Ontario · CCAA
Third Report of the Monitor
Court officer report · 15 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 filing9 verified
- operational summaryThe Applicant continues to operate its business as a going concern, employing over 200 people. The SISP drew no letters of intent, so the Burdzy stalking-horse credit bid became the Successful Bid and is to close via a reverse vesting order. Operations are forecast to generate a modest net cash inflow before DIP activity.
- process resultslois: 0 · note: No letters of intent were received by the LOI Deadline
- purchaserFrank Burdzy
- recovery outcomeentries: basis: liquidation_alternative · quote: While creditors with claims which are Excluded Liabilities will have no recovery under the Transactions, they also have no prospect of recovery under any other alternative currently available; · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: creditors with claims which are Excluded Liabilities · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: The conclusion of the Liquidation Analysis is that the net realizable value of the assets in a liquidation (the ' Liquidation Value ') is less than the aggregate of the secured claims 6 . · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: secured creditor · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Accordingly, in addition to the shortfall that would be suffered by the secured creditor, there would be no recovery for unsecured creditors in a liquidation 7 . · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: unstated · quote: Equity holders would receive no consideration in any circumstance. · pct of: unstated · outcome: nil · class key: equity · stated by: monitor · class label: Equity holders · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-15 · table missing:
- report date15 September 2026
- report noThird Report
- sale advisorGlassRatner Advisory Canada Inc.
- sale outcometext: No letters of intent were received by the LOI Deadline, so the Subscription Agreement was declared the Successful Bid · scope: whole_business · status: no_acceptable_bid
- stalking horseFrank Burdzy