British Columbia · CCAA
San Industries Ltd. - Trustee's Preliminary Report
Court officer report · 2 September 2026
What we verified from this filing10 verified
- cash on handnote: Funds held by the Monitor in the CCAA Proceedings, attributable to the Company, to be applied first to CCAA costs with any balance to the Lenders. · amount: 1600000 · currency: CAD · qualifier: approximately
- closing confirmedscope: substantially all of the Company's operating equipment and related business assets · outcome: completed · effective: 2025-07-15 · purchaser: Cedarline Industries Ltd. · date basis: stated; scope: substantially all of the Company's remaining inventory · outcome: completed · effective: 2025-05-28 · purchaser: Fraserview Cedar Products Ltd. · date basis: stated; scope: the Langley Plant · outcome: completed · effective: 2025-07-15 · purchaser: Axon Lumber Ltd. · date basis: stated
- financial positionnote: Deficiency of $89,688,787.50 reported (liabilities exceed assets); the Trustee states it 'does not expect the bankruptcy estate to realize any assets for the benefit of creditors'; Statement of Affairs form template text references 'the date of the bankruptcy, on the 29th day of November 2024' though the Trustee states the Statement of Affairs was prepared 'as of August 18, 2026' and the actual Date of Bankruptcy is August 19, 2026. · as at: 2026-08-18 · basis: Statement of Affairs - totals from the list of assets and liabilities as stated and estimated by the bankrupt/debtor, unaudited · scope: entity - San Industries Ltd. (the Company), not the consolidated San Group · currency: CAD · total assets: 4596494.01 · total liabilities: 94285281.51
- operational summaryThe Company's operations were shut down and placed into care and maintenance in early 2025 following completion of the CCAA sale process, and it no longer has any employees; the Trustee does not expect any further asset realizations or distributions to unsecured creditors in the bankruptcy.
- purchaserCedarline Industries Ltd.; Fraserview Cedar Products Ltd.; Axon Lumber Ltd.
- recovery outcomeentries: basis: estimated · quote: The Lenders are expected to incur a significant shortfall on their secured indebtedness, currently estimated at more than $129.0 million. · pct of: unstated · outcome: shortfall · class key: secured · stated by: trustee · class label: Lenders (RBC and BDC) · creditor name: RBC and BDC · interim final: unstated · claims qualifier: unstated · shortfall amount: 129000000; basis: estimated · quote: Given the anticipated significant shortfall to the Lenders, the Trustee does not expect any recovery for CWB or other subordinate secured or unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: CWB or other subordinate secured or unsecured creditors · creditor name: CWB · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: Given this shortfall and the absence of unencumbered assets, the Trustee does not expect any distribution to the Company's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated; basis: actual · quote: Under a Court order dated October 29, 2025, the Monitor made a first interim distribution of approximately $21.7 million to the Lenders on account of their secured indebtedness, comprising $16.6 million to RBC and $5.1 million to BDC. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 21700000 · cumulative: false · amount high: 21700000 · class label: Lenders (first interim distribution) · creditor name: RBC and BDC · interim final: interim · claims qualifier: unstated; basis: estimated · quote: The Trustee does not expect the Insurance Claims to generate any recovery for the Company's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: trustee · class label: unsecured creditors (Insurance Claims recovery) · interim final: unstated · claims qualifier: unstated · stated on: 2026-09-02 · table missing:
- report date2 September 2026
- report noTrustee's Preliminary Report to Creditors
- sale advisorCushman & Wakefield
- sale outcometext: Following completion of the SISP and realization of substantially all of the Company's assets · scope: whole_business · status: closed