Saskatchewan · CCAA
First Report of the Monitor
Court officer report · 26 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 filing5 verified
- financial positionnote: No total assets/liabilities stated for the Companies. Stated verbatim: current assets totaled $12.2 million, current liabilities $13.2 million (working capital deficiency of $1.0 million), combined net income approx. $150,000 (2023). Paragon standalone balance sheet 2023 shows total assets $10,963,482 and total liabilities $7,880,442, not the combined position. Secured debt owed to TD approx. $18,115,224.67; priority payables $438,000 (Langenburg Motors) and $532,000 (Paragon) as at Dec 31, 2025; unsecured claims approx. $399,000 and $273,000 respectively. As at Dec 31, 2025: operating loss of $1.1 million on sales of $53.6 million. · as at: 2023-12-31 · basis: Unaudited 2023 financial statements (Review Engagement Report, Prairie Strong CPA, July 12, 2024), appended via the Pre-Filing Report; 2024 and 2025 financial statements not yet finalized. YTD Dec 2025 dealer statements are draft for Paragon and finalized for Langenburg Motors. · scope: Report text gives combined working-capital figures for the three Companies (Paragon, Langenburg Motors, 616 Sask); appended 2023 statements are Paragon Sales Ltd. standalone only. · currency: CAD
- operational summaryThe Companies continue to operate their GM and Ford dealerships under CCAA protection with the Monitor holding enhanced powers, while the Monitor develops a SISP and negotiates a potential stalking horse agreement; operations are being stabilized.
- professional feesnote: Forecast figure from the Cash Flow Forecast (Appendix C), not actual fees incurred; not included in the net cash flow because fees are assumed to accrue unpaid until a transaction closes. Administration Charge of $225,000 granted in Initial Order, with increase to $750,000 sought in the ARIO. No actual fees incurred are stated. · party: Monitor, Monitor's counsel, and Companies' counsel (restructuring professional fees) · amount: 625000 · period: 13-week forecast period Feb 23 to May 22, 2026 · currency: CAD
- report date26 February 2026
- report noFirst Report