Ontario · Receivership (court-appointed)
Third Report of the Receiver dated September 17, 2026
Court officer report · 17 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 filing8 verified
- operational summaryThe Debtors' principal assets are equity interests in the Operating Entities; the Borrower ceased operations in March 2026 and its four employees have been terminated, while the Operating Entities continue to operate in the normal course outside the receivership. The Receiver recommends approval of a credit-bid share sale of Stoneworks Technologies to Cortland's affiliate and continues to evaluate options for the PJS shares.
- process resultsbids: 2 · lois: 2 · note: No Qualified Bids received by the Bid Deadline; two LOIs received did not meet the Qualified Bid/Supportable Offer definition · as of: 2026-07-21 · solicited: 100 · qualified bids: 0
- professional feesnote: Excludes disbursements and HST. McCarthy Tétrault LLP (Receiver's counsel) fees for the same period total $512,068.50, excluding disbursements and HST. Receiver has borrowed $214,026 under receiver's certificates to pay professional fees and other receivership costs. · party: AlixPartners Restructuring, Inc. (the Receiver) · amount: 170360.25 · period: April 17, 2026 to August 31, 2026 · currency: CAD
- purchaserprice: note: the assumption, in full, of all of the Senior Credit Agreement Secured Debt by the Purchaser, plus payment, in cash, of the Cash Purchase Price, which includes payment of all Priority Payables · basis: mixed · sealed: false · scope: the shares of Stoneworks Technologies · status: proposed · name note: Cortland Purchaser under Cortland Subsequent Credit Bid, unnamed entity · structure: shares · name source: recital · relationship: secured_lender_credit_bid
- recovery outcomeentries: basis: estimated · quote: Please be advised that, at this time, no distributions are anticipated from Sequent AI Exchangeco Ltd. to unsecured creditors or holders of equity claims. · pct of: unstated · outcome: nil · class key: equity · stated by: receiver · class label: unsecured creditors or holders of equity claims · interim final: unstated · claims qualifier: unstated · table missing:
- report date16 September 2026
- report noThird Report
- sale outcometext: The Receiver recommends the Court grant the AVO approving the SPA and the Transaction, arising from the Cortland Subsequent Credit Bid, following the SISP in which no Qualified Bids were received. · scope: whole_business · status: pending_approval