Ontario · CCAA
Third Report of the Receiver, Richter Inc. – dated October 15, 2026
Court officer report · 15 October 2026
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing16 verified
- unsecured creditorsnote: Preferred/priority class (statutory super-priority wage claims), not ordinary unsecured. Amount is stated as approximate. ESDC denied a number of WEPPA applications; the Receiver proposes paying s. 81.4 amounts directly to the employees. · page: 16 · as of: April 28, 2026 (termination date) · basis: Receiver identified approximately $116,408.80 of priority wage claims pursuant to s. 81.4 of the BIA · amount: 116408.8 · debtor: Synaptive Medical Inc. · creditor: Terminated Employees (72 employees) - priority wage claims under s. 81.4 BIA / WEPPA · currency: CAD
- unsecured creditorsnote: Disputed/unverified: the Receiver could not confirm that the amount, or any amount, remains owing and could not reconcile the statement of account with bank records. The time to perfect the lien has expired. The Receiver concluded no Construction Act statutory trust arises. · page: 18 · basis: Construction lien claim for allegedly unpaid invoices (statement of account) on a subcontract price of $2,012,364.82 for office renovation · amount: 133177.51 · debtor: Synaptive Medical Inc. · creditor: Heritage Property Investments Inc. · currency: CAD
- unsecured creditorsnote: Amount not stated on these pages. Pacer holds a possessory lien (RSLA) over warehoused property (three MRI machines and other equipment), accepted by the Receiver as effective against that property; lien rights preserved in ARVO para. 21 with rights to dispute existence and extent reserved. Claim is asserted, not adjudicated. · page: 19 · basis: Warehousing services under Warehousing Proposal dated November 15, 2021; asserts pre-Receivership amounts owed via Statement of Claim · debtor: Synaptive Medical Inc. · creditor: Pacer Air Freight Ltd. · currency: CAD
- secured creditorsnote: Claim amounts determined through the negative-notice Junior Claims Process (bar date August 5, 2026); the Receiver states the quantum of all Proven Junior Noteholder Claims is finalized, but the aggregate amount is not stated on these pages. Only partial recovery (pro rata distribution of the remaining balance) is expected. · page: 28 · as of: June 26, 2025 (issuance date of the Junior Notes) · debtor: Synaptive Medical Inc. · creditor: Junior Noteholders (holders of subordinated secured promissory notes issued June 26, 2025) · currency: CAD · security: Subordinated secured promissory notes (the Junior Notes)
- secured creditorsnote: Amount is the stated principal of the Senior Note only; accrued and unpaid interest not quantified. Separately, EDC's enforcement costs are stated at $182,447.44 (CAD), added to the amount to be distributed to EDC. The Receiver proposes payment of the CAD equivalent of US$6,000,000 plus enforcement costs plus accrued interest in full and final satisfaction. EDC is also the applicant and funded the Receiver's First Borrowings Charge (up to $400,000, repaid per the Receiver's report). · page: 29 · amount: 6000000 · debtor: Synaptive Medical Inc. · creditor: Export Development Canada (EDC) · currency: USD · security: Senior Note; EDC's secured claim, principal US$6,000,000 plus accrued interest and costs
- unsecured creditorsnote: Trust claim, not an ordinary debt; funds are held apart from the Receivership estate and are proposed to be paid to HCS. Receiver's view; validity subject to Court approval. · page: 29 · basis: Asserted statutory trust claim over BuildNS Funds held in a segregated account; the Receiver believes the funds are impressed with a statutory trust and are not property of the estate · amount: 302742.72 · debtor: Synaptive Medical Inc. · creditor: Health Care Solutions (HCS) / Build Nova Scotia (BuildNS) - segregated trust funds · currency: CAD
- closing confirmedscope: the Transaction contemplated by the Subscription Agreement (share subscription of Synaptive) · outcome: completed · effective: 2026-08-04 · purchaser: Globus Medical Inc. · date basis: stated · approval order date: 2026-07-10
- disbursementsnote: Stated as approximately $2.7 million; net cash flow of approximately $11.9 million over the Period. · since: April 28, 2026 (commencement of the Receivership) to October 9, 2026 · amount: 2700000 · currency: CAD
- operational summaryFollowing closing of the reverse vesting transaction with Globus Medical on August 4, 2026, the Receiver is transitioning the business to the Purchaser, winding down subleased premises, finalizing claims and customer refunds, and seeking approval of distributions and its discharge.
- professional feesnote: Fees only, excluding sales tax; disbursements of $2,223.70 are additional. McMillan LLP (Receiver's counsel) fees of $445,468.45 plus disbursements of $1,669.65 for April 22 to September 30, 2026, also excluding sales tax. Estimated remaining fees and disbursements of $100,000 excluding tax ($60,000 Receiver, $40,000 McMillan). · party: Richter Inc. (the Receiver) · amount: 354990 · period: April 22, 2026 to October 9, 2026 · currency: CAD
- purchaserGlobus Medical Inc.
- receipts cumulativenote: Stated as approximately $14.6 million; primarily transaction proceeds of $12.6 million, Receiver's borrowings, cash in Company accounts of approximately $304,000, the BuildNS Funds and A/R collections of approximately $170,000. · since: April 28, 2026 (commencement of the Receivership) to October 9, 2026 · amount: 14600000 · currency: CAD
- report date15 October 2026
- report noThird Report
- sale outcometext: The Transaction with Globus Medical Inc. closed on August 4, 2026 following the ARVO granted July 10, 2026. · scope: whole_business · status: closed
- stalking horse1001599818 Ontario Inc.