Manitoba · CCAA
Third Report of the Monitor
Court officer report · 1 September 2026
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What we verified from this filing12 verified
- secured creditorsnote: Distribution made in full satisfaction of Senior Credit Facility obligations on August 4, 2026 (Third Report says 'August 4, 2027' but context indicates 2026); prior approx. figures: $7,127,000 as of April 28, 2026, and approx. $7.2 million as of June 30, 2026 per Second Report. · page: 10 · as of: 2026-08-04 · amount: 7128000 · debtor: Warehouse One Clothing Ltd. · creditor: Senior Lender · currency: CAD · security: Senior Credit Facility
- secured creditorsnote: Principal obligations only, exclusive of accrued interest which continues to accrue; subordinate in priority to Second Lien Affiliate Loans (Highgate Capital and R.I.S. Media) per intercreditor agreements · page: 15 · as of: 2026-04-28 · amount: 8250000 · debtor: Warehouse One Clothing Ltd. · creditor: WHO Industries Inc. · currency: CAD · security: General security agreement over substantially all present and after-acquired undertaking and property; related party (shareholder/affiliate)
- secured creditorsnote: Principal obligations only, exclusive of accrued interest which continues to accrue; subordinate in priority to Second Lien Affiliate Loans · page: 15 · as of: 2026-04-28 · amount: 2750000 · debtor: Warehouse One Clothing Ltd. · creditor: 4565038 Manitoba Ltd. ("456 Manitoba") · currency: CAD · security: General security agreement over substantially all present and after-acquired undertaking and property; related party (shareholder/affiliate)
- secured creditorsnote: Individual Highgate Capital Loan principal was $14,012,862 as of April 28, 2026; combined with R.I.S. Media Loan, the aggregate principal owing under the Second Lien Affiliate Loans (senior-ranking secured claims after Senior Credit Facility repayment) was $20,456,733 as of April 28, 2026 - see aggregate entry · page: 15 · as of: 2026-04-28 · debtor: Warehouse One Clothing Ltd. · creditor: Highgate Capital Ltd. · currency: CAD · security: General security agreement over substantially all present and after-acquired undertaking and property (as collateral agent for itself and R.I.S. Media); also DIP Lender under interim financing facility; also holds mortgage over Kenora Property securing Second Lien Affiliate Loans; related party (affiliate/DIP Lender)
- secured creditorsnote: Principal obligations only, exclusive of accrued interest which continues to accrue; part of Second Lien Affiliate Loans (senior-ranking after Senior Credit Facility repayment) · page: 15 · as of: 2026-04-28 · amount: 6443871 · debtor: Warehouse One Clothing Ltd. · creditor: R.I.S. Media Ltd. · currency: CAD · security: General security agreement over substantially all present and after-acquired undertaking and property (secured via Highgate Capital as collateral agent); related party (affiliate)
- secured creditorsnote: Aggregate principal amount owing (exclusive of accrued interest); became senior-ranking secured claims following payment in full of Senior Credit Facility; expected to suffer significant deficiency on Proposed Distributions of approximately $5.0 million; related parties (shareholder/affiliates) · page: 16 · as of: 2026-04-28 · amount: 20456733 · debtor: Warehouse One Clothing Ltd. · creditor: Second Lien Affiliate Lenders (Highgate Capital Ltd. and R.I.S. Media Ltd., aggregate) · currency: CAD · security: Second Lien Affiliate Loans - security interests rank pari passu and in priority to security interests securing WHO Industries Loan and 456 Manitoba Loan; also secured by mortgage on Kenora Property
- closing confirmedscope: the IP Transaction · outcome: completed · effective: 2026-07-30 · purchaser: YM Inc. (Sales) · date basis: stated · approval order date: 2026-07-27
- fee scheduleengagements: form: invoice_listing · rows: Joshua Nevsky; Zach Gold; Joshua Marks; fees: 538888.5 · hours: 816.1 · quote: Total Fees (excl. Disbursements and HST) | Total Fees (excl. Disbursements and HST) | 816.1 | Avg Rate $660.32 | $538,888.50 · row kind: subtotal · rate kind: average · name as stated: Total Fees (excl. Disbursements and HST) · money: tax: label: GST · quote: $27,431.28 · amount: 27431.28 · fees: quote: $538,888.50 · amount: 538888.5 · total: quote: $576,056.84 · amount: 576056.84 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: $9,737.06 · amount: 9737.06 · period: end: 2026-08-15 · kind: cumulative · quote: Inv #1 | May 3, 2026 to May 16, 2026 · start: 2026-05-03 · approval: state: unstated · averages: rate: 660.32 · quote: Avg Rate $660.32 · scope: excl. Disbursements and HST · currency: · invoices: tax: 5690.76 · fees: 107069.5 · quote: Inv #1 | May 3, 2026 to May 16, 2026 | 152.7 | $107,069.50 | $6,745.72 | $5,690.76 | $119,505.98 · total: 119505.98 · period end: 2026-05-16 · period start: 2026-05-03 · disbursements: 6745.72; tax: 6674.73 · fees: 133494.5 · quote: Inv #2 | May 17, 2026 to June 6, 2026 | 201.4 | 133,494.50 | 0.00 | 6,674.73 | 140,169.23 · total: 140169.23 · period end: 2026-06-06 · period start: 2026-05-17 · disbursements: 0; tax: 5812.13 · fees: 116242.5 · quote: Inv #3 | June 7, 2026 to June 27, 2026 | 181.5 | 116,242.50 | 0.00 | 5,812.13 | 122,054.63 · total: 122054.63 · period end: 2026-06-27 · period start: 2026-06-07 · disbursements: 0; tax: 7349.44 · fees: 143997.5 · quote: Inv #4 | June 28, 2026 to August 1, 2026 | 219.9 | 143,997.50 | 2,991.34 | 7,349.44 | 154,338.28 · total: 154338.28 · period end: 2026-08-01 · period start: 2026-06-28 · disbursements: 2991.34; tax: 1904.23 · fees: 38084.5 · quote: Inv #5 | August 2, 2026 to August 15, 2026 | 60.6 | 38,084.50 | 0.00 | 1,904.23 | 39,988.73 · total: 39988.73 · period end: 2026-08-15 · period start: 2026-08-02 · disbursements: 0 · firm text: Alvarez & Marsal Canada Inc. · firm quote: APPENDIX F SUMMARY OF THE ACCOUNTS OF ALVAREZ & MARSAL CANADA INC. · hours total: quote: 816.1 · value: 816.1 · context quote: THIRD REPORT OF THE MONITOR ALVAREZ & MARSAL CANADA INC.; form: invoice_listing · rows: Peter Ruby; Bradley Wiffen; Chris Baxter; Erik Axell; Zhiyao Chen; Alexis Belluomini; Sean Moore; Marilyn Herd; fees: 156878 · hours: 150.5 · quote: Total | 150.5 | | 156,878.00 · row kind: subtotal · rate kind: standard · name as stated: Total · money: tax: label: Taxes · quote: 8,082.07 · amount: 8082.07 · fees: quote: 156,878.00 · amount: 156878 · total: quote: 169,723.50 · amount: 169723.5 · includes tax: true · includes disbursements: true · approximate: false · disbursements: quote: 4,763.43 · amount: 4763.43 · period: end: 2026-08-31 · kind: cumulative · quote: June 4, 2026 | 67,426.00 | 2,343.74 | 3,488.49 | 73,258.23 · start: 2026-06-04 · approval: state: unstated · averages: · currency: · invoices: tax: 3488.49 · date: 2026-06-04 · fees: 67426 · quote: June 4, 2026 | 67,426.00 | 2,343.74 | 3,488.49 | 73,258.23 · total: 73258.23 · disbursements: 2343.74; tax: 1265.45 · date: 2026-07-14 · fees: 24703 · quote: July 14, 2026 | 24,703.00 | 606.00 | 1,265.45 | 26,574.45 · total: 26574.45 · disbursements: 606; tax: 2773.19 · date: 2026-08-18 · fees: 53686 · quote: August 18, 2026 | 53,686.00 | 1,777.89 | 2,773.19 | 58,237.08 · total: 58237.08 · disbursements: 1777.89; tax: 554.94 · date: 2026-08-31 · fees: 11063 · quote: August 31, 2026 | 11,063.00 | 35.80 | 554.94 | 11,653.74 · total: 11653.74 · disbursements: 35.8 · firm text: Goodmans LLP · firm quote: APPENDIX G SUMMARY OF THE ACCOUNTS OF GOODMANS LLP · hours total: quote: 150.5 · value: 150.5 · context quote: COUNSEL TO MONITOR ## GOODMANS LLP
- process resultsbids: 1 · ndas: 8 · note: Marketing Process for the IP Transaction described in the reproduced Second Report · solicited: 20
- purchaserYM Inc. (Sales); Lorelie Stebnitsky and Barton Stebnitsky
- recovery outcomeentries: basis: estimated · quote: it is not anticipated that there will be sufficient realizations that will result in a distribution to unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing:
- sale advisorRoyal LePage Landry's for Real Estate Kenora; Gordon Brothers Canada ULC