Alberta · CCAA
Fourth Report of the Monitor
Court officer report · 3 November 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 filing9 verified
- secured creditorsnote: Outstanding balance not stated in this report; the facility limit is not a balance. Senior secured status inferred from the report's references to 'Senior Secured Debt Interest' and the Syndicate. · page: 9 · debtor: Monette Farms Ltd. (Canadian Borrower); Monette Farms USA, Inc. (US Borrower); Darrel Monette (Individual Borrower); all Group members and Monette Farm Family Trust as guarantors · creditor: Syndicate of lenders under the Senior Facilities Agreement (The Bank of Nova Scotia as SFA Agent) · currency: CAD · security: Senior Facilities Agreement dated December 5, 2018: $930 million credit facility ($950 million including an accordion), matured April 15, 2026. Facility size stated, not the outstanding balance. The report accrues interest on outstanding borrowings (about $17.8M senior secured debt interest paid Aug 1-Oct 23, 2026) but states no outstanding principal balance. Amended via two covenant and waiver agreements, eight amending agreements and a forbearance agreement since October 2024.
- secured creditorsnote: Amount is in CAD millions as stated ($88.2 million drawn). This is post-filing DIP financing, not pre-filing debt. Forecast closing balance of $82.7M at Nov 27, 2026 is a forecast and not a balance. · page: 14 · as of: 2026-10-23 · amount: 88.2 · debtor: Monette Farms Ltd. and Monette Farms USA, Inc. (Borrowers); Group as guarantors · creditor: DIP Lenders (The Bank of Nova Scotia as DIP Agent, and members of the Syndicate) · currency: CAD · security: DIP Lenders' Charge to a maximum of $95 million. DIP Facility maximum $90 million; $1.8 million remains available to draw.
- cash on handnote: Approximately $88.2 million drawn on the DIP Facility, with an additional $1.8 million available to be drawn under the Maximum Amount. · as at: 2026-10-23 · amount: 7200000 · currency: CAD · qualifier: approximately
- operational summaryThe Group's farm operations are continuing in the normal course during the CCAA proceedings, with harvest completed on approximately 385,000 acres, while the SISP continues with the Binding Bid Deadline extended to November 3, 2026 and the Arizona Transaction awaiting closing.
- purchaserprice: note: the Confidential Affidavit was temporarily sealed, but this report does not say the price is sealed · sealed: false · scope: the Arizona Transaction, which requires the assignment of three Arizona State agriculture leases (ASLD Leases) to the buyer · status: approved · name note: buyer of the Arizona assets under the Arizona PSA is not named in the text provided · structure: assets · name source: operative · relationship: unstated; Industrial Measuring Systems Inc.
- receipts cumulativenote: Actual operating receipts for the 12-week period, versus forecast of $86.0 million. This is a period figure since the Third Report, not cumulative since the Filing Date; no since-filing cumulative figure is stated. · since: August 1, 2026 (12-week period ending October 23, 2026) · amount: 60800000 · currency: CAD
- report date3 November 2026
- report noFourth Report
- sale outcometext: The SISP is ongoing: the Binding Bid Deadline is November 3, 2026, bids will then be reviewed to decide whether any is designated a Successful Bid, and the SISP Termination Date is extended to December 4, 2026. The Arizona Transaction is approved by both courts but has not yet closed, pending ASLD assignment of the leases. · scope: parcel · status: approved