Quebec · CCAA
Fourth Report to the Court
Court officer report · 6 August 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing12 verified
- cash on handnote: Stated as $41.6 M closing cash balance · as at: 2025-07-20 · amount: 41600000 · currency: CAD
- closing confirmedscope: the Mach Transaction · outcome: completed · effective: 2025-05-10 · purchaser: 9539-5893 Quebec Inc. · date basis: stated · approval order date: 2025-04-28
- disbursementsnote: Total disbursements per Appendix A budget-to-actual statement · since: 13-week period ended July 20, 2025 · amount: 3948000 · currency: CAD
- operational summaryThe Debtors' business and assets were sold via the Mach Transaction; the Monitor is now pursuing a sale process (GSI SISP) for the separate GSI Outdoors business while winding down remaining CCAA matters, including distributions and a stay extension.
- professional feesnote: Actual professional fees per Appendix A budget-to-actual table; forecasted professional fees for the 19-week period ending November 30, 2025 are $2,636.5 thousand · party: Monitor, monitor's legal counsel, GSI SISP Advisor and Applicant's legal counsel (collectively) · amount: 1702000 · period: 13-week period ended July 20, 2025 · currency: CAD
- purchaser9539-5893 Quebec Inc.; price: sealed: false · scope: the assets and business of GSI Outdoor LLC · status: proposed · name note: GSI SISP not yet commenced; no bidder identified at time of report · structure: auction · name source: recital · relationship: unstated
- receipts cumulativenote: Total receipts per Appendix A budget-to-actual statement; includes $42.0 M proceeds from the Mach Transaction · since: 13-week period ended July 20, 2025 · amount: 43664000 · currency: CAD
- recovery outcomeentries: basis: unstated · quote: The Monitor is seeking the Court's authorization to distribute an initial $35.5 M from the funds held by the Monitor resulting from the Mach Transaction proceeds and the remaining cash on hand as of the closing date (collectively, the ' Collected Amount ') to NBC, in its capacity as administrative agent, in partial repayment of amounts owing to the Lenders. · pct of: unstated · outcome: distribution · currency: CAD · class key: secured · stated by: monitor · amount low: 35500000 · amount high: 35500000 · class label: Lenders (NBC, as administrative agent) · claims amount: 125600000 · creditor name: National Bank of Canada · interim final: unstated · currency quote: $CAD in thousands · claims qualifier: unstated; basis: unstated · quote: The Monitor is also seeking the Court's authorization to distribute approximately $110 k from the Collected Amount to certain of the Debtors' employees that were either not retained by the Purchaser or that were retained but had amounts owed to them that were not to be assumed by the Purchaser, in respect of priority amounts owing to them for unpaid vacation pay and bonuses accumulated in the six (6) months preceding the filing of the NOI Proceedings. · pct of: unstated · outcome: distribution · class key: preferred · stated by: monitor · amount low: 110000 · amount high: 110000 · class label: certain of the Debtors' employees (priority claim) · interim final: unstated · claims qualifier: unstated · table missing:
- report date6 August 2025
- report noFourth Report
- sale advisorFTI Capital Advisors - Canada ULC
- sale outcometext: GSI SISP not yet launched; agreement with minority shareholders being negotiated · scope: parcel · status: process_approved