#Order
Quebec Court of Appeal - Authorization to appeal the October 8, 2025 judgment (in French) — Endorsement / reasons
Varennes Cellulosic Ethanol LP and 7037163 Canada Inc. dba Recyclage Carbone Varennes
ActiveFollow
- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
- Court
- Superior Court of Québec · Commercial Division
- File
- 500-11-065381-259
OverviewSummary updated
Varennes Cellulosic Ethanol LP and 7037163 Canada Inc., which does business as Recyclage Carbone Varennes, have been under CCAA protection since the Superior Court of Québec (Commercial Division) in Montréal issued an Initial Order on March 11, 2025. VCE was established to oversee the financing, construction and management of an approximately $1.49 billion project at Varennes, Québec. Ernst & Young Inc. is Monitor. The Court approved a sale and investment solicitation process on March 31, 2025, under which Phase 1 deadlines ran to June 11, 2025 and bid deadlines to August 7, 2025. On September 29, 2025 the Court granted a reverse vesting order in connection with a transaction with StormFisher Hydrogen Ltd. and two ResidualCos, 9550-1714 Québec inc. and 9550-1870 Québec inc. The non-redacted Purchase Agreement was filed under seal. The proceeding remains active.
Proceedings AIOpen Proceedings AI
Case updates78 dated entries
#Order
Quebec Court of Appeal - Minutes of the November 28, 2025 hearing ( in French) — Endorsement / reasons
#Filing
Debtors’ plan of arguments in support of the Re-Amended Motion for the Transfer of the Arbitration Proceedings (in French) — Application / notice of application
#Filing
Exhibits in support of the Re-Amended Motion for the Transfer of the Arbitration Proceedings — Application / notice of application
#Filing
Re-Amended Motion for the Transfer of the Arbitration Proceedings — Application / notice of application
#Order
Ordonnance d'annulation et de radiation (en français) was filed.
Source: Ordonnance d'annulation et de radiation (en français)
#Order
Reasoned judgment of the Court in connection with the orders rendered was filed.
Source: Reasoned judgment of the Court in connection with the orders rendered
#Report
The officer filed report no. Amended Monitor's Fifth Report. The CCAA Parties continue to stabilize and preserve the Project (biofuels and electrolyzer plants), advancing critical-path work such as Hydro-Québec substation commissioning, while a court-approved sale (reverse vesting transaction) to StormFisher Hydrogen Ltd. is pending closing.
Source: Amended Monitor's Fifth Report
#Sale
Court granted a reverse vesting order concerning the transaction with StormFisher Hydrogen Ltd., involving ResidualCo 1 (9550-1714 Québec inc.) and ResidualCo 2 (9550-1870 Québec inc.); the non-redacted Purchase Agreement, Exhibit R-2A, was sealed.
Source: Exhibits - RVO Application
#Report
The officer filed report no. Fifth Report. The CCAA Parties are continuing limited operations focused on preserving the Biorefinery and preparing the Electrolyzer (including Hydro-Québec power line commissioning), while the court-approved sale process has produced a single bid from StormFisher Hydrogen; a reverse vesting transaction is proposed to close by October 10, 2025, with no distribution expected to creditors other than certain charge beneficiaries.
Source: Monitor's Fifth Report
#Sale
Application for the Issuance of an Approval and Reverse Vesting Order and Other Relief — Reverse vesting order
#Filing
Litigation Timetable (Application by Conceptum Logistics USA LLC) — Application / notice of application
#Order
Order Extending the Stay Period and Approving an Interim Financing and Increasing the Interim Lenders' Charge was filed.
#Report
Monitor submitted a further report on August 11, 2025, days after the August 7 bid deadline under the SISP closed.
Source: Amended Monitor's Fourth Report
#Filing
Application For The Issuance of An Order Extending The Stay Period and Approving An Interim Financing and Increasing The Interim Lenders' Charge — Application / notice of application
#Report
Monitor reported measures since its Third Report: receipt of remaining super and truckable modules from China, an amended Hydro-Québec payment schedule with 230kV line commissioning rescheduled to late September 2025, demobilization of non-critical components, SISP advancement, negotiations with Conceptum USA and stay notices to subcontractors.
Source: Monitor's Fourth Report
#Order
Stay Extension Order, until and including August 1, 2025 was filed.
Source: Stay Extension Order, until and including August 1, 2025
#Filing
Amended Application for the Issuance of a Stay Extension Order to August 1, 2025 — Application / notice of application
#Filing
Amended Motion for the Transfer of the Arbitration Proceedings Under the Present CCAA Proceedings — Application / notice of application
#Filing
Application for the Issuance of a Stay Extension Order to June 13, 2025 — Application / notice of application
#Order
The court approved a sale and investment solicitation process. A phase 1 deadline of 2025-05-28. A bid deadline of 2025-07-09.
#Order
The Court issued a further order on March 25, 2025, a day after the Monitor's report of March 24.
Source: Stay Extension Order
#Filing
Amended Application for the extension of the stay of proceedings (in French) - March 25, 2025 — Application / notice of application
#Filing
Amended Motion for the extension of the stay of proceedings (en français) — Application / notice of application
#Report
Monitor reported steps taken since the Initial Order: capital investment scaled back to preserve liquidity, supplier negotiations for an orderly slowdown, a stakeholder communication plan and staff reductions.
#Filing
Exhibits - Application for the Issuance of a Stay Extension Order — Application / notice of application
#Filing
Motion for the extension of the stay of proceedings (en français) — Application / notice of application
#Order
5-Exhibit R-3 - Amended Restated Initial Order (redline against previous version served March 10, 2025) — Amended and restated initial order
#Order
Exhibit R-2 - SISP Order & SISP Procedures (redline against version served March 10, 2025) — Sale process approval order
#Order
Varennes Cellulosic Ethanol LP and 7037163 Canada Inc. dba Recyclage Carbone Varennes — CCAA filed, Québec.
Source: Initial Order - March 11, 2025
#Report
Ernst & Young Inc. submitted its report on March 10, 2025, the day before the Initial Order was issued.
Parties
Debtor
Varennes Cellulosic Ethanol LP and 7037163 Canada Inc. dba Recyclage Carbone Varennes
Monitor
EY
Bench and counselPer the orders and service lists on the record
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Castonguay | Superior Court of Québec | 6 orders, Mar 2025 – Aug 2025 | 27 cases on record |
| Justice Sheehan | Superior Court of Québec | 5 orders, Oct 2025 | 14 cases on record |
Counsel of record
Capital structureAs asserted in the filings
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Canada Infrastructure Bank (CIB Loan) · in 2 casesFirst-ranking security over all of the Partnership's assets, on a pari passu basis with the IQ Loan; facility limit up to $277,000,000 (including up to $22,600,000 to secure letters of credit) — Outstanding balance was $13,001,630 as at December 31, 2023 (audited financial statements); September 30, 2024 balance is from unaudited condensed interim financial statements. — debtor: Varennes Cellulosic Ethanol LP · as of 30 Sep 2024 | $41.4M | Exhibits R-13 to R-17A |
| Secured |
1 more claim in 1 class The stack holds Secured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale processAs stated in the filings
Sale approved — Vesting-related order authorizing cancellation and reduction of registered Charges against the Retained Assets so the Purchaser keeps them free and clear, following the approval and reverse vesting order of the same dateOrdonnance d'annulation et de radiation (en français) · 8 Oct 2025
| Purchaser | Price | Status | Source |
|---|---|---|---|
| STORMFISHER HYDROGEN LTD.Retained Assets (Actifs conservés) of the VCE Entities, retained free and clear of Charges under the reverse vesting sequence · share sale · ResidualCo: 9550-1714 Québec Inc. ("ResidualCo 1") and 9550-1870 Québec Inc. ("ResidualCo 2") · agreement 24 Sep 2025 | Subscribers | Closed10 Oct 2025outside 10 Oct 2025 | Monitors Certificate |
AdvisorsBarclays (financial advisor)Reasoned judgment of the Court in connection with the orders rendered
Closing termsController's Certificate to be delivered once the Purchase Agreement is signed and closed, the Purchase Price satisfied, closing conditions satisfied or waived, and the Escrowed Funds established; the registrar then reduces or cancels the Charges on the Retained AssetsOrdonnance d'annulation et de radiation (en français)
Sealed materialsNon-redacted copy of the Purchase Agreement; Non-redacted Purchase Agreement (Exhibit R-2A); Non-redacted Amendment to the Purchase Agreement (Exhibit R-9A); Appendix A of the Monitor's Report (Exhibit R-5); Appendixes A, D, E and F of the Monitor's Amended Report; unredacted Purchase Agreement; Monitor's liquidation value analysis and related confidential annexes; Purchase Agreement (Convention d'achat) between the VCE Entities and StormFisher Hydrogen Ltd., Exhibit R-2AExhibits - RVO Application
RecoveriesAs stated in the filings
Secured creditors: no distribution.EstimatedAmended Monitor's Fifth Report · 3 Oct 2025
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | secured creditors (including any holders of legal hypothecs of construction) | — | no distributionconditional | Estimatedper the monitor | Amended Monitor's Fifth Report · 3 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.
Estate financialsReported figures — never derived
Total assets at filing
As at ·
Cumulative receipts
$186K
As at 25 Sep 2025Monitor's Fifth Report
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plansDocuments
77 filings
| Date | Document | File |
|---|---|---|
| Quebec Court of Appeal - Authorization to appeal the October 8, 2025 judgment (in French) | PDF · Subscribers | |
| Quebec Court of Appeal - Minutes of the November 28, 2025 hearing ( in French) | PDF · Subscribers | |
| Argumentation Plan of the Participants (in French) | PDF · Subscribers | |
| Source Book of the Participants (in French) | PDF · Subscribers | |
| Notice of Appeal (in French) | PDF · Subscribers | |
| Judgment - 23 octobre 2025 (Proman) | PDF · Subscribers | |
| Minutes of the hearing on October 21, 2025 (Proman) (in French) | PDF · Subscribers | |
| 04 Debtors’ book of authorities in support of the plan of arguments | PDF · Subscribers | |
| Debtors’ plan of arguments in support of the Re-Amended Motion for the Transfer of the Arbitration Proceedings (in French) | PDF · Subscribers | |
| Application for Leave to Appeal (in French) | PDF · Subscribers | |
| Exhibits in support of the Re-Amended Motion for the Transfer of the Arbitration Proceedings | PDF · Subscribers | |
| Re-Amended Motion for the Transfer of the Arbitration Proceedings | PDF · Subscribers | |
Monitors Certificate
| PDF · Subscribers | |
Administrative Reserve Order
| PDF · Subscribers | |
Approval and Reverse Vesting Order
| PDF · Subscribers | |
Ordonnance d'annulation et de radiation (en français)
| PDF · Subscribers | |
Reasoned judgment of the Court in connection with the orders rendered
| PDF · Subscribers | |
Release Order
| PDF · Subscribers | |
| Updated Exhibits for October 8, 2025 motion | PDF · Subscribers | |
Amended Monitor's Fifth Report
| PDF · Subscribers | |
Monitor's Fifth Report
| PDF · Subscribers | |
| Application for the Issuance of an Approval and Reverse Vesting Order and Other Relief | PDF · Subscribers | |
Exhibits - RVO Application
| PDF · Subscribers | |
Litigation Timetable (Application by Conceptum Logistics USA LLC)
| PDF · Subscribers | |
Order Extending the Stay Period and Approving an Interim Financing and Increasing the Interim Lenders' Charge
| PDF · Subscribers | |
Amended Monitor's Fourth Report
| PDF · Subscribers | |
| Application For The Issuance of An Order Extending The Stay Period and Approving An Interim Financing and Increasing The Interim Lenders' Charge | PDF · Subscribers | |
Monitor's Fourth Report
| PDF · Subscribers | |
Sixth Notice of Modification to SISP Procedures
| PDF · Subscribers | |
Fifth Notice of Modification to SISP Procedures
| PDF · Subscribers | |
Fourth Notice of Modification to SISP Procedures
| PDF · Subscribers | |
| Arguments – special notification mode (in french) | PDF · Subscribers | |
Stay Extension Order, until and including August 1, 2025
| PDF · Subscribers | |
Third Notice of Modification to SISP Procedures
| PDF · Subscribers | |
| Amended Application for the Issuance of a Stay Extension Order to August 1, 2025 | PDF · Subscribers | |
| Amended Motion for the Transfer of the Arbitration Proceedings Under the Present CCAA Proceedings | PDF · Subscribers | |
Monitor’s Third Report
| PDF · Subscribers | |
| Application for the Issuance of a Stay Extension Order to June 13, 2025 | PDF · Subscribers | |
Second Notice of Modification to SISP Procedures
| PDF · Subscribers | |
Notice of Modification to SISP Procedures
| PDF · Subscribers | |
Service List - Comeback Hearing
| PDF · Subscribers | |
Amended and Restated Initial Order - March 31, 2025
| PDF · Subscribers | |
Sale and Investment Solicitation Process Order
| PDF · Subscribers | |
Monitor's Second Report - March 30, 2025
| PDF · Subscribers | |
| Virtual Hearings - Permanent Links - Superior Court - Montreal | PDF · Subscribers | |
| Amended Application for the extension of the stay of proceedings (in French) - March 25, 2025 | PDF · Subscribers | |
| Amended Motion for the extension of the stay of proceedings (en français) | PDF · Subscribers | |
Stay Extension Order
| PDF · Subscribers | |
Application for the Issuance of a Stay Extension Order
| PDF · Subscribers | |
Exhibits - Application for the Issuance of a Stay Extension Order
| PDF · Subscribers | |
Monitor's First Report - March 24, 2025
| PDF · Subscribers | |
| Motion for the extension of the stay of proceedings (en français) | PDF · Subscribers | |
4-Exhibit R-3 (revised)
| PDF · Subscribers | |
5-Exhibit R-3 - Amended Restated Initial Order (redline against previous version served March 10, 2025)
| PDF · Subscribers | |
6-Exhibit R-3A (revised)
| PDF · Subscribers | |
Annexe R-2 - Ordonnance de processus de sollicitation de vente et d'investissement (version annotée par rapport à la version du 10 mars 2025 - en anglais)
| PDF · Subscribers | |
| Exhibit R-2 (revised) | PDF · Subscribers | |
| Exhibit R-2 - SISP Order & SISP Procedures (redline against version served March 10, 2025) | PDF · Subscribers | |
| Exhibit R-3 (revised) | PDF · Subscribers | |
| Exhibit R-3 - Amended Restated Initial Order (redline against previous version served March 10, 2025) | PDF · Subscribers | |
| Exhibit R-3A (revised) | PDF · Subscribers | |
| Notice of Presentation | PDF · Subscribers | |
| Notice of Presentation - ARIO | PDF · Subscribers | |
| List of creditors as at March 11, 2025 (amended) | PDF · Subscribers | |
| Notice to creditors | PDF · Subscribers | |
Initial Order - March 11, 2025
| PDF · Subscribers | |
Liste de notification - 11 mars 2025
| PDF · Subscribers | |
| Annexes R-4 à R-9 (en anglais) | PDF · Subscribers | |
Application for the issuance of an initial order, an amended and restated initial order and a sale and investment solicitation process order - March 10, 2025
| PDF · Subscribers | |
Exhibit R-10
| PDF · Subscribers | |
Exhibit R-11
| PDF · Subscribers | |
| Exhibit R-12 (in French) | PDF · Subscribers | |
Exhibits R-1 to R-3A
| PDF · Subscribers | |
Exhibits R-13 to R-17A
| PDF · Subscribers | |
Liste de notification - 10 mars 2025
| PDF · Subscribers | |
Proposed Monitor's Report - March 10, 2025
| PDF · Subscribers | |
Service List - March 10, 2025
| 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., “Varennes Cellulosic Ethanol LP and 7037163 Canada Inc. dba Recyclage Carbone Varennes” (CCAA), Superior Court of Québec · Commercial Division. Retrieved 4 November 2026, https://proceedings.ca/case/varennes-cellulosic-ethanol-lp-and-7037163-canada-inc-dba-recyclage-carbone-vare