Nova Scotia · CCAA
Tenth Report of the Monitor darted August 10, 2026
Court officer report · 10 August 2026
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What we verified from this filing8 verified
- secured creditorsnote: No amount stated. The March 23rd Ancillary Order (March 23, 2026) authorized a distribution to Corkum as mortgagee, and the Monitor has repaid the Corkum Mortgage in full. · page: 7 · debtor: 3343533 Nova Scotia Limited (Lost Bell) · creditor: Suzanne Corkum · currency: CAD · security: Mortgage dated January 21, 2021 between Lost Bell and Corkum (the 'Corkum Mortgage') on the real property located at 61 Dudley Park Lane, Upper Falmouth, Nova Scotia (the 'Dudley Property').
- unsecured creditorsnote: Amount is the court-authorized settlement/distribution amount, which the Monitor has paid; the face amount of the filed claim is not stated. · page: 7 · as of: 2026-03-23 · basis: Claim filed against Spirit Co (the 'Beck Claim'), settled as the 'Beck Settlement'; distribution in the amount of $125,000 authorized by the March 23rd Ancillary Order. · amount: 125000 · debtor: 3284906 Nova Scotia Limited (Spirit Co) · creditor: Beck Flavors Inc. · currency: CAD
- unsecured creditorsnote: The document names no individual creditors. Estimate: the BLCL Parties bear the payment risk if the actual amount owing is greater than estimated and are entitled to any surplus if less. Separately, unpaid post-filing operating costs of BLCL incurred during the CCAA proceedings, estimated at approximately $10,000, are also to be assumed (post-filing; not included in the amount). The Operating Companies also have unsecured creditors (distributions under review pending the RBC Debt Repayment issue), but no names or amounts are stated for them. · page: 11 · as of: as estimated in the Tenth Report (August 10, 2026) · basis: All unsecured claims against BLCL, 'estimated to be approximately $259,000', which the BLCL Parties have agreed under the Fee Allocation Settlement (dated July 8, 2026, subject to Court approval) to assume and satisfy in full within 90 days of Court approval. · amount: 259000 · debtor: Blue Lobster Capital Limited (BLCL) · creditor: Unsecured creditors of BLCL (aggregate as estimated) · currency: CAD
- secured creditorsnote: No balance stated. Personal guarantees exist (guarantor is the President of the Operating Companies; named in the report as Mr. Rice). RBC issued demands for payment and s. 244 BIA Notices of Intention to Enforce Security on February 7, 2024 and entered forbearance agreements on February 26, 2024. A disputed pre-filing repayment of $345,000 from the sale of BLCL's Charlottetown Property (in or around July 2024) was applied by RBC to Spirit Co's indebtedness rather than BLCL's (the 'RBC Debt Repayment' allocation issue, before the Court). RBC has been repaid in full in these proceedings. RBC also provided the court-approved post-filing DIP Facility of $300,000 (not pre-filing debt). · page: 14 · debtor: Blue Lobster Capital Limited (BLCL) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Credit Agreement dated January 18, 2021, as amended and restated on August 10, 2021; the BLCL facilities were secured by, among other things, a general security agreement, guarantees from Mr. Rice, a guarantee from Spirit Co, and various collateral mortgages and assignments of rent, including security over the Charlottetown Property (225 Prince Street, Charlottetown, PEI). RBC also holds a continuing first-ranking mortgage security over certain BLCL Real Properties.
- secured creditorsnote: No balance stated; RBC is described as the Operating Companies' senior lender. Distinct capacity from RBC's BLCL facilities. Personal guarantees exist (individuals not named for these facilities). In or around July 2024 RBC applied the $345,000 net sale proceeds of BLCL's Charlottetown Property to reduce Spirit Co's indebtedness - the disputed 'RBC Debt Repayment' allocation issue. RBC has been repaid in full in these proceedings. Under the Op Co Forbearance, BLCL was required to provide guarantees in support of Lost Bell's and Annapolis Cider's obligations; the Monitor has not identified any express direct guarantee by BLCL of Spirit Co's obligations. · page: 14 · debtor: 3284906 Nova Scotia Limited (Spirit Co) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Loan Agreement dated January 18, 2021, as amended and restated on May 28, 2021 and May 26, 2023, for four separate facilities each supported by their own security package, including a general security agreement, personal guarantees, guarantees from Lost Bell and Annapolis Cider, and various collateral mortgages and assignments of rents.
- closing confirmedscope: the Lynch Transaction · outcome: completed · effective: 2025-08-08 · purchaser: Lynch · date basis: stated · approval order date: 2025-07-17; scope: the Coast Transaction · outcome: completed · effective: 2025-08-08 · purchaser: Coast · date basis: stated · approval order date: 2025-07-17
- purchaserShannon Theresa Lynch; Coast to Coast Marketing Ltd. and James Roue Beverage Company Ltd.; Ashley MacLeod and Danae Harvalias
- recovery outcomeentries: basis: actual · quote: RBC has been repaid in full in these proceedings. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: monitor · class label: RBC · creditor name: RBC · interim final: unstated · claims qualifier: unstated · table missing: