British Columbia · Receivership (court-appointed)
Pre-Filing Report of the Proposed Receiver dated September 25, 2026
Pre-filing report · 25 September 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 filing17 verified
- secured creditorsnote: FLOOR: document says the amount 'exceeded $16.85 million' (operative word 'exceeded'), plus fees, interest and costs which continue to accrue and plus Fulcrum V's participation amount. Debtors in default; operating line fully drawn. Balance sheet at 2026-06-30 showed operating line (net of cash) $13,474K and BMO non-revolving term facility approx. $801K. Forbearance Agreement dated March 11, 2026, extended April 21 and August 14, 2026 (to Sept 30, 2026). BMO's indebtedness expected to be repaid in full from Transaction proceeds. · page: 3 · as of: 2026-09-16 · amount: 16850000 · debtor: Canstar LP (borrower); Canstar GP (obligor); LUNA (unlimited guarantor) · creditor: Bank of Montreal (BMO) · currency: CAD · security: BMO Facilities under Fourth Amended and Restated Credit Agreement dated May 1, 2024 (amended July 23, 2025): Operating Line Facility, Term Loan Facility and other smaller facilities; security over the Property
- financial positionnote: Total equity (39,328)K; accumulated deficit (69,642)K. Current assets 22,328K (A/R 17,783K, WIP 4,015K, other 530K); fixed assets net 1,336K; goodwill and intangibles 4,008K. Current liabilities 43,091K. Net loss: fiscal 2024 (6,819)K, fiscal 2025 (30,504)K, six months to June 30, 2026 (7,257)K. Operating line of credit - BMO presented net of cash. Liquidation Analysis (as of March 31, 2026) is in the sealed Confidential Report; report states realizations would be substantially less than from the Transaction. · page: 8 · as at: 2026-06-30 · basis: Debtors' consolidated unaudited balance sheet at book value ($000s); AlixPartners relied on unaudited financial information and did not audit or verify it. Fiscal 2025 results include material accounting restatements. · scope: Consolidated: Canstar LP, Canstar GP and LUNA (the Debtors) · currency: CAD · total assets: 27717000 · total liabilities: 67045000
- secured creditorsnote: Related party (Fulcrum is controlling shareholder). Amount is Investor's Proportionate Interest, maximum $5 million; balance sheet shows $5 million in current portion of long-term debt as owing to Fulcrum in respect of the Fulcrum Guarantee at June 30, 2026. This $5 million is separate from and in addition to the subordinate debt in the Fulcrum/Canstar Construction entry. · page: 10 · as of: 2026-06-29 · amount: 5000000 · debtor: Canstar LP / the Debtors · creditor: Fulcrum Capital Partners V, LP (Fulcrum V) and Fulcrum affiliates · currency: CAD · security: Security interest in the Property in the amount of $5 million, arising from Participation and Administration Agreement dated June 29, 2026 (participation in BMO Facilities; BMO acts as agent for the associated security); Fulcrum V previously gave BMO partial Investor Guarantees up to $5 million, released in exchange
- secured creditorsnote: FLOOR: document says amount owing to Fulcrum and Canstar Construction, directly or indirectly, 'exceeded $23.4 million', plus interest and costs continuing to accrue. Related parties (Fulcrum is majority LP and majority shareholder of Canstar GP; Canstar Construction is a shareholder of Canstar GP). Approximately $19.2 million of this was owing to Fulcrum. Balance sheet shows subordinated debt - Fulcrum $16,172K and interest payable - Fulcrum $7,255K. Subordinated to BMO. Transaction not anticipated to repay Fulcrum's secured indebtedness in full. · page: 10 · as of: 2026-06-30 · amount: 23400000 · debtor: the Debtors · creditor: Fulcrum Capital Partners and Canstar Construction Ltd. (subordinate secured debt) · currency: CAD · security: Series of subordinate secured debt instruments
- secured creditorsnote: Amounts not stated. Balance sheet at June 30, 2026 shows capital lease obligations of $226K current and $527K non-current (capital lease facility), not attributed by name to these financiers. · page: 10 · as of: 2026-08-11 · debtor: the Debtors · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations in Alberta, British Columbia and Saskatchewan (searches as of August 5 and 11, 2026) in favour of Addison Leasing of Canada Ltd., Enterprise Fleet Management Canada, Inc., Farmington Leasing Limited, Foss National Leasing Ltd., Meridian Onecap Credit Corp., and Wells Fargo Equipment Finance Company
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 592000 · debtor: the Debtors · creditor: Sunrise Drywall & Renovations Ltd. · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 546000 · debtor: the Debtors · creditor: All About Floors Inc. · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 332000 · debtor: the Debtors · creditor: R&M Mechanical Ltd. · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 324000 · debtor: the Debtors · creditor: Urban Environmental Asbestos Abatement Ltd. · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 297000 · debtor: the Debtors · creditor: Centurion Contracting Ltd. · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 295000 · debtor: the Debtors · creditor: Pacific Coast Contracting Ltd. · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 257000 · debtor: the Debtors · creditor: South Pier Frameworks Ltd. · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 1623000 · debtor: the Debtors · creditor: Pro 16-3 Restoration & Services · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 224000 · debtor: the Debtors · creditor: Mira Floors & Interiors · currency: CAD
- unsecured creditorspage: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 222000 · debtor: the Debtors · creditor: Abatement Technologies, Limited · currency: CAD
- unsecured creditorsnote: Aggregate as reported; itemised below for the ten largest, with all others (approx. 750 suppliers) $8,936K. Approx. 12% of payables aged 90-120 days and approx. 30% aged more than 120 days; 19 pending litigation actions. Balance sheet accounts payable and accrued liabilities $20,902K (difference is accrued liabilities). Per the SPA, $11,364,000 of accounts payable is treated as Retained NWC Liabilities for NWC calculation. · page: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited); excludes off-balance sheet obligations such as employee and landlord claims · amount: 13648000 · debtor: the Debtors · creditor: Trade suppliers and service providers (aggregate, approx. 760 suppliers) · currency: CAD
- unsecured creditorsnote: Residual after the ten largest; not individually named. · page: 11 · as of: 2026-06-30 · basis: Debtors' books and records (unaudited) · amount: 8936000 · debtor: the Debtors · creditor: All other trade creditors (approx. 750 suppliers) · currency: CAD