Ontario · CCAA
Fourth Report of the Monitor dated January 20, 2026
Court officer report · 20 January 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 filing10 verified
- cash on handnote: Held by the Monitor under the Administrative Expense Reserve: approximately US$1,337,341 and CAD$34,088; plus US$1.5 million under the Transition Services Fees Reserve. The USD figure shown is the Administrative Expense Reserve USD balance only; the reserve balances are as of the date of the Fourth Report. · as at: 2026-01-20 · amount: 1337341 · currency: USD · qualifier: approximately
- closing confirmedscope: the Transactions · outcome: completed · effective: 2025-03-03 · date basis: stated · approval order date: 2025-01-30
- fee scheduleengagements: form: invoice_listing · rows: · money: approximate: false · period: end: 2025-12-31 · kind: cumulative · label: the Period · quote: For the Period from June 1, 2025 to December 31, 2025 · start: 2025-06-01 · approval: state: unstated · averages: rate: 674.32 · quote: the Monitor's average hourly rate for the Period was $674.32 · scope: KSV · currency: code: CAD · quote: The average hourly rates for KSV and Cassels for the referenced billing periods were CAD$674.32 and CAD$1,354.48, respectively. · invoices: tax: 533.91 · date: 2025-12-24 · fees: 4107 · quote: Total fees per attached time summary | $ 4,107.00 · total: 4640.91 · period end: 2025-11-30 · period start: 2025-11-01; tax: 1222 · date: 2026-01-12 · fees: 9400 · quote: Total fees per attached time summary | $ 9,400.00 · total: 10622 · period end: 2025-12-31 · period start: 2025-12-01; tax: 15894.74 · fees: 122267.25 · quote: Total fees per attached time summary | $ 122,267.25 · total: 138161.99 · period end: 2025-10-31 · period start: 2025-10-01 · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor') · context quote: For professional services rendered from November 1, 2025 to November 30, 2025 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor'); form: time_summary · rows: Noah Goldstein; Robert Harlang; Murtaza Tallat; Ben Luder; fees: 2281 · hours: 10.5 · quote: Administrative/Other | | 10.50 | 2,281.00 · row kind: bucket · rate kind: standard · name as stated: Administrative/Other · money: tax: label: HST · quote: HST | 15,894.74 · amount: 15894.74 · fees: quote: Total fees per attached time summary | $ 122,267.25 · amount: 122267.25 · total: quote: Total Due | $ 138,161.99 · amount: 138161.99 · includes tax: true · includes disbursements: false · approximate: false · period: end: 2025-10-31 · kind: invoice · quote: For the Period Ending October 31, 2025 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor') · hours total: quote: Total fees | | 179.20 | 122,267.25 · value: 179.2 · context quote: For professional services rendered from November 1, 2025 to November 30, 2025 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor'); form: time_summary · rows: Murtaza Tallat; Ben Luder; fees: 259.5 · hours: 2 · quote: Administrative/Other | | 2.00 | 259.50 · row kind: bucket · rate kind: standard · name as stated: Administrative/Other · money: tax: label: HST · quote: HST | 533.91 · amount: 533.91 · fees: quote: Total fees per attached time summary | $ 4,107.00 · amount: 4107 · total: quote: Total Due | $ 4,640.91 · amount: 4640.91 · includes tax: true · includes disbursements: false · approximate: false · period: end: 2025-11-30 · kind: invoice · quote: For the Period Ending November 30, 2025 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor') · hours total: quote: Total fees | | 8.15 | 4,107.00 · value: 8.15 · context quote: For professional services rendered from November 1, 2025 to November 30, 2025 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor'); form: time_summary · rows: Noah Goldstein; Robert Harlang; Murtaza Tallat; Ben Luder; fees: 447.5 · hours: 2.1 · quote: Administrative/Other | | 2.10 | 447.50 · row kind: bucket · rate kind: standard · name as stated: Administrative/Other · money: tax: label: HST · quote: HST | 1,222.00 · amount: 1222 · fees: quote: Total fees per attached time summary | $ 9,400.00 · amount: 9400 · total: quote: Total Due | $ 10,622.00 · amount: 10622 · includes tax: true · includes disbursements: false · approximate: false · period: end: 2025-12-31 · kind: invoice · quote: For the Period Ending December 31, 2025 · approval: state: unstated · averages: · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor') · hours total: quote: Total fees | | 14.00 | 9,400.00 · value: 14 · context quote: For professional services rendered from December 1, 2025 to December 31, 2025 by KSV Restructuring Inc. ('KSV') as Court-appointed Monitor (the 'Monitor'); form: rate_chart · rows: Michael Wunder; Joseph J. Bellissimo; Ryan Jacobs; Alec Hoy; Stephanie Fernandes; Josh Grant · money: approximate: false · period: end: 2025-12-31 · kind: cumulative · quote: For the period from June 1, 2025, to December 31, 2025 · start: 2025-06-01 · approval: state: unstated · averages: rate: 1354.48 · quote: The average hourly rate charged by Cassels was $1,354.48. · scope: Cassels · currency: · invoices: · firm text: Cassels Brock & Blackwell LLP · firm quote: Billing Rates of Cassels Brock & Blackwell LLP · context quote: Corresponding with Cassels Brock & Blackwell LLP ('Cassels'), the Monitor's legal counsel, concerning all matters in the CCAA proceedings
- operational summaryThe Transition Services to customers in the Terminated Jurisdictions are complete (ended December 31, 2025); the OldCos continue to provide Ongoing Monitoring Services, OldCos Transition Services and Employee Transition Services to NewCos under an extended Transition Services Agreement through December 31, 2026, while winding down.
- professional feesnote: Excludes disbursements and HST. Fees of Monitor's counsel Cassels for the same period total CAD$278,480.50 (also excluding disbursements and HST); Cassels total including disbursements and HST is $314,713.56. · party: KSV Restructuring Inc. (Monitor) · amount: 135774.25 · period: June 1, 2025 to December 31, 2025 · currency: CAD
- purchaserprice: sealed: false · scope: substantially all of the business, assets and material contracts of Sandvine · status: closed · name note: Consenting Stakeholders, a group of existing secured lenders, under the Stalking Horse Transaction Agreement · structure: assets · name source: recital · relationship: secured_lender_credit_bid
- report date20 January 2026
- report noFourth Report
- sale outcometext: The SISP was carried out in accordance with its terms and the Stalking Horse Transaction Agreement was determined to be the successful bid, and the Transactions closed on March 3, 2025. · scope: whole_business · status: closed
- stalking horsestate: stated · is lender: true