Alberta · CCAA
Second Report of the Monitor - 2026.07.16
Court officer report · 16 July 2026
A plain-language read of this filing opens with a subscription.
What we verified from this filing6 verified
- secured creditorsnote: Described as holding a 'first-priority interest and security' senior to the Administration Charge, Interim Lender's Charge, D&O Charge and KERP Charge under the proposed ARIO. MTE Group arranged to post cash collateral to ATB for outstanding LC Facility amounts and small Credit Card Facility usage during the CCAA proceedings. No balance amount is stated in the document. · page: 77 · debtor: MTE Group · creditor: ATB Financial · currency: CAD · security: LC Facility and Credit Card Facility
- financial positionnote: Total partners' equity (deficit) was $(23,474,600) as at Dec 31, 2025. Note 2 discloses material uncertainty casting significant doubt on going concern, and that the full $46,149,474 loan payable was classified current due to its Aug 17, 2026 maturity. Separately, the Monitor's Second Report (July 16, 2026) presents an unaudited internal MTE Logistix summary balance sheet (assets only) as at May 31, 2026, showing total assets of $36,561,000 (in CAD '000s), used for illustrative liquidation-value analysis; this is a different (unaudited, more recent, assets-only) figure and is not combined with the audited Dec 31, 2025 amounts above. · page: 91 · as at: 2025-12-31 · basis: Audited (Ernst & Young LLP opinion dated April 23, 2026), prepared under ASPE (Part II of the CPA Canada Handbook) · scope: MTE Logistix LP entity-level only ('the financial statements reflect only the assets, liabilities, revenues and expenses of the Partnership, and do not include any assets, liabilities, revenues and expenses of the partners'); not a consolidated MTE Group statement · currency: CAD · total assets: 38734464 · total liabilities: 62209064
- purchaser2831608 Alberta Ltd.
- sale outcometext: the Monitor supports the granting of the Approval and Vesting Order approving, among other things, the Transaction and the APA · scope: whole_business · status: pending_approval
- secured creditorsnote: Pre-filing debt under the 'Fiera Loan Agreement.' Second Report (July 16, 2026) describes the Closing Debt/Purchase Price as including 'approximately $46.3 million, being the principal amount owing under the Fiera Loan Agreement...plus all interest, fees and amounts owing thereunder' as of the future Closing Time (estimate, not a fixed dated balance). The exact dated balance used here is the 'current portion of loan payable' of $46,149,474 per the audited Dec 31, 2025 financial statements (loan matures Aug 17, 2026; subject to a 2025 forbearance/amending agreement). The MTE Group and Purchaser (a Fiera nominee) propose to discharge and release this debt upon closing of the contemplated APA Transaction (not yet completed) in exchange for shares and an $18M note - this is a proposed, not completed, discharge. Separately, Fiera also provided a post-filing Interim (DIP) Financing Facility up to $7.0 million, which is excluded here as it is not pre-filing debt. · as of: 2025-12-31 · amount: 46149474 · debtor: MTE Logistix Limited Partnership (GSA also covers MLG GP Ltd., Active Warehousing Inc., Hydrive Forklift & Equipment Inc., MTE Logistix Calgary Inc., MTE Logistix Edmonton Inc., MTE Logistix Management Inc., and Porter Warehousing & Distribution Inc.) · creditor: Fiera Private Debt Fund VI LP · currency: CAD · security: General Security Agreement (GSA) governed by Alberta law; per Gowling's Security Review Opinion, Fiera holds a valid, enforceable, and perfected (Alberta and BC PPR) first priority security interest over all assets, undertaking and property of the MTE Group, subject to a priority agreement (terms not fully shown) and to ATB Financial's first-priority interest
- stalking horsestate: stated_none