Quebec · CCAA
Pelican_Eighth Report to the Court
Court officer report · 30 September 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: Total amount owing to Lenders is not stated on these pages; distributions are repayments, not balances. Lenders also provided Interim Financing of up to $6,800,000 (post-filing) secured by an Interim Lender's Charge of $8,160,000. · page: 2 · debtor: Former Pelican, Former Pelican Topco, Former Confluence · creditor: National Bank of Canada, as administrative agent, collateral agent and hypothecary representative of the syndicated secured loan (Lenders: NBC, Bank of Montreal, Fédération des Caisses Desjardins du Québec, Toronto-Dominion Bank) · currency: CAD · security: Syndicated secured loan; the document does not state the pre-filing balance. Partial repayments made: $35,500,000 distributed from Mach Transaction proceeds (per Aug 11, 2025 Distribution Order) and $17.5M distributed on May 29, 2026 per the GSI AVO.
- unsecured creditorsnote: Disputed/unadjudicated claim. $257,946 is the amount of the OEC Reserve withheld from Mach Transaction proceeds to secure OEC's asserted right, not an admitted claim amount. · page: 3 · basis: Alleged right asserted by OEC, including alleged right of retention for pre- or post-filing debts; Court deferred determination · amount: 257946 · debtor: Debtors · creditor: Overseas Express Consolidators (Canada) Inc. (OEC) · currency: CAD
- unsecured creditorsnote: Preferred/priority class; approximate figure per Aug 11, 2025 Distribution Order. · page: 3 · basis: Priority employee amounts under s. 36(7) CCAA; described as 'approximately $110,000' to be distributed in priority to the Lenders · amount: 110000 · debtor: Debtors · creditor: Certain employees (priority amounts: unpaid vacation pay and bonuses accrued in the 6 months preceding the NOI filing) · currency: CAD
- cash on handnote: Appendix A shows closing cash of $4,970.4 thousand; cash is the aggregate held by the Monitor, mainly undistributed GSI Transaction proceeds. · as at: 2026-09-20 · amount: 4970000 · currency: CAD
- closing confirmedscope: the Mach Transaction (Pelican and Confluence business) · outcome: completed · purchaser: 95395893 Quebec Inc. · date basis: unstated · approval order date: 2025-04-28; scope: the GSI Transaction (85% equity interest in GSI Outdoor LLC) · outcome: completed · purchaser: GSI IDK Holdco, Inc. · date basis: unstated · approval order date: 2026-04-22
- operational summaryThe Debtors' business has been sold (Mach and GSI transactions); the Monitor is winding down remaining affairs, preparing U.S. tax returns, and seeking a stay extension to March 31, 2027 to orderly conclude the CCAA and Chapter 15 proceedings.
- professional feesnote: Forward-looking forecast, not fees incurred. Actual professional fees for the 4-week period ended Sept 20, 2026 were $68.6K plus $12.4K GSI-related, versus budgeted $176.0K and $15.0K. · party: Professional fees forecast for the CCAA/Chapter 15 wind-down (Monitor, Monitor's counsel, PwC, Applicant's counsel); no tax treatment stated · amount: 1319800 · period: 28-week period ending April 4, 2027 (forecast) · currency: CAD
- purchaser95395893 Quebec Inc.; GSI IDK Holdco, Inc.
- report date23 September 2026
- report noEighth Report
- sale outcometext: The Pelican and Confluence business sale (Mach Transaction) closed in 2025 and the GSI equity sale (GSI Transaction) closed in May 2026, with distributions made to the Lenders. · scope: whole_business · status: closed