Quebec · CCAA
2026-01-13 Report of the Proposed Monitor
Pre-filing report · 13 January 2026
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What we verified from this filing12 verified
- secured creditorsnote: Discussions held between the Lenders and these deposit-insurance companies regarding registration of additional security and a subordination of rank did not materialize; identity and amount not disclosed · page: 19 · debtor: Debtors and the LPs · creditor: Deposit-insurance companies (unnamed) · currency: CAD · security: Second-ranking security over the Property, subject to the Monitor's review
- financial positionnote: Liabilities comprise $514,424k total secured creditors and $47,042k accounts payable and accrued liabilities; accounts payable to Magil still being reconciled and may differ from amounts presented · page: 20 · as at: 2025-11-30 · basis: unaudited; management-prepared summary; no internal financial statements provided since December 31, 2024, and available financial statements considered of limited relevance since most expenses are capitalized as work in progress · scope: CCAA Parties' four Ongoing/Planned Projects (PSQ1, PSQ2, Mansfield, PSQ3) - liabilities only; does not include potential claims arising from Magil or its subcontractors · currency: CAD · total liabilities: 561466000
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 49217000 · debtor: CCAA Parties (PSQ1 LP) · creditor: Equitable Bank · currency: CAD · security: Secured lender in PSQ1 lending syndicate
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 49370000 · debtor: CCAA Parties (PSQ1 and Mansfield LPs) · creditor: Coast Capital Savings Federal Credit Union · currency: CAD · security: Secured lender in PSQ1 ($34,073k) and Mansfield ($15,297k) lending syndicates
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 33654000 · debtor: CCAA Parties (Mansfield LP) · creditor: Canadian Imperial Bank of Commerce · currency: CAD · security: Secured lender in Mansfield lending syndicate
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 27478000 · debtor: CCAA Parties (PSQ2 LP) · creditor: Central 1 Credit Union · currency: CAD · security: Secured lender in PSQ2 lending syndicate
- secured creditorsnote: Aggregate outstanding balance across all four Projects per table (PSQ1 $76,698k, PSQ2 $80,950k, Mansfield $40,956k, PSQ3 $11,670k); stated as primary secured lender representing 40.9% of total $514,424k secured debt · page: 20 · as of: 2025-11-30 · amount: 210273000 · debtor: CCAA Parties (PSQ1, PSQ2, Mansfield and PSQ3 LPs/GPs) · creditor: Bank of Montreal · currency: CAD · security: Construction loan, swingline and letter of credit facilities secured by hypothec/security over respective Project Property; BMO also acts as hypothecary representative for the lending syndicates
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 18930000 · debtor: CCAA Parties (PSQ1 LP) · creditor: First National Financial LP · currency: CAD · security: Secured lender in PSQ1 lending syndicate
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 17847000 · debtor: CCAA Parties (Mansfield LP) · creditor: Laurentian Bank of Canada · currency: CAD · security: Secured lender in Mansfield lending syndicate
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 15144000 · debtor: CCAA Parties (PSQ1 LP) · creditor: General Bank of Canada · currency: CAD · security: Secured lender in PSQ1 lending syndicate
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 25908000 · debtor: CCAA Parties (PSQ2 LP) · creditor: Peakhill Capital Inc. · currency: CAD · security: Secured lender in PSQ2 lending syndicate
- secured creditorspage: 20 · as of: 2025-11-30 · amount: 66605000 · debtor: CCAA Parties (PSQ1 and Mansfield LPs) · creditor: Bank of China (Canada) · currency: CAD · security: Secured lender in PSQ1 ($49,217k) and Mansfield ($17,387k) lending syndicates