Saskatchewan · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 9 December 2025
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What we verified from this filing11 verified
- secured creditorsnote: BREC brought the initial receivership application as a secured creditor; subordinate to RBC's first-ranking security; BREC (and possibly RBC) expected to incur a significant loss on the sale transactions · page: 7 · as of: Date of Receivership (September 11, 2025) · amount: 11600000 · debtor: Threeosix Industrial Services Inc., 102056994 Saskatchewan Ltd., Threeosix Mining Services Inc., and BL Construction Services Ltd. ("TOS") · creditor: Buffalo River Development LP / Buffalo River Enterprises Corp. ("BREC") · currency: CAD · security: BREC security - opined valid and enforceable in draft (December 5, 2025) Security Opinion from McKercher LLP
- secured creditorsnote: Primary secured creditor; funded the receivership proceedings via court-approved Receiver's Borrowings Charge · page: 8 · as of: Date of Receivership (September 11, 2025) · amount: 3100000 · debtor: Threeosix Industrial Services Inc., 102056994 Saskatchewan Ltd., Threeosix Mining Services Inc., and BL Construction Services Ltd. ("TOS") · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: RBC Security - first ranking security position against all Property of the Companies; opined valid and enforceable in draft Security Opinion
- financial positionnote: Table presents assets only; total liabilities not stated. Separately, the Company listed unsecured creditor claims of approximately $14.5 million as at the Date of Receivership (September 11, 2025), and secured claims of RBC (~$3.1 million) and BREC (~$11.6 million) as at that date. · page: 10 · as at: 2025-06-30 · basis: TOS's internal financial statements; unaudited, not reviewed or verified by the Receiver; book values · scope: Combined (not consolidated) entity-level totals for Threeosix Industrial Services Inc., 102056994 Saskatchewan Ltd., Threeosix Mining Services Inc., and BL Construction Services Ltd., including intercompany 'due from related parties' and 'investment in subsidiary' balances · currency: CAD · total assets: 37806944
- secured creditorsnote: Amount of Provida indebtedness not stated in the document; Provida consented to the Receivership Order · page: 21 · debtor: TOS · creditor: Provida Financial Corporation · currency: CAD · security: Provida security - opined valid and enforceable in draft Security Opinion from McKercher LLP
- secured creditorsnote: Amounts not stated; priorities not yet opined on by counsel · page: 21 · debtor: TOS · creditor: PPSA equipment financiers (PMSI class): Ford Credit Canada Company/Ford Credit Canada Leasing; Mitsubishi HC Capital Canada Leasing, Inc.; Wells Fargo Equipment Finance Company; CWB National Leasing Inc.; Atco Structures & Logistics Ltd. · currency: CAD · security: Serial numbered (PMSI) equipment registrations identified in draft Security Opinion
- secured creditorsnote: Receiver does not believe any amounts are owing, based on discussions with BMO · page: 22 · debtor: 102056994 Saskatchewan Ltd. ("994 SK Ltd.") · creditor: Bank of Montreal (BMO) · currency: CAD · security: June 18, 2021 registration - blanket security interest in all present and after-acquired personal property of 994 SK Ltd.
- secured creditorsnote: Deemed trust class - GST liability; not on Companies' records as at Date of Receivership, identified via post-receivership filings completed with assistance of Management; CRA Trust Examinations (payroll source deductions and GST) not yet completed as of report date · page: 22 · amount: 152082 · debtor: TOS · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Provincial sales tax (PST) liability - regulatory/priority claim class; not on Companies' records as at Date of Receivership, identified via post-receivership filings · page: 22 · amount: 162939 · debtor: TOS · creditor: Saskatchewan Minister of Finance (SMF) · currency: CAD
- purchaserprice: note: Price details are contained in the Confidential Supplement, filed under seal. · sealed: true · scope: the Alamos Mine Site Equipment · status: approved · name note: purchaser under the McDougall Alamos Site Offer for the Alamos Mine Site Equipment, unnamed · structure: assets · name source: recital · relationship: unstated; Impact Mining & Consulting; McDougall Auctioneers Ltd.
- sale advisorMcDougall Auctioneers Ltd.
- sale outcometext: Receiver recommending approval of the Sale Transactions arising from three sale processes · scope: liquidation · status: pending_approval