Prince Edward Island · CCAA
Monitor's Fourth Report
Court officer report · 9 September 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: Company held $280,366 at end of the week of August 29, 2026 (Week 2 of the Fall Forecast). At end of Week 15 (August 15, 2026) the Company held approximately $440K (ending cash $440,996) versus an expected $6.2M, primarily due to early repayment of NBC and the FPEI DIP Financing totalling $5.5M. · as at: 2026-08-29 · amount: 280366 · currency: CAD
- disbursementsnote: Actual operating disbursements against a budget of $20,675,335. For the 2 weeks ended August 29, 2026, the table shows actual disbursements of 1,685,373 against budget 1,672,587. · since: cumulative 15 weeks ended August 15, 2026 (spring season forecast period) · amount: 15444506 · currency: CAD
- operational summaryThe spring lobster season concluded by the end of June and the plant was idle in July; operations were restarted on August 18, 2026 for the fall lobster season. The Company repaid NBC and the FPEI DIP Financing, and FCC's debt was assigned to CG Group, which is advancing new DIP funding; a SISP is proposed to sell the building and equipment.
- professional feesnote: Includes taxes, disbursements and administration fees; approx. 480.8 hours at an average rate of approx. $570.80/hour. Monitor's counsel Stewart McKelvey incurred $87,588.83 (including taxes, disbursements and administration fees), approx. 151.7 hours at approx. $495.68/hour, over the same period. Interim approval of both is being sought. · party: MNP Ltd. (the Monitor) · amount: 335105.63 · period: commencement of CCAA proceedings through August 31, 2026 · currency: CAD
- receipts cumulativenote: Actual receipts against a budget of $19,603,369 (variance $(1,436,624)). Fall Forecast period (2 weeks ended August 29, 2026) actual receipts were $908,070 against budget $1,214,384. · since: cumulative 15 weeks ended August 15, 2026 (spring season forecast period) · amount: 18166745 · currency: CAD
- report date9 September 2026
- report noFourth Report
- sale advisorResolve Advisory Services Ltd.
- sale outcometext: Proposed SISP Procedures presented to Court for approval; not yet finalized · scope: whole_business · status: pending_approval
- stalking horseCG Group