Ontario · CCAA
Nineteenth Report of the Monitor
Court officer report · 19 October 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 filing13 verified
- secured creditorsnote: ABL Distribution pursuant to the May 13, 2025 Distribution Order 'has been completed' - facility repaid, no remaining balance stated; listed for completeness as a repaid secured creditor. · page: 19 · debtor: Applicants · creditor: ABL Agent / ABL lenders (Amended ABL Credit Agreement) · currency: CAD · security: Amended ABL Credit Agreement
- secured creditorsnote: Monitor states the lenders for which Pathlight is administrative agent are, with the FILO Lenders, the only remaining secured creditors that may realize incremental recoveries. No balance stated in these pages. · page: 20 · debtor: certain of the Applicants · creditor: Pathlight Capital LP (administrative agent for lenders under various credit agreements) · currency: CAD · security: Not described on these pages
- secured creditorsnote: Outstanding principal balance 'approximately $29.5 million', stated to EXCLUDE the Make-Whole (amount of the Make-Whole not stated). Post-filing the FILO Agent has received various distributions and interest payments as due; an interim distribution of ~$2.9 million from art proceeds was made June 3, 2026. The Monitor states the FILO Lenders are one of the only two remaining secured creditors who may realize incremental recoveries; further distributions already authorized by the Distribution Order. Art Auction net proceeds (~$5.9M held in trust) are held pending court order or distribution to the FILO Agent. · page: 23 · as of: 2026-10-09 · amount: 29500000 · debtor: Applicants (Hudson's Bay Canada) · creditor: FILO Lenders (via FILO Agent) · currency: CAD · security: First-in, last-out secured facility under the pre-filing credit facility (FILO Credit Facility)
- cash on handnote: Closing cash balance includes $6.4 million held in trust by the Monitor (Art Auction Proceeds and earned interest); excluding these funds the closing cash balance was approximately $6.0 million. Projected balance had been $7.4 million. A further $4 million of Affiliate Lease Assignment proceeds held in trust is incremental to this balance. · as at: 2026-10-09 · amount: 12400000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the eighth online auction of the Art Collection · outcome: completed · effective: 2026-07-02 · date basis: stated · approval order date: 2025-09-25; scope: the Art Collection auctions (final auction of the Art Collection) · outcome: completed · date basis: unstated · approval order date: 2025-09-25
- operational summaryThe Applicants' operations are in wind-down: the Monitor, under enhanced powers since July 27, 2026, now carries out the Applicants' activities with five remaining corporate employees; the Art Collection has been fully monetized, and remaining matters are the Pension Surplus mediation, the Royal Trust Motion, and wind-up administration.
- professional feesnote: Forecast disbursement from the Tenth Updated Cash Flow Forecast ($000's: (5,988)), not actual fees incurred. Actual professional fees in the 17-week Reporting Period were approximately $895,000 lower than forecast. · party: Applicants' counsel and financial advisor, Monitor and its counsel, Employee Representative Counsel, and counsel/advisors to the FILO Lenders (forecast, not incurred) · amount: 5988000 · period: 22-week period October 10, 2026 to March 12, 2027 · currency: CAD
- purchaserprice: note: Heffel has distributed aggregate proceeds of approximately $10.1 million to the Monitor, reflecting hammer prices inclusive of HST and net of Heffel's commissions and fees · basis: cash · sealed: false · scope: the Art Collection, sold Lot by Lot at a series of auctions · status: closed · name note: end purchasers of individual Lots at the Art Collection auctions, unnamed; sold through Heffel Gallery Limited as auctioneer · structure: auction · name source: recital · relationship: unstated
- recovery outcomeentries: basis: actual · quote: On June 3, 2026, the Monitor distributed approximately $2.9 million to the FILO Agent as an interim distribution. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 2900000 · amount high: 2900000 · class label: FILO Agent (interim distribution of Art Auction net proceeds) · creditor name: FILO Agent · interim final: interim · claims qualifier: unstated · stated on: 2026-10-19 · table missing:
- report date19 October 2026
- report noNineteenth Report
- sale advisorHeffel Gallery Limited
- sale outcometext: The Eighth Online Auction was the final auction of the Art Collection, so that process is complete and the Art Collection has been monetized. · scope: ancillary · status: closed