Alberta · CCAA
Sixth Report of the Monitor
Court officer report · 24 September 2025
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What we verified from this filing9 verified
- cash on handas at: 2025-09-12 · amount: 275000 · currency: CAD · qualifier: approximately
- closing confirmedscope: the Amalgamation Agreement / Transactions · outcome: not_completed · effective: 2025-08-30 · purchaser: Keranic Industrial Gas Inc. · date basis: stated
- operational summaryThe Companies' operations have been halted for the past 12 months with no production; the CEO and CFO resigned but remain as directors/contractors, and the business is being wound down via an Amalgamation Agreement with Keranic pending court approval and eventual CCAA termination.
- professional feesnote: Exclusive of GST. Monitor's counsel (BD&P) fees for BD&P Taxation Period (May 1 to September 4, 2025) totalled $232,935.25 (exclusive of GST); Forecast Fees and Costs to complete engagement estimated at approximately $230,000. · party: Monitor (Alvarez & Marsal Canada Inc.) · amount: 256481.74 · period: May 3, 2025 to August 29, 2025 · currency: CAD
- purchaserKeranic Industrial Gas Inc.
- recovery outcomeentries: basis: estimated · quote: The Monitor estimates the amount of the Initial Distribution to be $2.6 million and will distribute funds in that amount to the DIP Lenders within seven (7) days of closing of the Amalgamation Agreement, provided that full use of the DIP Loan has been utilized by the Monitor in the CCAA Proceedings and as contemplated in the Cash Flow Forecast. · pct of: unstated · outcome: distribution · class key: secured · stated by: monitor · amount low: 2600000 · amount high: 2600000 · class label: DIP Lenders · creditor name: DIP Lenders · interim final: unstated · conditional on: provided that full use of the DIP Loan has been utilized by the Monitor in the CCAA Proceedings and as contemplated in the Cash Flow Forecast · claims qualifier: unstated; basis: unstated · quote: The Monitor will evaluate the remaining of the expenses required to be paid in the CCAA Proceedings, including the amounts subject to the Administration Charge, and the remaining balance will be made to the Secured Lenders as a partial, but final payment towards its outstanding indebtedness (the " Final distribution "). · pct of: unstated · outcome: shortfall · class key: secured · stated by: monitor · class label: Secured Lenders · creditor name: Secured Lenders · interim final: final · claims qualifier: unstated · stated on: 2025-09-24 · table missing:
- report date24 September 2025
- report noSixth Report
- sale outcometext: The Amalgamation Agreement with the Successful Bidder was terminated following its failure to satisfy the Financing Condition · scope: whole_business · status: terminated