Quebec · CCAA
Seventh report of the Monitor
Court officer report · 10 June 2026
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What we verified from this filing8 verified
- cash on handnote: Figure is the Closing Balance (excluding reserves) in the Monitor's Trust Account per the Budget to Actual table (USD $000's); a separate $1,172,000 (thousands: 1 172) is held as 'Amounts Reserved in Trust'. · as at: 2026-06-08 · amount: 2751000 · currency: USD · qualifier: excluding reserves
- closing confirmedscope: the Purchased Assets · outcome: completed · effective: 2025-09-18 · purchaser: Acquisition Canalum Inc. · date basis: stated · approval order date: 2025-09-18
- operational summarySinobec has ceased operating following the sale of its assets in fall 2025 and the permanent layoff of all employees; the Monitor continues an investigation into recovery of outstanding foreign-to-foreign accounts receivable (approximately $103M) and is seeking a further stay extension to pursue this work.
- professional feesnote: Forecast for the same period was US$2,282,000, a favorable variance of US$610,000 attributed to timing differences; Monitor expects this to reverse over time. · party: Monitor, its investigation team, legal counsel (Canadian and US proceedings), and DIP lenders' counsel (combined) · amount: 1672000 · period: Actual Week 1 to 21 (January 16, 2026 to June 8, 2026) · currency: USD
- purchaserAcquisition Canalum Inc.
- report date10 June 2026
- report noSeventh Report of the Monitor
- sale outcometext: the transaction previously approved by the Court as part of the Approval and Vesting Order, with net proceeds distributed · scope: parcel · status: closed