British Columbia · CCAA
Filed Notice of Application, returnable October 26, 2026
Application / notice of application · 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 filing4 verified
- secured creditorsnote: Facility stated as approximately $58.4 million as of September 18, 2026; projected to increase to $62.6 million by October 30, 2026 (forecast, not a balance). Proposed distribution of approx. $21 million plus up to $2.3 million tax refund cash would only partially repay. · page: 13 · as of: 2026-09-18 · amount: 58400000 · debtor: Teal Jones Holdings Ltd. and subsidiary Petitioners · creditor: Interim Lenders (Wells Fargo Capital Finance Corporation Canada, Wells Fargo Capital Finance LLC and Export Development Canada) — Interim Financing Facility · currency: CAD · security: Court-ordered Interim Lenders' Charge under the ARIO/SARIO over all assets, properties and undertakings of the Petitioners, super-priority; charge maximum $116,509,000 plus interest, fees, costs and expenses (a charge ceiling, not a balance)
- secured creditorsnote: Claim amount not stated. Proceeds from remaining non-SISP real estate expected to be less than $1 million in total (forecast distribution, not a balance). Together with the Interim Lenders described as the fulcrum secured creditors. · page: 13 · debtor: Petitioners (non-SISP real property in British Columbia) · creditor: Royal Bank of Canada and Business Development Bank of Canada (Term Lenders) · currency: CAD · security: Valid and enforceable first ranking charge against non-SISP real property located in British Columbia; pari passu as between themselves
- unsecured creditorsnote: Approximate figure; no recovery estimated; post-filing claims hold no priority over the Interim Lenders' Charge; other certain post-filing payables also expected to be transferred to ResidualCo, not quantified. · page: 13 · basis: Monitor's statement: "post-filing unsecured trade obligations of approximately $4.0 million" · amount: 4000000 · creditor: Post-filing unsecured trade creditors (to be vested out to ResidualCo under the RVO) · currency: CAD
- recovery outcomeentries: basis: estimated · quote: This amount is estimated to be approximately $21 million, assuming the full release of the $5 million holdback under the SPA. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 21000000 · amount high: 21000000 · class label: Interim Lenders · creditor name: Interim Lenders · interim final: unstated · conditional on: assuming the full release of the $5 million holdback under the SPA; after purchase price adjustments, Administration Charge professional fees and a Monitor reserve · claims qualifier: unstated; basis: estimated · quote: These amounts should not exceed $2.3 million; · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount high: 2300000 · class label: Interim Lenders (cash received from the Surrey Buyer after 2025 tax refunds) · creditor name: Interim Lenders · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: These amounts are unknown but are expected to be less than $1 million in total (the "Proposed Term Lenders Distribution" and together with the Interim Lenders Proposed Distribution, the "Proposed Distribution"). · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount high: 1000000 · class label: Term Lenders (Royal Bank of Canada and Business Development Bank of Canada) · interim final: unstated · conditional on: net cash received from the Surrey Buyer after the sale of the remaining non-SISP real estate · claims qualifier: unstated; basis: estimated · quote: There are insufficient funds available to repay the Interim Financing Facility from the Proposed Interim Lenders Distribution and accordingly no recovery is estimated for any claims transferred to ResidualCo under the RVO, including without limitation post-filing unsecured trade obligations of approximately $4.0 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: