Quebec · CCAA
Motion/application for the initial order
Application / notice of application · 22 June 2026
What we verified from this filing5 verified
- financial positionnote: Figures drawn from tables in the Application; unaudited December 31, 2025 column used as primary as-at figures per paragraph 46 ('As at December 31, 2025, the Debtors had approximately $56,431,000.00 in liabilities'); of the $43,333,000 current portion of long-term debt (Dec 31, 2025), $43,333,000 represents outstanding secured long-term debt per paragraph 47. · page: 13 · as at: 2025-12-31 · basis: Unaudited (December 31, 2025) figures in $000s, with audited September 30, 2025 comparative figures also presented in the same tables (Total Assets $47,219,000 audited; Total Liabilities $58,492,000 audited) · scope: The Debtors (PHA Group) collectively · currency: CAD · total assets: 42632000 · total liabilities: 56431000
- secured creditorsnote: First priority, pari passu with RBC Facilities per Intercreditor Agreement. Combined outstanding balance of Desjardins Senior Term Loan and BDC Senior Term Loan (Tranche 1 each), against combined original principal of $5.0M ($2.5M each per lender, not separately broken out in the balance). · page: 17 · as of: 2025-12-31 · amount: 4250000 · debtor: PHA (and other Borrowers/Guarantor per Refinancing security package) · creditor: Desjardins Capital Private Debt L.P. and BDC Capital Inc. (combined, pari passu) · currency: CAD · security: Same security package as RBC Facilities (Québec movable hypothecs; Ontario and BC General Security Agreements), granted pursuant to the November 2023 Refinancing
- secured creditorsnote: Second priority, pari passu, subordinated to the Senior Term Loan. Combined balance of Desjardins Mezzanine Loan and BDC Mezzanine Loan (Tranche 2 each, $2.5M initial per lender); balance remains at full original combined amount of $5.0M; contains payment deferral protection tied to defaults under senior facilities. · page: 18 · as of: 2025-12-31 · amount: 5000000 · debtor: PHA (and other Borrowers/Guarantor per Refinancing security package) · creditor: Desjardins Capital Private Debt L.P. and BDC Capital Inc. (combined, pari passu) · currency: CAD · security: Same security package as RBC Facilities (Québec movable hypothecs; Ontario and BC General Security Agreements)
- secured creditorsnote: Third priority (most subordinated), pari passu. Combined balance of Desjardins PIK Loan and BDC PIK Loan (Tranche 3 each, $2.5M initial per lender, original combined principal $5.0M). Prose elsewhere approximates this balance as '$7.2M'. Cash-sweep/PIK structure with deferral protection tied to defaults under senior and mezzanine facilities. · page: 18 · as of: 2025-12-31 · amount: 7173000 · debtor: PHA (and other Borrowers/Guarantor per Refinancing security package) · creditor: Desjardins Capital Private Debt L.P. and BDC Capital Inc. (combined, pari passu) · currency: CAD · security: Same security package as RBC Facilities (Québec movable hypothecs; Ontario and BC General Security Agreements)
- secured creditorsnote: Total Indebtedness comprised of Revolving Facilities $5,505,000.00, Overdraft/credit cards/fees/expenses $1,182,497.05, and Term Facility $20,698,305.48 (document total, not computed here). First priority, pari passu with Desjardins Senior Term Loan and BDC Senior Term Loan under November 9, 2023 Intercreditor Agreement. A separate immovable hypothec previously granted by the Guarantor in favour of RBC over the Blainville Office was discharged following the February 6, 2026 sale of that property; Guarantor's obligations under the Credit Agreement remain unaffected. · page: 21 · as of: 2026-06-22 · amount: 28162808.26 · debtor: PHA Group (Borrowers, joint and several, and Guarantor) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Québec movable hypothecs registered against Code Bleu, PHA, Placement Premier Soin, 10544485, the Guarantor, Nursing PHA, Nordik Québec and CHCA; Ontario General Security Agreements against Nordik Ontario and CHCA (PPSA registrations); British Columbia General Security Agreements against 1424982 B.C. Ltd. and SSI (PPSA registrations); Suretyship and Subordination Agreements (2022)