Newfoundland and Labrador · CCAA
Report of Material Adverse Change dated April 24, 2026
Court officer report · 24 April 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 filing7 verified
- cash on handnote: Held in the Company's chequing account; $33,000 remaining on the DIP Loan; Monitor understands the cash balance has not changed materially as of the date of the letter. · as at: 2026-04-19 · amount: 7394 · currency: CAD · qualifier: approximately
- disbursementsnote: Actual operating disbursements for weeks 1-9 against a budget of $407,302 (variance of $(46,322)). Restructuring fees and retainers of $142,331 are reported separately and are not included in this figure. · since: Weeks 1-9 (February 16, 2026 to April 19, 2026) · amount: 453624 · currency: CAD
- operational summaryThe Monitor reports a material adverse change: the Company's weeks 1-9 operating receipts fell well short of budget, it lacks the liquidity to continue operations to the April 29, 2026 Bid Deadline, and neither BMO nor the DIP Lender has confirmed willingness to advance further financing.
- professional feesnote: Outstanding invoiced fees of approximately $25,000, plus accrued WIP of $36,000, less a retainer of $40,000. Monitor's counsel has outstanding invoiced fees of approximately $1,883.23 against a $20,000 retainer. Outstanding legal fees to Company counsel are also unpaid (amount not stated). Tax treatment not stated. · party: Monitor (Grant Thornton Limited) · amount: 25000 · currency: CAD
- receipts cumulativenote: Actual operating receipts for weeks 1-9 against a budget of $472,243 (variance of $(185,894)). Operating receipts only; excludes DIP financing proceeds of $317,000. · since: Weeks 1-9 (February 16, 2026 to April 19, 2026) · amount: 286349 · currency: CAD
- report date24 April 2026
- sale outcometext: The Company does not have sufficient liquidity to continue operations to April 29, 2026, the Bid Deadline or the Approval Motion pursuant to the SISP, and a material adverse change has occurred. · scope: whole_business · status: not_completed