Quebec · Bankruptcy
Report of the Trustee on Its Preliminary Administration (Original French Version)
Court officer report · 28 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 filing11 verified
- financial positionnote: Liabilities split: secured 19,419 and unsecured 15,040 (thousands of USD). Trustee considers realizable value far below book: production equipment (571 book) near-nil liquidation value, leasehold improvements (5,058 book) nil value, intangibles (11,587 book) marginal value in forced liquidation. Federal government has stated intent to set off against tax credits receivable. Secured claims described as largely exceeding asset value. · page: 3 · as at: 2026-07-31 · basis: Net book value per the debtor's accounting records at 31 July 2026, not audited by the trustee · scope: Studios Félix & Paul inc. (Felix & Paul Studios Inc.), single entity · currency: USD · total assets: 22055000 · total liabilities: 34459000
- secured creditorsnote: Claimed first-ranking security per trustee; amount in thousands of US dollars (5,773). Security opinion pending, not yet confirmed. · page: 4 · as of: 2026-07-31 · amount: 5773000 · debtor: Studios Félix & Paul inc. · creditor: Investissement Québec · currency: USD
- secured creditorsnote: Amount in thousands of US dollars (3,075) as at 2026-07-31. In August 2026 $0.9M was repaid to the bank after federal 2025 tax credits were collected. Security opinion pending, not yet confirmed. · page: 4 · as of: 2026-07-31 · amount: 3075000 · debtor: Studios Félix & Paul inc. · creditor: Banque Nationale du Canada · currency: USD
- secured creditorsnote: Claimed first-ranking security per trustee; amount in thousands of US dollars (2,877). The trustee's security review names Banque de développement du Canada as a secured creditor. Security opinion pending, not yet confirmed. · page: 4 · as of: 2026-07-31 · amount: 2877000 · debtor: Studios Félix & Paul inc. · creditor: BDC Capital · currency: USD
- secured creditorsnote: Claimed first-ranking security per trustee; amount in thousands of US dollars (1,437). Security opinion pending, not yet confirmed. · page: 4 · as of: 2026-07-31 · amount: 1437000 · debtor: Studios Félix & Paul inc. · creditor: Société de développement des entreprises culturelles (SODEC) · currency: USD
- secured creditorsnote: Claimed first-ranking security per trustee; amount from trustee table in thousands of US dollars (6,257). Security validity opinion (Osler) pending, not yet confirmed. · page: 4 · as of: 2026-07-31 · amount: 6257000 · debtor: Studios Félix & Paul inc. · creditor: Export Development Canada (EDC) · currency: USD
- unsecured creditorsnote: Document names no individual unsecured creditors. Components by line: accounts payable and accrued liabilities 4,260; deferred revenue 4,874; long-term debt 2,772; debentures 1,335; deferred lease incentive obligation 1,799 (all in thousands of USD). Trustee projects no distribution to ordinary creditors. · page: 4 · as of: 2026-07-31 · basis: Debtor's accounting records as at 31 July 2026, unaudited by the trustee (liabilities table, unsecured column, in thousands of US dollars) · amount: 15040000 · debtor: Studios Félix & Paul inc. · creditor: Unsecured creditors (aggregate as reported) · currency: USD
- closing confirmedscope: certains actifs liés aux activités spatiales de la Débitrice et au projet Space Explorers · outcome: completed · effective: 2026-09-17 · purchaser: 18201714 Canada inc. · date basis: stated · approval order date: 2026-09-17
- process resultsbids: 1 · note: PSIV process yielded no binding offer, one non-binding offer withdrawn · as of: 2026-07-28
- purchaser18201714 Canada inc.
- sale outcometext: Transaction closed involving space-related assets and Space Explorers project sold to 18201714 Canada Inc. · scope: parcel · status: closed