Nova Scotia · NOI
Material Adverse Change Report dated July 8, 2026
Court officer report · 8 July 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 filing6 verified
- cash on handnote: Cash in the Company's operating account; the Proposal Trustee understands the balance has not changed materially as of the date of the letter. · as at: 2026-07-03 · amount: 31108 · currency: CAD
- disbursementsnote: Actual cash disbursements for weeks 1-4 versus budget of 16,084; no restructuring or legal fees were paid in the period. · since: Filing Date (June 8, 2026) to July 3, 2026 (weeks 1-4) · amount: 8708 · currency: CAD
- operational summaryThe Court did not approve, on a without prejudice basis, the Company's DIP financing, DIP Charge and Admin Charge, leaving it with insufficient funding for professional fees and a restructuring plan, which the Proposal Trustee reports as a material adverse change; the Company is developing a revised application including a SISP and enhanced powers for the Proposal Trustee.
- professional feesnote: Accrued WIP of approximately $40,000 plus applicable taxes, less a retainer of $17,000. Company's legal counsel accrued WIP of approximately $30,000 plus applicable taxes, less a retainer of $17,000. · party: Proposal Trustee (Grant Thornton Limited) · amount: 40000 · currency: CAD
- receipts cumulativenote: Actual cash receipts for weeks 1-4 versus budget of 25,552. · since: Filing Date (June 8, 2026) to July 3, 2026 (weeks 1-4) · amount: 33495 · currency: CAD
- report date8 July 2026