Rogers
  • Purchaser Acquisition Canalum Inc. · the assets described in Schedule "C" hereof (the " Purchased Assets ") · asset sale · approved
  • Sealed items unredacted version of the Purchase Agreement
  • + 1 more extracted fact
PDF · Subscribers
Order of Cancellation and Reduction of Security Registrations (in French only)
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Fourth report of the Monitor
  • Operational summary The debtors are in a CCAA sale process; the Monitor has selected Acquisition Canalum Inc. as successful bidder to buy the inventory, normal-course receivables and equipment, with leases to be disclaimed after closing and employees not being retained. The F2F receivables investigation continues.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 9 more extracted facts
PDF · Subscribers
Application for the Issuance of an Approval and Vesting OrderPDF · Subscribers
Order granting motion of foreign representative for (i) recognition of recognition of Third amended and restated initial order and (ii) related reliefPDF · Subscribers
Third Amended and Restated Initial Order
  • Counsel Osler Hoskin & Harcourt LLP
  • Presiding officer Justice Karen M. Rogers
PDF · Subscribers
Third report of the Monitor
  • Operational summary Sinobec continues to operate under CCAA protection, conducting COD sales of inventory and collecting pre-filing receivables funded by an interim DIP facility, while the second phase of the SISP continues and the Monitor investigates the F2F accounts receivable.
  • Cash on hand · Disbursements · Financial position Subscribers
  • + 7 more extracted facts
PDF · Subscribers
Application for a Third Amended and Restated Initial OrderPDF · Subscribers
Order granting motion of foreign representative for (i) recognition of recognition of Second amended and restated initial order and (ii) related relief
  • Presiding officer Justice Donald Bisson
PDF · Subscribers
Second Amended and Restated Initial Order
  • Presiding officer Justice Donald Bisson
PDF · Subscribers
Second report of the Monitor
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Application for a Second Amended and Restated Initial OrderPDF · Subscribers
Order granting (i) recognition of foreign main proceeding; (ii) recognition of foreign representative; (iii) recognition of initial order, amended and restated initial order, and SISP order; and (iv) related reliefPDF · Subscribers
Amended and Restated Initial Order
  • Presiding officer Justice Martin F. Sheehan
PDF · Subscribers
First Report of the Monitor
  • Sale outcome Liquidation in progress — SISP initiated; teaser and NDA sent to potential buyers; Phase 1 ongoing
  • Financial position · Secured creditors · Stalking horse Subscribers
PDF · Subscribers
Motion for the expansion of the Monitor’s Powers
  • Applicant Sinobec Group Inc.
  • Appointee PricewaterhouseCoopers Inc.
  • Appointee role monitor
  • Commencement date 4 June 2025
  • + 3 more extracted facts
PDF · Subscribers
Notice to creditors of the initial order and Chapter 15 proceedings
PDF · Subscribers
Order directing joint administration of cases and authorizing the filing of a consolidated list under Bankruptcy Rule 1007PDF · Subscribers
Order granting leave to exceed page limitPDF · Subscribers
Order granting provisional relief pursuant to Section 1519 of the Bankruptcy CodePDF · Subscribers
Order scheduling recognition hearing and specifying form and manner of service of noticePDF · Subscribers
First Day Initial Order
  • Applicant SINOBEC GROUP INC.
  • Appointee PricewaterhouseCoopers Inc.
  • Appointee role monitor
  • Commencement date 26 May 2025
  • + 6 more extracted facts
PDF · Subscribers
List of creditors as of May 26, 2025
  • Financial position · Secured creditors · Unsecured creditors Subscribers
PDF · Subscribers
Report of the proposed Monitor on the business and financial affairs of the debtor companiesPDF · Subscribers
SISP Approval Order
  • Bid deadline 3 July 2025
  • Order date 26 May 2025
  • Outside date 5 September 2025
  • Break fee Subscribers
  • + 4 more extracted facts
PDF · Subscribers
Application for a first day initial order, an amended and restated initial order, a sale and investment solicitation process order and certain ancillary reliefPDF · Subscribers

Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.

CiteProceedings., “Sinobec Group Inc. et al.” (CCAA), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/sinobec-group-inc-et-al

Sources last checked · summary updated 13 August 2026 · Report a correction · Printed from proceedings.ca/case/sinobec-group-inc-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.