#Claims
Notice of bankruptcy and first meeting of creditors (9561-3261 Quebec Inc.) — Notice to creditors
SRTX Inc., Sheertex Inc., SRTX Software Holdings ULC and Octagon Performance Materials Inc.
ActiveFollow
- Proceeding
- NOISections 65.13 and 183 of the Bankruptcy and Insolvency Act, RSC 1985, c B-3
- File
- 500-11-
- Industry
- Manufacturing · Textiles, apparel & furniture
OverviewSummary updated
SRTX Inc., Sheertex Inc., SRTX Software Holdings ULC and Octagon Performance Materials Inc. filed a Notice of Intention to make a proposal under section 50.4 of the Bankruptcy and Insolvency Act in the Superior Court of Québec on February 17, 2026. As at October 31, 2025, the consolidated Debtors reported total assets of US$129,370,000 against total liabilities of US$166,386,000. Export Development Canada is the principal secured creditor, holding a three-tranche facility with US$46,462,000 outstanding as of the filing date; Royal Bank of Canada's prior operating facility was repaid in full, leaving RBC secured only by US$327,000 in cash collateral and related letter-of-credit exposure. Unsecured claims include US$2,583,333 owed to Katherine Hague.
Proceedings AIOpen Proceedings AI
Case updates6 dated entries
#Sale
The court granted an approval and vesting order for the sale to A.Y.K. International Inc. Closing terms, as extracted: Closing occurs upon issuance of the NOI Trustee's Certificate, at which point the Closing Sequence steps take place, including payment of the Closing Payment, transfer of Excluded Assets/Liabilities to ResidualCo, cancellation of Existing Equity, issuance of Subscribed Shares to the Purchaser, and resignation of directors/officers in favour of Purchaser nominees. Sealed: Subscription Agreement (unredacted copy, Exhibit P-2A), Appendices to the NOI Trustee's Supplemental Report (Exhibit P-4B).
Source: Judgment including Approval and Reverse Vesting Order
#Filing
SRTX Inc., Sheertex Inc., SRTX Software Holdings ULC and Octagon Performance Materials Inc. — NOI filed, Québec.
#Report
First report of the Trustee on the business and financial affairs of the Debtors — Court officer report
Parties
Debtor
SRTX Inc., Sheertex Inc., SRTX Software Holdings ULC and Octagon Performance Materials Inc.
Proposal trustee
PwC
Capital structureAs asserted in the filings
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Export Development Canada · in 106 casesas of NOI filing date — CAD equivalent per list: $63,559,105 — debtor: Octagon Performance Materials Inc. | $46.5M USD | Notices of filing of intention to make a proposal |
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
116 more claims in 2 classes The stack holds Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
Start 5-day trial
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansSale processAs stated in the filings
2 transactions · 1 proposed · 1 approved — The AYK Transaction, implemented via subscription agreement and RVO structure, is approved by the Court.Judgment including Approval and Reverse Vesting Order · 25 Feb 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| unnamed; referred to only as 'the Purchaser', selected Phase 2 successful bidderpurchase of newly issued share capital of SRTX ('Subscribed Shares'), with the transaction including Accounts Receivables, raw materials/inventory, machinery and equipment, and contracts (excluding retained contracts), and excluding the Pointe-Claire and St-Leonard Facility leases · share subscription | Subscribers | Proposed | First report of the Trustee on the business and… |
| A.Y.K. International Inc.the Transactions contemplated by the subscription agreement dated February 16, 2026 ... entered into by and among A.Y.K. International Inc., as investor (the "Purchaser"), and SRTX Inc. ("SRTX"), Sheertex Inc. ("Sheertex"), SRTX Software Holdings ULC ("SRTX Software"), and Octagon Performance Materials Inc. ("OPMI"), as vendors · share subscription · agreement 16 Feb 2026 | Subscribers | Approved25 Feb 2026 | Judgment including Approval and Reverse Vesting… |
AdvisorsPwC Corporate Finance (financial advisor)Judgment including Approval and Reverse Vesting Order
Closing termsClosing occurs upon issuance of the NOI Trustee's Certificate, at which point the Closing Sequence steps take place, including payment of the Closing Payment, transfer of Excluded Assets/Liabilities to ResidualCo, cancellation of Existing Equity, issuance of Subscribed Shares to the Purchaser, and resignation of directors/officers in favour of Purchaser nominees.Judgment including Approval and Reverse Vesting Order
Sealed materialsSubscription Agreement (unredacted copy, Exhibit P-2A); Appendices to the NOI Trustee's Supplemental Report (Exhibit P-4B)Judgment including Approval and Reverse Vesting Order
Estate financialsReported figures — never derived
Total assets at filing
Total liabilities at filing
As at ·
The 2 totals the debtor stated at filing
Each one as the filing states it, with its source.
Start 5-day trial
Card required. Nothing charged for 5 days. Cancel anytime.
Already a subscriber? Sign in.
See all plansDocuments5 filings
| Date | Document | File |
|---|---|---|
Notice of bankruptcy and first meeting of creditors (9561-3261 Quebec Inc.)
| PDF · Subscribers | |
Judgment including Approval and Reverse Vesting Order
| PDF · Subscribers | |
Notices of filing of intention to make a proposal
| PDF · Subscribers | |
Application for the issuance of an approval and reverse vesting order, and other ancillary relief
| PDF · Subscribers | |
First report of the Trustee on the business and financial affairs of the Debtors
| 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., “SRTX Inc., Sheertex Inc., SRTX Software Holdings ULC and Octagon Performance Materials Inc.” (NOI), Superior Court of Québec. Retrieved 4 November 2026, https://proceedings.ca/case/srtx-inc-sheertex-inc-srtx-software-holdings-ulc-and-octagon-performance-materia