Alberta · Receivership (court-appointed)
First Report of the Receiver
Court officer report · 2 February 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 filing12 verified
- financial positionnote: Document states: 'As at the Date of Appointment, the Debtors had approximately $125 million of secured debt and $8.5 million of unsecured debt.' Figures are stated as separate components (secured vs. unsecured) and are not summed into a single total liabilities figure per extraction rules; no total assets figure is stated. · page: 7 · as at: 2025-11-14 · basis: Receiver's approximate/management estimate · scope: Debtors (Exro Technologies Inc., DPM Technologies Inc. and Cellex Energy Inc.) combined · currency: CAD
- secured creditorsnote: Subordinate in priority to the Interim Facility, per the Lender (NBIMC) · page: 9 · as of: Note Indenture dated December 30, 2023 · amount: 150000 · debtor: Exro Technologies Inc. · creditor: Delbrook Resources Opportunities Fund · currency: CAD · security: Principal debenture forming part of the Indenture Financing (Note Indenture dated December 30, 2023)
- secured creditorsnote: Subordinate in priority to the Interim Facility, per the Lender (NBIMC) · page: 9 · as of: Note Indenture dated December 30, 2023 · amount: 850000 · debtor: Exro Technologies Inc. · creditor: Delbrook Resources Opportunities Master Fund LP · currency: CAD · security: Principal debenture forming part of the Indenture Financing (Note Indenture dated December 30, 2023)
- secured creditorsnote: Credit Bid APA does not contemplate assignment of the associated lease; Receiver intends to make arrangements with ELFC to retrieve the equipment · page: 9 · debtor: Exro Technologies Inc. · creditor: Essex Lease Financial Corporation (ELFC) · currency: CAD · security: Lease of four serial-numbered NH Research bi-directional DC power battery emulators
- secured creditorsnote: Receiver informed by former employees that motors were paid in full and Nidec should have no further security interest; status unconfirmed/likely discharged; motors included in Credit APA · page: 9 · debtor: Exro Technologies Inc. · creditor: Nidec Motor Corporation · currency: CAD · security: Security to secure payment and performance in relation to electric motors supplied to the Debtors
- secured creditorsnote: Receiver informed there should no longer be a security registration from Avtech as the financing was never completed – effectively discharged/never perfected · page: 9 · debtor: Exro Technologies Inc. · creditor: Avtech Capital · currency: CAD · security: Proposed equipment financing contemplated pursuant to a proposed 2021 master lease agreement, never completed
- secured creditorsnote: WMHE retrieved the equipment in November 2025 and should no longer have a security registration – discharged · page: 9 · debtor: Exro Technologies Inc. · creditor: Western Materials Handling & Equipment Ltd. (WMHE) · currency: CAD · security: Security interest in one serial-numbered good
- secured creditorsnote: NBIMC is also a shareholder of Exro Canada (related party). CAD amount per Sale Solicitation Process 'Secured Indebtedness' table dated December 5, 2025; underlying USD principal is an estimate per the Receiver. · page: 31 · as of: 2025-12-05 · amount: 103083000 · debtor: Exro Technologies Inc. · creditor: NBIMC Quantitative Strategies Fund – Class N (NBIMC) – Secured Note Financing · currency: CAD · security: Various promissory notes issued by Exro Canada to NBIMC on various dates between April 5, 2024 and April 28, 2025, estimated principal amount USD $73,932,516
- secured creditorsnote: NBIMC is also a shareholder of Exro Canada (related party). Delbrook Resources Opportunities Master Fund LP ($850,000) and Delbrook Resources Opportunities Fund ($150,000) debentures form part of this same Indenture Financing. Per the Lender, the Indenture Financing (and Delbrook debentures) is subordinate in priority to the Interim Facility. Amount shown is per Sale Solicitation Process 'Secured Indebtedness' table dated December 5, 2025; underlying instrument states a $14,950,000 registered principal. · page: 31 · as of: 2025-12-05 · amount: 9541000 · debtor: Exro Technologies Inc. · creditor: NBIMC Quantitative Strategies Fund – Class N (NBIMC) – Indenture Financing · currency: CAD · security: Note Indenture dated December 30, 2023, principal amount $14,950,000 plus interest and legal fees, between Exro Canada as borrower and Odyssey Trust Company as trustee; NBIMC holds principal amount of $6,840,000 of this Indenture
- secured creditorsnote: Exact figure per Credit Bid APA definition of 'Senior Secured Obligations' (inclusive of billed costs and fees, indicative, excludes Receiver's Borrowings Charge and 'Existing Indebtedness' i.e. Indenture/Note Financing), as of January 31, 2026. First Report states balance was approximately USD $11 million as of October 30, 2025 and approximately $17.1 million CAD as of January 31, 2026, inclusive of principal, interest, fees, costs and other expenses, according to the Lender; Sale Solicitation Process table (Dec 5, 2025) shows Secured Interim Facility of $17,943,000 CAD. NBIMC is also a shareholder of Exro Canada (related party). · page: 43 · as of: 2026-01-31 · amount: 17140129.5 · debtor: Exro Group (Exro Technologies Inc., DPM Technologies Inc. and Cellex Energy Inc., as borrowers) · creditor: NBIMC Quantitative Strategies Fund – Class N (NBIMC) – Interim Facility · currency: CAD · security: Loan agreement dated May 15, 2025, principal amount USD $30,000,000, as amended by joinder agreement dated August 22, 2025
- purchaser773948 N.B. Inc. and 773951 N.B. Inc.
- sale outcometext: The Receiver seeks approval of the sale transaction contemplated by the Credit Bid APA · scope: whole_business · status: pending_approval