Ontario · NOI
Third Report of the Proposal Trustee dated September 30, 2026
Court officer report · 30 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
- secured creditorsnote: Described as the Field Entities' only material secured creditor. No outstanding amount is stated. Per the Third Report, Wells was repaid in full (including under the DIP Facility) from the Stalking Horse Transaction proceeds shortly after the July 31, 2026 closing and is no longer a creditor. The earlier Ancillary Order authorized distributions up to the full secured indebtedness plus interest and costs. · page: 9 · debtor: Field Aviation Company Inc. and Field Aviation East Ltd. · creditor: Wells Fargo Capital Finance Corporation of Canada / Wells Fargo Bank, National Association (agent) · currency: CAD · security: Senior secured credit facility (Credit Agreement and related security documents); super-priority DIP Facility secured by the DIP Lender's Charge. Credit facility was in default and subject to the Sixth Amendment and Forbearance Agreement.
- secured creditorsnote: The lease has since been assumed by Brian Love, a director (related party). This is the only other registration against either Field Entity per the Ontario PPR searches by counsel. · page: 9 · debtor: Field Aviation Company Inc. · creditor: Other PPSA registrant (specific motor vehicle lease) · currency: CAD · security: Registration in the Ontario PPR that appears to relate to a specific motor vehicle
- unsecured creditorsnote: Disputed/under review: asserted claim, not adjudicated. The correspondence was received after the Stalking Horse closing and the distributions to Wells. Field Canada and the Proposal Trustee are reviewing it; no relief is sought on it at the October 2, 2026 motion. · page: 10 · basis: EDC asserts a constructive trust claim in this amount, per its counsel's correspondence. · amount: 1556100 · debtor: Field Aviation Company Inc. / Field Entities · creditor: Export Development Canada (EDC) · currency: USD
- unsecured creditorsnote: Disputed; no amount stated. Field Canada disclaimed its leased facilities on Aug 21, 2026, effective Sept 22, 2026. Claim under review, no relief sought at the October 2 motion. · page: 10 · basis: Post-filing rent dispute; Signature takes the view its post-filing rent was improperly calculated. · debtor: Field Aviation Company Inc. · creditor: Signature Aviation FBO Canada Inc. (landlord) · currency: CAD
- unsecured creditorsnote: No amounts stated. About 132 employees as of April 2026, most since laid off. Preserved employment claims also arise under the Canada Labour Code and employment standards legislation. · page: 53 · basis: Employment-related claims; the court declared employees eligible for WEPPA payments following termination. · debtor: Field Aviation Company Inc. · creditor: Employees of Field Canada (WEPPA-eligible) · currency: CAD
- closing confirmedscope: the Stalking Horse Transactions · outcome: completed · effective: 2026-07-31 · purchaser: PAL Aerospace Ltd. and De Havilland Aircraft of Canada Limited · date basis: stated · approval order date: 2026-07-27; scope: the Voyageur Transaction · outcome: completed · purchaser: Voyageur Aviation Corp. · date basis: unstated · approval order date: 2026-07-24
- purchaserPAL Aerospace Ltd. and De Havilland Aircraft of Canada Limited; Voyageur Aviation Corp.
- recovery outcomeentries: basis: estimated · quote: The sale proceeds from the DHC/PAL Sale Agreement are expected to be sufficient to fully repay Wells after payment of the priority payables. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: court · class label: Wells · creditor name: Wells · interim final: unstated · conditional on: after payment of the priority payables · claims qualifier: unstated · stated on: 2026-09-30 · table missing:
- sale outcometext: Stalking Horse Transactions with PAL and DHC closed July 31, 2026; Voyageur Transaction and a de minimis asset sale also closed; Wells repaid in full. · scope: whole_business · status: closed
- stalking horsePAL Aerospace Ltd. and De Havilland Aircraft of Canada Limited