Alberta · CCAA

Twentieth Report of the Monitor dated July 31 2026

Court officer report · 31 July 2026

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unsecured creditorsnote: Related-party intercompany claims; no amounts stated and the document does not state whether these claims are secured. Certain immaterial claims were also filed by third-party creditors of the Receivership Companies (unnamed, no amounts). The majority of net realization proceeds from the Receivership Companies will be distributable to CMI or Wallace & Carey. · page: 11 · basis: 'Aside from certain immaterial claims filed by certain third-party creditors, the main creditors of the Receivership Companies remain Wallace & Carey and CMI.' · debtor: Receivership Companies (772921 Alberta Inc., Ridge Meadows Properties Ltd., Spruce It Up Land Corp.) · creditor: Wallace & Carey Inc. and Carey Management Inc. (intercompany claims against the Receivership Companies) · currency: CAD
secured creditorsnote: Senior secured lender pre-filing. Total pre-filing balance not stated; components only, not summed: the revolving portion of the CIBC Facility owing as of the Filing Date (June 22, 2023) was approximately $38.54 million, repaid through accounts receivable collections; the residual CIBC Pre-Filing Security was estimated at approximately $5.5 million in the Sixth Report's proposed distributions ($5.6 million in the estimated transaction value waterfall, 'Estimated, subject to adjustment for interest and expenses'). Post-filing advances were secured separately by the court-ordered $55 million Lender Priority Charge (not pre-filing debt). Per the Twentieth Report, as a result of the SEC and SEDCC Transactions all amounts owing to CIBC have been repaid. · page: 31 · debtor: Carey Management Inc. (borrower); guaranteed by the Logistics Companies (Wallace & Carey Inc., Loudon Bros Limited) and various other Carey group entities including 772921 Alberta Inc., Spruce It Up Land Corp. and Ridge Meadows Properties Ltd. · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD · security: CIBC Facility: revolving asset-based loan and term loan facility; pre-filing Encumbrances in favour of CIBC securing the pre-filing obligations under the CIBC Credit Agreement, including obligations in connection with the BCAP Loan (the 'CIBC Pre-Filing Security'); mortgages on the Non-Applicant Real Property ranking behind CWB, executed July 20, 2023 and registered September 12, 2023 pursuant to the Forbearance Agreement dated June 22, 2023; Cassels security opinion that CIBC's security is valid and enforceable, subject to customary assumptions and qualifications.
secured creditorsnote: Stated as an estimate ('estimated to be approximately $12 million'). CWB was to be repaid in full from the sale of the Non-Applicant Real Property owned by 772 (772 Owned Real Property); per the Twentieth Report, all amounts owing to CIBC and CWB have been repaid. · page: 48 · as of: as of the date of the Sixth Report (November 8, 2023) · amount: 12000000 · debtor: Receivership Companies (772921 Alberta Inc., Ridge Meadows Properties Ltd., Spruce It Up Land Corp.) - non-applicant subsidiaries of Carey Management Inc. · creditor: Canadian Western Bank (CWB) · currency: CAD · security: First-ranking mortgages granted by the Receivership Companies against certain real property and a second-ranking general security interest; Cassels provided an opinion confirming the validity and enforceability of CWB's security, subject to customary assumptions and qualifications.
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class (deemed trust not operative per s. 37 CCAA). Table in $000s; stated total for all Provinces and Territories as of the Filing Date: $25,459; approximately $12.41 million distributed to date; projected aggregate shortfall approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 4386000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: Saskatchewan (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report).
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class (deemed trust not operative per s. 37 CCAA). Table in $000s; stated total for all Provinces and Territories as of the Filing Date: $25,459; approximately $12.41 million distributed to date; projected aggregate shortfall approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 452000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: Manitoba (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report).
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class (deemed trust not operative per s. 37 CCAA). Table in $000s; stated total for all Provinces and Territories as of the Filing Date: $25,459; approximately $12.41 million distributed to date; projected aggregate shortfall approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 1342000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: Ontario (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report).
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class (deemed trust not operative per s. 37 CCAA). Table in $000s; stated total for all Provinces and Territories as of the Filing Date: $25,459; approximately $12.41 million distributed to date; projected aggregate shortfall approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 340000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: Northwest Territories (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report).
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class (deemed trust not operative per s. 37 CCAA). Table in $000s; stated total for all Provinces and Territories as of the Filing Date: $25,459; approximately $12.41 million distributed to date; projected aggregate shortfall approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 344000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: Nunavut (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report).
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class (deemed trust not operative per s. 37 CCAA). Table in $000s; stated total for all Provinces and Territories as of the Filing Date: $25,459; approximately $12.41 million distributed to date; projected aggregate shortfall approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 535000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: Yukon (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report).
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class: provincial tobacco tax legislation establishes a deemed trust, which the Monitor notes is not operative pursuant to s. 37 CCAA. Table in $000s; stated total for all Provinces and Territories as of the Filing Date: $25,459. Approximately $24.47 [million] was owed under the Tobacco Tax Charge as of the Effective Closing Time; the Monitor has distributed approximately $12.41 million to date and the Provinces and Territories are projected to have an aggregate shortfall of approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 4281000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: British Columbia (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report) for amounts required to be remitted under the Tobacco Tax Act, RSA 2000, c. T-4 or other applicable provincial legislation.
secured creditorsnote: Quasi-governmental regulatory claim, deemed-trust class (deemed trust not operative per s. 37 CCAA). Table in $000s. The Monitor understands the Province of Alberta's own records may reflect a lower amount owing as of the Filing Date - approximately $7.3 million - because those records would be based on the tobacco tax obligation as of the end of May 2023 rather than the Filing Date. Stated total for all Provinces and Territories as of the Filing Date: $25,459 ($000s); approximately $12.41 million distributed to date; projected aggregate shortfall approximately $5.85 million. · page: 49 · as of: Filing Date (June 22, 2023) · amount: 13780000 · debtor: Wallace & Carey Inc. / Loudon Bros Limited (the Logistics Companies) · creditor: Alberta (tobacco tax authority) · currency: CAD · security: Court-ordered Tobacco Tax Charge in favour of provincial and territorial authorities ($18 million under the Initial Order, increased to $25 million under the ARIO; stated as $26 million in the Twentieth Report) for amounts required to be remitted under the Tobacco Tax Act, RSA 2000, c. T-4 or other applicable provincial legislation.
unsecured creditorsnote: Contingent, disputed litigation claim - no amount stated. Stay lifted as against Wallace & Carey and Loudon vis-a-vis DigiFlex effective February 15, 2026; DigiFlex is pursuing Federal Court Action No. T-4454-24, and an Amended Statement of Claim dated June 1, 2026 added Wallace & Carey as a defendant alongside SEC and SEDCC. The Monitor's view is any judgment would be subordinate to the existing CCAA Charges and is not against CMI or the Monitor. · page: 79 · basis: Monitor's stated position: 'any claim successfully advanced by DigiFlex would constitute an unsecured claim and must therefore be treated in accordance with the priority afforded to unsecured creditors'. · debtor: Wallace & Carey Inc. and Loudon Bros Limited · creditor: DigiFlex Information Systems Inc. · currency: CAD
closing confirmedscope: the Western Business (W&C APA) · outcome: completed · effective: 2023-11-19 · purchaser: 7-Eleven Canada, Inc. · date basis: stated · effective time: 12:01 a.m. · approval order date: 2023-11-17
fee scheduleengagements: form: prose · rows: · money: approximate: false · period: end: 2026-06-30 · kind: interim · quote: Between January 1 to June 30, 2026, the Monitor provided a total of 67.95 hours of services at an average hourly rate of $726.96. · start: 2026-01-01 · approval: state: unstated · averages: rate: 726.96 · quote: at an average hourly rate of $726.96 · currency: · invoices: · firm text: AlixPartners Restructuring, Inc. · firm quote: MONITOR AlixPartners Restructuring, Inc. · hours total: quote: Between January 1 to June 30, 2026, the Monitor provided a total of 67.95 hours of services at an average hourly rate of $726.96. · value: 67.95 · context quote: Between January 1 to June 30, 2026, the Monitor provided a total of 67.95 hours of services at an average hourly rate of $726.96.; form: prose · rows: · money: approximate: false · period: end: 2026-06-30 · kind: interim · quote: Between January 1 to June 30, 2026, the Monitor provided a total of 86.70 hours of services at an average hourly rate of $658.28. · start: 2026-01-01 · approval: state: unstated · averages: rate: 658.28 · quote: at an average hourly rate of $658.28 · currency: · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: MONITOR'S COUNSEL Cassels Brock & Blackwell LLP · hours total: quote: Between January 1 to June 30, 2026, the Monitor provided a total of 86.70 hours of services at an average hourly rate of $658.28. · value: 86.7 · context quote: Between January 1 to June 30, 2026, the Monitor provided a total of 86.70 hours of services at an average hourly rate of $658.28.
process resultslois: 4 · ndas: 47 · note: A&M contacted 190 parties including 12 lending institutions, 141 private equity firms and 37 strategic parties · as of: 2023-10-05 · solicited: 190
purchaser7-Eleven Canada, Inc.; 7-Eleven Canada, Inc.; 7-Eleven Distribution Canada Corporation
recovery outcomeentries: basis: estimated · quote: The Provinces and Territories are projected to have a shortfall on their claims against the Companies in the amount of approximately $5.85 million, which amount remains subject to change, but in all circumstances, the Provinces and Territories will not recover all amounts owing to them. · pct of: unstated · outcome: shortfall · class key: deemed_trust · stated by: monitor · class label: Provinces and Territories · creditor name: Provinces and Territories · interim final: unstated · claims qualifier: unstated · shortfall amount: 5850000 · table missing:
sale advisorAlvarez & Marsal Canada Securities ULC
sale outcometext: SEC Transaction approved and closed · scope: whole_business · status: closed
stalking horse7-Eleven