Ontario · CCAA
First Report of the Monitor dated September 17, 2025
Court officer report · 17 September 2025
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 filing14 verified
- commencement date12 September 2025
- courtOntario Superior Court of Justice (Commercial List)
- court file noCV-25-00751289-00CL
- proceeding typeCCAA proceeding
- provinceOntario
- report date17 September 2025
- report noFirst Report
- statutory basisCompanies' Creditors Arrangement Act, R.S.C 1985, c. C-36, as amended
- professional feesamount: 50000 · currency: CAD
- operational summarySince the Filing Date, the Monitor corresponded regularly with the Company's legal counsel, the G2 team and its own legal counsel regarding all aspects of these CCAA proceedings, worked with the CRO on stakeholder communications, considered the SISP and next steps, assisted with drafting the Bid Process Letter, mailed CCAA notices, filed Form 1, posted materials on the Case Website, arranged publication of notice, reviewed receipts and disbursements, and reviewed materials for the Comeback Hearing.
- cash on handamount: 1346000 · currency: CAD
- financial positionAs of July 31, 2025 (unaudited): Total assets $139,653,000; Total liabilities $45,978,000; negative working capital of approximately $10.8 million in current assets versus $17.9 million liabilities; negative retained earnings of approximately $32.3 million.
- secured creditorsMonroe Capital LLC (senior secured lender), Royal Bank of Canada (RBC), and Xerox Canada
- receipts cumulativeamount: 1057000 · currency: CAD