Quebec · NOI
First report of the Trustee on the business and financial affairs of the Debtors
Court officer report · 17 February 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 filing14 verified
- appointeePricewaterhouseCoopers Inc.
- appointee roleTrustee
- commencement date17 February 2026
- courtSUPERIOR COURT
- court file no500-11-
- provinceQUEBEC
- statutory basisBankruptcy and Insolvency Act
- financial positionnote: Convertible promissory note of $81,044k USD (included in Long-term Debt) is treated by Management as debt on this statement, though Management believes it should be classified as equity per para 39. · page: 7 · as at: 2025-10-31 · basis: Internal/unaudited YTD management-prepared balance sheet (in thousands USD); comparative Audited 2023 and Unaudited 2024 columns also shown · scope: Consolidated basis for SRTX Inc. and affiliated Debtor Companies (SRTX & al) · currency: USD · total assets: 129370000 · total liabilities: 166386000
- secured creditorsnote: Described as 'principal secured creditor'; per Feb 2026 detail: Tranche A principal outstanding $40,000k, Tranche C principal outstanding $4,233k, interest payable & other dues $2,228k (interest arises from payment moratoriums granted by EDC), total EDC Secured Debt $46,462k USD; prose in report states figure as 'estimated at $46.5M USD'. EDC also backs two letters of credit issued under the RBC loan agreement: $1.0M USD (PE supplier) and $6.5M CAD (Pointe-Claire Facility lease security) — amounts not included in EDC secured debt total. · page: 10 · as of: 2026-02-17 · amount: 46462000 · debtor: SRTX Inc. and affiliated Debtors · creditor: Export Development Canada (EDC) · currency: USD · security: Secured loan in three tranches: Tranche A (limit $40M USD), Tranche B (limit $2.5M USD, fully repaid), Tranche C (limit $5M USD)
- secured creditorsnote: RBC's prior operating (revolving) credit facility was defaulted on, then repaid in full and is no longer available — that facility is discharged/repaid, not a current secured balance. RBC's current secured position is limited to the $327k USD cash-collateral described. · page: 10 · as of: NOI filing date · debtor: SRTX Inc. and affiliated Debtors · creditor: Royal Bank of Canada (RBC) · currency: USD · security: Cash collateral of $327k USD held by RBC as security for obligations under the VISA facility and outstanding letters of credit not guaranteed by EDC; two credit card facilities with maximum authorized amounts of $50k CAD and $40k USD; letters of credit aggregating $200k USD not secured by EDC
- process resultsbids: 7 · lois: 8 · ndas: 23 · note: 4 binding offers from bidders (one unsolicited) plus 3 offers from liquidators = 7 offers total; ultimately one buyer deemed Phase 2 successful bidder · as of: 2026-01-29 · solicited: 138 · qualified bids: 6
- purchaserprice: note: Subscription Price referenced but not quantified in text provided · sealed: false · scope: purchase of newly issued share capital of SRTX ('Subscribed Shares'), with the transaction including Accounts Receivables, raw materials/inventory, machinery and equipment, and contracts (excluding retained contracts), and excluding the Pointe-Claire and St-Leonard Facility leases · status: proposed · name note: unnamed; referred to only as 'the Purchaser', selected Phase 2 successful bidder · structure: subscription · name source: recital · relationship: unstated
- sale advisorPwC Corporate Finance
- sale outcometext: Phase 2 successful bidder selected and Purchaser informed on January 29, 2026; Trustee recommends approval of the Transaction · scope: whole_business · status: bid_selected