Ontario · CCAA
Second Report of the Monitor
Court officer report · 19 August 2026
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What we verified from this filing11 verified
- cash on handnote: Figure taken from $000's table; Forecast ending cash balance was $200,000 vs actual $173,000. · as at: 2026-08-15 · amount: 173000 · currency: CAD · qualifier: actual ending cash balance
- operational summaryThe Applicant has surrendered five of its seven leased premises and now operates solely from the Steinway and Mississauga facilities, using a third-party logistics provider for warehousing. The SISP concluded with no LOIs received, resulting in the Stalking Horse Agreement being declared the Successful Bid, with a court motion for its approval to follow.
- process resultslois: 0 · ndas: 27 · note: 139 Prospective Bidders provided teaser letter; 27 executed confidentiality agreements; no LOIs received by the LOI Deadline · as of: 2026-08-14 · solicited: 139
- professional feesnote: Amount stated inclusive of HST; adverse variance of approximately $0.2 million versus forecast attributed to higher-than-anticipated input from Monitor and counsel. · party: Monitor and legal counsel (professional fees, restructuring) · amount: 1491000 · period: commencement of CCAA Proceedings to August 15, 2026 · currency: CAD
- purchaserFrank Burdzy
- receipts cumulativenote: Actual receipts for period to August 15, 2026, versus forecast of $16,566,000 (adverse variance of approx. $4.3 million). · since: commencement of the CCAA Proceedings · amount: 12303000 · currency: CAD
- report date19 August 2026
- report noSecond Report
- sale advisorGlassRatner Advisory Canada Inc.
- sale outcometext: No LOIs were received; the Stalking Horse Agreement has been declared the Successful Bid · scope: whole_business · status: bid_selected
- stalking horseMr. Frank Burdzy