Newfoundland and Labrador · CCAA
Monitor's Sixteenth Report dated April 10, 2026
Court officer report · 10 April 2026
What we verified from this filing12 verified
- closing confirmedscope: the GCL Transaction · outcome: completed · effective: 2026-02-05 · purchaser: 98536 Newfoundland & Labrador Inc. · date basis: stated · approval order date: 2026-01-12; scope: KEI Amended Plan · outcome: completed · effective: 2026-02-05 · date basis: stated · approval order date: 2026-01-12
- disbursementsnote: Cumulative total disbursements for KEI per the final Statement of Receipts and Disbursements (Appendix E), covering June 5, 2024 to April 8, 2026. · since: June 5, 2024 (Filing Date) · amount: 2269726.51 · currency: CAD
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 440.29 · quote: at an average rate of approximately $440.29/hour · currency: · invoices: · firm text: Grant Thornton Limited · firm quote: SIXTEENTH REPORT OF GRANT THORNTON LIMITED, IN ITS CAPACITY AS MONITOR OF KARWOOD ESTATES INC. AND 99573 NL Inc. · hours total: quote: The Monitor incurred 533.00 hours through March 31, 2026, at an average rate of approximately $440.29/hour. · value: 533 · context quote: IN ITS CAPACITY AS MONITOR OF KARWOOD ESTATES INC. AND 99573 NL Inc.
- operational summaryThe GCL Transaction closed and operations transitioned to the purchaser, KEI's Amended Plan was implemented and distributions made to creditors, and the Monitor is now completing final wind-up activities (fee approvals, residual fund distribution, HST filings) before seeking termination of the CCAA proceedings.
- professional feesnote: RECON (Monitor's legal counsel) incurred separate fees of $115,719.30 plus expenses of $6,530.02 and HST of $15,278.38 for a total of $137,527.70 for the same period. · party: Monitor (Grant Thornton Limited) · amount: 291083.2 · period: November 1, 2025 to March 31, 2026 · currency: CAD
- purchaser98536 Newfoundland & Labrador Inc.
- receipts cumulativenote: Cumulative total receipts for KEI per the final Statement of Receipts and Disbursements (Appendix E), covering June 5, 2024 to April 8, 2026. · since: June 5, 2024 (Filing Date) · amount: 10624775.26 · currency: CAD
- recovery outcomeentries: basis: actual · quote: Payment in full of outstanding property taxes; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: monitor · class label: outstanding property taxes (GCL) · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Payment in full of all charges order by the Court; · pct of: unstated · outcome: paid_in_full · class key: court_charges · stated by: monitor · class label: charges ordered by the Court (GCL) · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Payment in full of all debtor in possession loans approved by the Court; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: debtor in possession loans approved by the Court (GCL) · interim final: unstated · claims qualifier: unstated; basis: actual · quote: BMO - Full recovery of the principle outstanding and certain post filing interest; and · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: BMO · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: actual · quote: There was no recovery to creditors with subordinated claims to BMO. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: creditors with subordinated claims to BMO · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment in full of all outstanding property taxes; · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: monitor · class label: outstanding property taxes (KEI) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment in full of all the charges ordered by the Court; · pct of: unstated · outcome: paid_in_full · class key: court_charges · stated by: monitor · class label: charges ordered by the Court (KEI) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment in full of all debtor in possession loans approved by the Court; · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: debtor in possession loans approved by the Court (KEI) · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment in full of CRA's deemed trust claim; and · pct of: unstated · outcome: paid_in_full · class key: deemed_trust · stated by: monitor · class label: CRA deemed trust claim · creditor name: CRA · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment of 100% of seven Affected Secured Creditors claims (unless the Affected Secured Creditor waived its rights to a distribution) and payment of 100% of the settled Moskowitz claim; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Affected Secured Creditors · interim final: unstated · conditional on: unless the Affected Secured Creditor waived its rights to a distribution · claims qualifier: unstated; basis: plan · quote: Payment of 100% of seven Affected Secured Creditors claims (unless the Affected Secured Creditor waived its rights to a distribution) and payment of 100% of the settled Moskowitz claim; · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: secured · stated by: monitor · class label: Moskowitz Capital Mortgage Fund II · creditor name: Moskowitz Capital Mortgage Fund II · interim final: unstated · claims qualifier: unstated; basis: plan · quote: Payment of 10% of Unsecured Creditor claims (unless the Unsecured Creditor waived its rights to a distribution) and · pct of: unstated · outcome: distribution · pct low: 10 · pct high: 10 · class key: unsecured · stated by: monitor · class label: Unsecured Creditor claims (KEI) · interim final: unstated · conditional on: unless the Unsecured Creditor waived its rights to a distribution · claims qualifier: unstated · stated on: 2026-04-10 · table missing:
- report date10 April 2026
- report noSixteenth Report
- sale advisorColliers
- sale outcometext: The CCAA Proceeding resulted in the sale of eight properties, and the successful implementation of the KEI Amended Plan. · scope: whole_business · status: closed