British Columbia · CCAA
Unfiled Thirty-Second Report of the Monitor, dated October 6, 2026
Court officer report · 6 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 filing13 verified
- secured creditorsnote: Court approved distribution of Softwood Duties Sale proceeds to the WF Syndicate on May 10, 2024; security and balances not stated on these pages. · page: 4 · debtor: Teal Jones Group (the Petitioners) · creditor: WF Syndicate (Wells Fargo syndicate - Softwood Duties Sale proceeds recipients) · currency: CAD
- secured creditorsnote: Court approved distribution of HG Property Sale proceeds to RBC and BDC on May 10, 2024; security and balances not stated on these pages. · page: 4 · debtor: Teal Jones Group (the Petitioners) · creditor: RBC and BDC (HG Property Sale proceeds recipients) · currency: CAD
- secured creditorsnote: No amount stated on these pages. · page: 5 · debtor: Teal Jones Group (the Petitioners) · creditor: BAL Global Finance Canada Corporation and Bank of America Leasing and Capital, LLC (BoA) · currency: CAD · security: Equipment liens on the BoA Equipment, recognized under SARIO para. 43 as subordinate only to the Administration Charge; Interim Lenders' Charge has priority on the Overlapping Equipment.
- secured creditorsnote: Document refers to 'pre-filing term loans' on which interest is being paid and to 'the Term Lenders' as respondents; no balance or security terms stated on these pages. · page: 24 · debtor: Teal Jones Group (the Petitioners) · creditor: Pre-filing term lenders (Term Lenders / 'DIP Lenders' term debt') · currency: CAD
- secured creditorsnote: This is a post-filing (CCAA interim/DIP) facility, not pre-filing debt. Amount is ending DIP balance per variance analysis at September 18, 2026 (approx. $58.4 million; stated in CAD 000's). Forecast ending balance approx. $63.7 million at November 27, 2026 (forecast, not a balance). Borrowing base collateral approx. $23.8 million, shortfall approx. $34.6 million. Interest on the facilities approx. $230,000 per week. · page: 30 · as of: 2026-09-18 · amount: 58421000 · debtor: Teal Jones Group (the Petitioners) · creditor: Interim Lenders (Wells Fargo Capital Finance Corporation Canada and Export Development Canada) - Interim Financing Facility (DIP) · currency: CAD · security: Super-priority Interim Lenders' Charge on the property, assets and undertakings of the Petitioners, created at $116,509,000 plus interest, fees, costs and other expenses (a charge ceiling, not a balance); recognized as priority on the Overlapping Equipment. Maximum facility limit presently $35,987K over-advance included; proposed Amended Interim Financing Facility would raise the limit to $65.0 million and extend maturity to November 27, 2026.
- closing confirmedscope: the transaction approved by the Parcel 1 Approval and Vesting Order (equity interest in Teal Jones Louisiana Holdings, LLC) · outcome: completed · date basis: unstated · approval order date: 2025-04-15; scope: the transaction approved by the Parcels 2 and 5 Approval and Vesting Order (Antlers and Greentree mills) · outcome: completed · date basis: unstated · approval order date: 2025-03-25; scope: Parcels 3 (Pine Mill) and 4 (Potomac Mill) under the Mercury APA · outcome: not_completed · purchaser: Mercury Merchant LLC · date basis: unstated
- operational summaryThe Group continues operating the Surrey mill under the CCAA while awaiting Competition Canada's review, the last remaining closing condition for the court-approved sale of substantially all remaining assets (SPA and Sumas APA). Operations are funded by an Interim Financing Facility with about $58.4 million drawn, and the Monitor will then realize on limited excluded assets.
- professional feesnote: Variance table shows actual professional fees of (419) in CAD 000's vs forecast (600), lower due to timing of payment. Forecast professional fees for the 10-week Forecast Period are approximately $3.4 million. The report does not state whether tax is excluded. · party: Petitioners' professional fees (counsel, Monitor, Monitor's counsel, DIP lenders' counsel) paid during the Reporting Period · amount: 419000 · period: August 22, 2026 to September 18, 2026 · currency: CAD
- purchaserMercury Merchant LLC; Giving Tree Lumber LLC; Chicago Flameproof and Wood Specialties Corp.; GA Wholesale & Industrial Solutions, LLC; RJS Used Equipment Ltd.; Gillfor Manufacturing Inc.; Northcoast Forest Products Limited, LLC
- report date6 October 2026
- report noThirty-Second Report of the Monitor
- sale advisorGA Wholesale & Industrial Solutions, LLC
- sale outcometext: On September 18, 2026 the Court approved the SPA (by RVO) and the Sumas APA (by AVO), which contemplate the sale of all remaining SISP assets; closing awaits Competition Bureau clearance. · scope: whole_business · status: approved