Ontario · NOI
First Report of the Proposal Trustee dated October 7, 2026
Court officer report · 7 October 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 filing3 verified
- financial positionnote: Total assets $22,994K: current assets $15,653K, due from related parties $1,345K, capital assets $5,996K (primarily receivables, machinery and equipment, and the Real Properties). Total liabilities $74,564K: current liabilities $64,071K, due to related parties $10,217K, other non-current liabilities $276K (primarily secured debt owing to RBC and the Surety). Shareholders' deficiency $(51,570)K. · page: 9 · as at: 2026-07-31 · basis: Unaudited balance sheet summary, book value; KPMG relied on Company information and did not audit or verify it (no GAAS assurance) · scope: Consolidated: Ferguson-Neudorf Glass Inc. and 2030247 Ontario Inc. (substantially all of PropCo's operating results are intercompany with FNG) · currency: CAD · total assets: 22994000 · total liabilities: 74564000
- secured creditorsnote: Aggregate stated by the Proposal Trustee as approximately $22.1 million (the "RBC Debt"). RBC issued a default notice Nov 19, 2025 and a s.244(1) BIA demand and notice of intention to enforce security Feb 20, 2026; no standstill or forbearance agreement. RBC is also the proposed DIP Lender ($2.5M, not pre-filing debt). Surety Debt ranks subordinate to RBC's secured claims. · page: 11 · as of: Filing Date (October 2, 2026) · amount: 22100000 · debtor: Ferguson-Neudorf Glass Inc. and 2030247 Ontario Inc. (guarantees cross-given) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security interest over FNG's personal property; charges or mortgages against the Real Properties; security relating to equipment financing arrangements. Components (approximate): Operating Facility ~$10.8M drawn (limit $11M; FNG borrower, guaranteed by PropCo); equipment leases ~$0.8M (FNG); term credit facility ~$10.5M (PropCo borrower, guaranteed by FNG).
- secured creditorsnote: Stated as "approximately US$23 million" in secured obligations from advances on certain bonded Suffolk projects; no as-at date given. Ranks subordinate to RBC's secured claims. The Neudorf Affidavit states these obligations together with the RBC Debt materially exceed the value of the Companies' assets. · page: 11 · amount: 23000000 · debtor: Ferguson-Neudorf Glass Inc. (PropCo jointly and severally liable as indemnitor) · creditor: Euler Hermes North America Insurance Company, operating as Allianz Trade (the Surety) · currency: USD · security: General security interest against the personal property of FNG and related companies party to the Indemnity and Security Agreement dated February 6, 2019, including PropCo.