Ontario · NOI
First Report of the Proposal Trustee, dated November 11, 2026
Court officer report · 11 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 filing10 verified
- cash on handnote: Ending cash balance per the variance analysis comparing actuals to the October CFF for October 16 to November 1, 2026 (forecast ending cash was $103K); reported in $000's in the appendix table. The Company had fully depleted its liquidity at the time of the NOI filing. · as at: 2026-11-01 · amount: 139000 · currency: CAD
- disbursementsnote: Disbursements of approximately $284,000, resulting in a net cash outflow of $116,000, which is $234,000 better than forecast, primarily due to timing. · since: October 16, 2026 (NOI filing) to November 1, 2026 · amount: 284000 · currency: CAD
- financial positionnote: Liabilities table is in CDN $000's: secured $105,770 (TEC Facilities $104,549 as of November 1, 2026; Finloc Promissory Note $1,221) and unsecured $31,000 (HST/QST arrears $1,880; other unsecured $28,620; 1070313 Ontario Ltd. $500). Total liabilities of $136,770 thousand is stated by the document; text says approximately $136.8 million. Only the November 1, 2026 date is given for the TEC Facilities and Finloc note; other components carry no separate as-at date. No total assets figure is stated; the assets are described only as primarily accounts receivable, parts inventory and operating equipment at leased premises. · basis: Per Frigid's accounting records (unaudited; the Proposal Trustee has not audited or verified them). Third-party secured and unsecured liabilities only. · scope: Frigid Rentals Inc. (the Company), third-party secured and unsecured liabilities · currency: CAD · total liabilities: 136770000
- lawyerRudrakshi Chakrabarti
- lawyerLeanne M. Williams
- operational summarySince the NOI filing, Frigid has continued to operate in the ordinary course, focused on stabilizing operations and engaging stakeholders, with revenue mainly from fleet repair and maintenance services on the Serviced Assets for Finloc. It has about 35 employees at filing and is running an initial solicitation process toward a proposed SISP.
- professional feesnote: This is the proposed Administration Charge (a maximum) securing professional fees and disbursements in the NOI Proceedings, not an amount of fees actually incurred. The report does not state fees incurred to date; it notes the professionals hold modest retainers or, for Frigid's counsel, none. · party: Proposal Trustee, its independent counsel and counsel to Frigid · amount: 600000 · currency: CAD
- receipts cumulativenote: Cash collections approximately $168,000, excluding the Post-filing Initial Advances of approximately $597,691 from the Interim Lenders. · since: October 16, 2026 (NOI filing) to November 1, 2026 · amount: 168000 · currency: CAD
- report date11 November 2026
- report noFirst Report of the Proposal Trustee