Alberta · CCAA
Pre-filing Report of the Proposed Monitor - 2026.06.26
Pre-filing report · 26 June 2026
What we verified from this filing4 verified
- financial positionnote: Resulting negative equity (assets less liabilities) of approximately $23.5 million. Separately, the Debtors' unsecured liabilities as at June 20, 2026 totalled approximately $4.3 million (per para. 48, not included in the totals above). · page: 13 · as at: 2025-12-31 · basis: net book value (unaudited) · scope: MTE Logistix Limited Partnership balance sheet (entity-level, as described in the Report; the related income statement is described as the Debtors' consolidated income statement) · currency: CAD · total assets: 38700000 · total liabilities: 62200000
- secured creditorsnote: Fiera Loan Agreement currently in default; demand letter and s.244 BIA notices sent June 12, 2026 (the 'Demand Letters'); Proposed Monitor has not yet received a security opinion from independent counsel on validity/enforceability of Fiera's security - opinion pending, to be reported at Comeback Hearing. · page: 14 · as of: 2026-06-12 · amount: 46300000 · debtor: MTE Logistix Limited Partnership (and Guarantors other than MLG GP) · creditor: Fiera Private Debt Fund VI LP · currency: CAD · security: General security agreements over all personal property, assets and undertakings of each Debtor other than MLG GP, granted pursuant to Fiera Loan Agreement dated August 17, 2021, under which principal of $56.0 million was originally advanced; also limited recourse guarantees/pledges from Additional Obligors (not part of these CCAA proceedings)
- secured creditorsnote: No amounts owing under the ATB Revolver or Credit Card Facility; only the LC Facility has an outstanding balance (~$0.6 million). MTE Logistix intends to cash-collateralize the LC Facility and Credit Card Facility use during CCAA proceedings. · page: 14 · as of: date of this Report · amount: 600000 · debtor: MTE Logistix Limited Partnership · creditor: ATB Financial · currency: CAD · security: Revolving credit facility (ATB Revolver), letter of credit facility (LC Facility) and corporate credit card facility (Credit Card Facility), up to a combined maximum of $3.0 million, under ATB Agreement dated August 12, 2021 (amended, most recently March 10, 2026); first priority over Fiera's security in respect of accounts receivable and inventory per intercreditor agreement dated July 22, 2022
- secured creditorsnote: Applicant does not intend to prime these interests via the Proposed Initial Order but reserves the right to seek priority at the Comeback Hearing. · page: 15 · debtor: MTE Logistix Limited Partnership · creditor: PPSA equipment financiers (PMSI class) (the "Equipment Lessors") · currency: CAD · security: Registered security interests in the Alberta Personal Property Registry, primarily relating to equipment financed or leased and used by MTE Logistix in its operations