Quebec · Receivership (court-appointed)
Interim Receiver's Report
Court officer report · 27 August 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing5 verified
- secured creditorsnote: Balance not stated in the excerpted pages; Fiera Lenders issued a letter of default dated August 1, 2025 and declined further financing · page: 3 · debtor: Canadoil Forge Ltd · creditor: Fiera Private Debt Fund VI LP and Fiera Private Debt Fund VII LP (the "Fiera Lenders") · currency: CAD · security: First-ranking movable and immovable hypothecs over Canadoil's production and storage facilities, various equipment and rolling stock (long-term debt)
- secured creditorsnote: Approximate balance under credit agreement ("approximately $12 M"); CFC guarantee is a related/affiliated debtor guarantee, not a separate lender · page: 3 · as of: 2025-08-14 · amount: 12000000 · debtor: Canadoil Forge Ltd · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: First-ranking movable hypothec on Canadoil's receivables and inventory; guaranteed by CFC Canadoil Inc., which granted a security interest in favor of RBC registered at the Texas UCC
- secured creditorsnote: Stated as "a balance of over $637 k" - floor/minimum figure · page: 3 · as of: 2025-08-14 · amount: 637000 · debtor: Canadoil Forge Ltd · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Two lease agreements granted by RBC to Canadoil
- secured creditorsnote: Deemed trust / priority claim for unpaid source deductions (employer and employee) 2020-2023 plus interest and penalties; comprised of approximately $2.2M in source deductions and $1.1M in interest/penalties as of May 31, 2025; a payment arrangement dated May 7, 2024 (monthly $80k) was largely not honoured by Canadoil after the first payment · page: 6 · as of: 2025-05-31 · amount: 3339000 · debtor: Canadoil Forge Ltd · creditor: Canada Revenue Agency (CRA) · currency: CAD
- financial positionnote: Full balance sheet (Appendix B) is under seal - existence only, figures not disclosed in available text. Disclosed items: net loss of $260k for the 4-month period ended May 31, 2025; working capital deficit of approximately $1.2M as at May 31, 2025 before considering $1.2M in CRA interest/penalties; FY2025 (year ended Jan 31, 2025) net earnings of $3.9M based on draft audited financial statements, versus FY2024 net loss of $116k based on audited financial statements · page: 9 · as at: 2025-05-31 · basis: Draft/unaudited management-prepared balance sheet and cumulative financial results (Canadoil's Financial Statements), not subjected to audit or review standards by FTI; full balance sheet reproduced only in Appendix B, which is filed under seal · scope: Canadoil Forge Ltd (entity only); CFC Canadoil Inc. financial statements had not yet been prepared and were unavailable · currency: CAD