Quebec · CCAA
Monitor's Fifth Report
Court officer report · 25 September 2025
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 filing12 verified
- cash on handnote: Closing cash balance for the 8 weeks ended September 19, 2025 per the cash flow variance table (in '000$ CAD: 4 190); this is also the opening cash balance of the updated forecast beginning September 20, 2025. The Monitor's text also refers to a higher than projected cash balance of $3.8M (variance). · as at: 2025-09-19 · amount: 4190000 · currency: CAD
- disbursementsnote: Total disbursements for the 8 weeks ended September 19, 2025 (forecast 15,978K; favourable variance 6,650K). · since: July 26, 2025 (start of the 8-week variance period) · amount: 9328000 · currency: CAD
- operational summaryThe CCAA Parties are continuing limited operations focused on preserving the Biorefinery and preparing the Electrolyzer (including Hydro-Québec power line commissioning), while the court-approved sale process has produced a single bid from StormFisher Hydrogen; a reverse vesting transaction is proposed to close by October 10, 2025, with no distribution expected to creditors other than certain charge beneficiaries.
- process resultsbids: 1 · lois: 4 · ndas: 13 · note: Only one Binding Offer received from StormFisher Hydrogen Ltd. by the Extended Phase 2 Bid Deadline, designated a Phase 2 Qualified Bid. · as of: 2025-08-21 · solicited: 71 · qualified bids: 1
- professional feesnote: Actual professional fees disbursed per the variance table (forecast 1,700K). Updated forecast shows a further (1,532K) professional fees over the forecast period to March 31, 2026. Table does not state whether tax is excluded. · party: Professional fees (Monitor, its counsel, CCAA Parties' counsel and others) as a disbursement line item · amount: 1632000 · period: 8 weeks ended September 19, 2025 · currency: CAD
- purchaserStormFisher Hydrogen Ltd.
- receipts cumulativenote: Total receipts for the 8-week period were other receipts only, described as non-budgeted interest revenues of $186K; interim financing draws of $7.8M are shown separately and not as receipts. · since: July 26, 2025 (start of the 8-week variance period) · amount: 186000 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: Given the results of the SISP, no distribution is expected to be made to any creditors other than the beneficiaries of the Administrative Charge, the KERP Charge and the Interim Lenders' Charge, but in the case of the latter, only for a portion of their DIP Financing Facility. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: creditors other than the beneficiaries of the Administrative Charge, the KERP Charge and the Interim Lenders' Charge · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: nor an orderly liquidation would result in any residual amounts available for distribution to the secured creditors, the construction lien holders and the unsecured creditors. · pct of: unstated · outcome: nil · class key: secured · stated by: monitor · class label: secured creditors, the construction lien holders and the unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-09-25 · table missing:
- report date25 September 2025
- report noFifth Report
- sale advisorBarclays
- sale outcometext: Proposed Transaction selected as Successful Bid, subject to Court approval, not yet closed · scope: whole_business · status: pending_approval