British Columbia · CCAA
Filed Thirty-Third Report of the Monitor, dated October 16, 2026
Court officer report · 16 October 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 filing11 verified
- secured creditorsnote: Document states 'approximately $58.4 million' outstanding as of September 18, 2026, projected to rise to $62.6 million by October 30, 2026 (forecast). These are post-filing (DIP) secured claims; Monitor concurs they rank ahead of all other secured or unsecured claims. Interim Lenders' recovery from the Transactions is expected to be less than full. · page: 24 · as of: 2026-09-18 · amount: 58400000 · debtor: Petitioners (Teal Jones Group) · creditor: Wells Fargo Capital Finance Corporation Canada and Export Development Canada (Interim Lenders) - Interim Financing Facility · currency: CAD · security: Court-ordered super-priority Interim Lenders' Charge, ranking subordinate only to the Administration Charge; original charge amount $116,509,000 plus interest, fees and costs (a charge ceiling, not a balance)
- secured creditorsnote: Amount of Term Lender debt not stated on these pages. Security opinion issued by Monitor's counsel; subject to assumptions and qualifications. Net proceeds of remaining non-SISP real estate (expected under $1 million, forecast) to be paid to the Term Lenders. · page: 25 · debtor: Petitioners · creditor: Business Development Bank of Canada (BDC) - Term Lender · currency: CAD · security: Valid and enforceable first-ranking charge against the non-SISP real property located in British Columbia, pari passu with RBC (per MLT Aikins LLP opinion, subject to usual assumptions and qualifications)
- secured creditorsnote: Amount of Term Lender debt not stated on these pages. Security opinion issued by Monitor's counsel; subject to assumptions and qualifications. · page: 25 · debtor: Petitioners · creditor: Royal Bank of Canada (as assignee from HSBC Bank Canada) - Term Lender · currency: CAD · security: Valid and enforceable first-ranking charge against the non-SISP real property located in British Columbia, pari passu with BDC (per MLT Aikins LLP opinion, subject to usual assumptions and qualifications)
- unsecured creditorsnote: Approximate figure; no individual creditors named. These would vest out to ResidualCo under the RVO Transaction, and the Monitor estimates no recovery for them. Post-filing obligations, not pre-filing claims. · page: 26 · basis: Monitor's statement: 'post-filing unsecured trade obligations of approximately $4 million' · amount: 4000000 · debtor: Petitioners · creditor: Post-filing unsecured trade vendors (aggregate) · currency: CAD
- cash on handnote: Forecast Teal Cedar closing cash balance (in $000: 1,150) for the weeks ending 06-Nov-26 through 27-Nov-26; a projection from the Revised Cash Flow Forecast, not an actual cash position. The report also says a minimal amount of cash is held in reserve by the Monitor for post-closing matters. · as at: 2026-11-27 · amount: 1150000 · currency: CAD · qualifier: forecast
- operational summaryThe Petitioners continue to operate in the ordinary course pending closing of the SPA and Sumas APA sale transactions, targeted for October 30, 2026, after which the buyers take over operations. The Monitor will then realize remaining excluded assets (tax refund, non-SISP real estate, excluded receivables and inventory) and administer the estate.
- purchaserGillfor Manufacturing Inc.; Northcoast Forest Products Limited, LLC
- recovery outcomeentries: basis: estimated · quote: The Monitor anticipates that there are insufficient funds available to repay the Interim Financing Facility from the estimated distribution and accordingly no recovery is estimated for any claims transferred to ResidualCo under the RVO, including without limitation postfiling unsecured trade obligations of approximately $4 million. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: claims transferred to ResidualCo under the RVO, including post-filing unsecured trade obligations · claims amount: 4000000 · interim final: unstated · claims qualifier: estimated · stated on: 2026-10-16 · table missing:
- report date16 October 2026
- report noThirty-Third Report
- sale outcometext: Both SISP transactions (SPA and Sumas APA) have all closing conditions satisfied and are targeted to close on October 30, 2026. · scope: whole_business · status: approved