British Columbia · NOI
Second Report of the Proposal Trustee
Court officer report · 21 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 filing10 verified
- secured creditorsnote: Interim (DIP-style) lender. Amount is the drawn portion of the $250,000 facility as of the end of the variance period (October 9, 2026): 'the Company has drawn $190,000 of the $250,000 available'. Facility limit of $250,000 is not a balance. No further draws expected during the forecast period. Interest payable under the term sheet is forecast at $25,309 for the 7-week period. · page: 9 · as of: 2026-10-09 · amount: 190000 · debtor: Sonic Enclosures Ltd. · creditor: Accord Financial Corp. · currency: CAD · security: Court-ordered interim lender's charge (approved August 31, 2026) under interim financing term sheet; principal facility amount $250,000
- cash on handnote: Ending cash balance per the budget-to-actual variance analysis for the period ending October 9, 2026 (budgeted ending balance was $32,386); also the opening balance of the cash flow forecast. · as at: 2026-10-09 · amount: 8730 · currency: CAD
- disbursementsnote: Actual total operating disbursements vs. budget of $634,137; plus $18,043 of restructuring (professional fee) disbursements, which are reported separately. · since: 2026-08-28 (variance analysis period through 2026-10-09) · amount: 543612 · currency: CAD
- operational summarySonic continues to operate and fulfil ongoing manufacturing projects under its NOI stay while a sale and investment solicitation process has produced four offers to acquire its assets, which the Proposal Trustee is reviewing; the Company seeks to extend the stay to November 27, 2026 to implement a transaction.
- professional feesnote: Actual restructuring professional fees disbursed vs. budget of $25,000. A further $25,000 is forecast for the week ending Oct 30, 2026. Tax treatment not stated. · party: Restructuring professional fees (trustee and legal) in the NOI proceedings · amount: 18043 · period: 2026-08-28 to 2026-10-09 · currency: CAD
- receipts cumulativenote: Actual total receipts for the variance period vs. budget of $441,122; figure excludes the interim financing draw, which is shown separately in the cash position section. · since: 2026-08-28 (variance analysis period through 2026-10-09) · amount: 379981 · currency: CAD
- report date19 October 2026
- report noSecond Report
- sale outcometext: Sale and investment solicitation process approved by the Court on August 31, 2026 and conducted by the Proposal Trustee; Sonic seeks a proposal-deadline extension to finalize its review of options originating from the SISP and work towards implementing a transaction. No bid selected or transaction approved in the visible text. · scope: whole_business · status: process_approved
- unsecured creditors