Ontario · Receivership (court-appointed)
Application Record of Moving Party Ad Hoc Group of Noteholders dated March 30, 2026
Application / notice of application · 30 March 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 filing6 verified · 2 withheld
- applicantAd Hoc Group of Noteholders of Brightpath Capital Corporation
- courtSUPERIOR COURT OF JUSTICE
- statutory basissection 241 of the Canada Business Corporations Act, RSC 1985, c C-44 and section 101 of the Courts of Justice Act, R.S.O. 1990, c. C.43
- financial positionnote: No corresponding total liabilities figure is stated in these pages. Other reported (unsummed) obligations include ~$59,658,362.85 in Noteholder principal (unsecured), ~$14,953,507 in Senior Secured Debt (as at Dec 31, 2025), and a $25 million contingent secured guarantee (Cortland Guarantee). · page: 7 · as at: 2026-02-12 · basis: Approximate figure sworn by Blake Albright in his affidavit dated February 12, 2026 in support of the now-abandoned 'Proposed Arrangement' (CBCA s.192 recapitalization application); described in the pleading as Brightpath having 'only about $19 million in assets' · scope: Brightpath Capital Corporation (entity-level) · currency: CAD · total assets: 19000000
- secured creditorsnote: Contingent obligation/guarantee, put in place while Brightpath was owned by Montfort Capital Corporation; ranks ahead of the unsecured Noteholder claims. · page: 38 · amount: 25000000 · debtor: Brightpath Capital Corporation (as guarantor) · creditor: Cortland Credit Lending Corporation, as agent for certain lenders · currency: CAD · security: $25 million secured guarantee (the 'Cortland Guarantee'/'Loan Guarantee') for debt owed by Pivot Financial I Limited Partnership to Cortland Credit Lending Corporation, as agent for certain lenders; a Guarantee Reserve for the full amount, ranking ahead of the Notes, must remain in place until further notice.
- secured creditorsnote: Brightpath's own Disclosure Statement refers generically and only to unnamed 'Senior Secured Lenders' (plural), with the balance sometimes rounded to 'approximately $15 million' (e.g., p.77). The Applicants' Notice of Application separately identifies a single 'Senior Lender, Pivot Financial Corp.' as holder of the 'Senior Indebtedness' under a credit agreement (p.5, p.7) — it is unclear from these pages whether this is the same debt or lender group. · page: 38 · as of: 2025-12-31 · amount: 14953507 · debtor: Brightpath Capital Corporation · creditor: Senior Secured Lenders (identified by Applicants as Pivot Financial Corp.) · currency: CAD · security: Senior Secured Debt under credit agreement(s); specific collateral not described in this filing. Noteholder debt (Notes) is contractually subordinated and postponed to this debt per subordination/postponement agreements.
2 extracted values are withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.