Ontario · CCAA
Seventh Report of the Monitor
Court officer report · 5 November 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
- cash on handnote: Cash held by the Company as at morning of November 5, 2026, per the disbursement forecast attached to the DIP Lender's Funding Letter (Schedule A) included in the report's appendices; the Monitor also received a $500,000 initial protective advance on November 3, 2026. · as at: 2026-11-05 · amount: 209407 · currency: CAD
- closing confirmedscope: the Transactions contemplated by the Subscription Agreement · outcome: not_completed · purchaser: Mr. Frank Burdzy · date basis: unstated · approval order date: 2026-10-14
- operational summaryThe Applicant's business can no longer continue as a going concern after the Investor refused to close the Transactions or provide further funding and the DIP Lender terminated its commitment; 134 employees were laid off in late October with 25 retained, and a liquidation of assets, including a search for buyers of the two facilities, is proceeding in a receivership.
- process resultsnote: Monitor contacted approximately 111 strategic parties from the SISP to advise that the two facilities were available to be acquired; a number of parties have expressed interest and some have signed NDAs (count not stated) · as of: 2026-11-05 · solicited: 111
- professional feesnote: Consists of $149,605.00 fees and $10,472.36 disbursements, excluding taxes. Monitor's Counsel (Osler, Hoskin & Harcourt LLP): $79,885.80 ($79,525.50 fees + $360.30 disbursements), excluding taxes. Estimated further fees and disbursements of Monitor and its counsel to termination of the CCAA proceedings not to exceed $165,000. · party: Deloitte Restructuring Inc. (Monitor) · amount: 160077.36 · period: 2026-09-19 to 2026-10-30 · currency: CAD
- purchaserMr. Frank Burdzy
- report date5 November 2026
- report noSeventh Report
- sale advisorGlassRatner Advisory Canada Inc.
- sale outcometext: Investor will not close the Transactions; the Monitor views a liquidation of the Applicant's assets as inevitable, and efforts are under way to market the two facilities and equipment, including liquidation proposals and outreach to strategic parties · scope: liquidation · status: liquidation_in_progress
- stalking horseMr. Frank Burdzy