Quebec · CCAA
Report of the Proposed Monitor
Pre-filing report · 29 September 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 filing14 verified · 1 withheld
- applicantSpectra Premium Mobility Solutions Canada Ltd. and Spectra Premium Mobility Solutions USA, LLC
- appointeeErnst & Young Inc.
- appointee rolemonitor
- commencement date28 September 2026
- court file no505-11-019121-263
- provinceQUÉBEC
- statutory basisCompanies' Creditors Arrangement Act
- financial positionnote: Total assets include operating lease and right-of-use assets of US$41,855K; liabilities include lease liabilities of US$46,888K (current plus non-current). Dec 31, 2025 comparatives: assets US$120,923K, liabilities US$116,769K. Liabilities listed are the ones tabulated and may not include all liabilities. Monitor states Applicants are insolvent (unable to meet obligations as they become due) despite liabilities below total assets. Financial statements to be sealed. · page: 8 · as at: 2026-08-31 · basis: Unaudited consolidated financial statements (8 months ended Aug 31, 2026), presented in thousands of US$; not audited or verified by the Proposed Monitor. Draft audited Dec 31, 2025 statements carry a going-concern note. · scope: Consolidated, Spectra Premium Mobility Solutions LLC (includes Applicants SPMS Canada and SPMS USA; Holding Companies have no material assets) · currency: USD · total assets: 105707000 · total liabilities: 102946000
- secured creditorsnote: Outstanding principal excluding accrued interest, fees, costs and expenses. In default; facilities matured April 30, 2026; Accommodation Agreement (May 1, 2026) and Forbearance Agreement (Aug 27, 2026, to Sept 30, 2026). Unaudited statements show revolving loans of US$18,786K at Aug 31, 2026 (US$25,722K at Dec 31, 2025). · page: 8 · as of: 2026-09-11 · amount: 27300000 · debtor: SPMS Canada, SPMS USA (borrowers); Spectra Premium Mobility Solutions, LLC (guarantor) · creditor: Bank Syndicate (Wells Fargo Capital Finance Corporation Canada as Agent, and CIBC) - revolving credit facility · currency: CAD · security: Deed of hypothec over universality of SPMS Canada movable property; Canadian and US guaranty and security agreements over all present and after-acquired personal property; IP security agreements (Canadian and US patents/trademarks); pledge of 65% of SPMS Canada shares and all membership interests in SPMS USA; blocked account/control agreements. Current available limit $35.0M. Ranks first under priority and subordination agreement dated Nov 12, 2021.
- secured creditorsnote: Outstanding balance; interest, fees and costs not stated. Unaudited statements show term loan of US$2,288K at Aug 31, 2026. · page: 8 · as of: 2026-09-11 · amount: 3500000 · debtor: SPMS Canada, SPMS USA (borrowers); Spectra Premium Mobility Solutions, LLC (guarantor) · creditor: Bank Syndicate (Wells Fargo as Agent, and CIBC) - term loan facility · currency: CAD · security: Same security package as the revolving facility; ranks first. Original principal amount $10.0M.
- unsecured creditorsnote: US$2,261K at Dec 31, 2025; counterparty not named. · page: 8 · as of: 2026-08-31 · basis: Unaudited consolidated financial statements, in thousands US$ · amount: 2250000 · debtor: Applicants (consolidated) · creditor: Customer quality settlement liability · currency: USD
- unsecured creditorsnote: Aggregate only; no individual creditors named. US$26,896K at Dec 31, 2025. Many suppliers holding deliveries pending payment of arrears. Authority sought to pay up to $1,500,000 of pre-filing amounts to critical suppliers. · page: 8 · as of: 2026-08-31 · basis: Unaudited consolidated financial statements of Spectra Premium Mobility Solutions LLC, in thousands US$ · amount: 27686000 · debtor: Applicants (consolidated) · creditor: Trade creditors (accounts payable, aggregate per unaudited consolidated statements) · currency: USD
- secured creditorsnote: Consists of $7.0M principal and $0.1M accrued interest. Non-revolving term loan, maximum $7.0M, 7% fixed; maturity extended to July 31, 2026; in default. Unaudited statements show IQ loan of US$5,048K at Aug 31, 2026. The $7.0M and $1.4M figures are hypothec amounts, not balances. · page: 9 · as of: 2026-08-31 · amount: 7100000 · debtor: SPMS Canada (borrower); SPMS USA and Spectra Premium Mobility Solutions, LLC (US guarantee and security) · creditor: Investissement Québec (IQ) · currency: CAD · security: Deed of hypothec of $7.0M plus additional hypothec of $1.4M over universality of SPMS Canada movable property; Canadian guarantee and security agreement registered in relevant provinces; deed of hypothec by SPMS USA in same amounts; US guarantee and security agreement. Ranks second under priority and subordination agreement.
- secured creditorsnote: Approximate amount including capitalized interest; original principal $10.0M, interest 1.08% payable semi-annually, matures Nov 12, 2026. Related party (holding company owned via Turnspire structure); subordinated. · page: 10 · as of: 2026-08-31 · amount: 10600000 · debtor: SPMS Canada · creditor: SPMS Holdings, LLC (subordinated secured promissory note) · currency: CAD · security: Deed of hypothec and guarantee and security agreement over the universality of SPMS Canada's movable property. Ranks third under priority and subordination agreement.
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.