Ontario · CCAA
Sixth Report of the Monitor
Court officer report · 23 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 filing10 verified
- secured creditorsnote: Related party: Chief Executive Officer of the Applicant and also a secured creditor; amount and security not stated. Also the Investor under the Subscription Agreement (stalking horse), who has stated he no longer intends to close. · page: 2 · debtor: Freshstone Brands Inc. · creditor: Mr. Frank Burdzy · currency: CAD
- secured creditorsnote: Outstanding DIP balance not stated. Lender terminated commitment to make further Advances and elected to accelerate all amounts, declared immediately due and payable (Notice dated Oct 22, 2026); reserves right to make protective advances. DIP is post-filing financing. · page: 10 · debtor: Freshstone Brands Inc. · creditor: Garrington Financial Services Inc. (DIP Lender) · currency: CAD · security: DIP Facility under DIP Facility Loan Agreement dated June 8, 2026 (amended July 20, 2026); commitment up to $7,000,000 (facility limit, not a balance); secured against the Collateral
- closing confirmedscope: the Transactions contemplated by the Subscription Agreement · outcome: not_completed · effective: 2026-10-22 · purchaser: Mr. Frank Burdzy · date basis: stated · approval order date: 2026-10-14
- operational summaryThe Applicant has laid off 123 employees on October 22 and a further 11 on October 23, retaining 25, after the Investor declined further funding and stated it no longer intends to close the Transactions and the DIP Lender terminated its commitment. The Monitor views a liquidation of the Applicant's assets as inevitable and is discussing a consensual liquidation approach.
- purchaserMr. Frank Burdzy
- report date23 October 2026
- report noSixth Report
- sale advisorGlassRatner Advisory Canada Inc.
- sale outcometext: Investor no longer intends to close the Transactions, DIP Lender terminated further advances, and the Monitor considers liquidation of the Applicant's assets inevitable · scope: whole_business · status: not_completed
- stalking horseMr. Frank Burdzy