Ontario · CCAA
Seventh Report of the Monitor dated October 9, 2026
Court officer report · 9 October 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
- secured creditorsnote: Amount of senior secured debt outstanding not stated in these pages; $2.6 million is the DIP maximum principal (a facility limit), not a drawn balance. · page: 4 · debtor: Applicants · creditor: Sandton Investments X (Luxembourg) S.à r.l. · currency: CAD · security: Senior secured lender; acquired the position from the former lending syndicate at a significant discount (endorsement). Transaction contemplates a New Credit Agreement between the Purchaser and Sandton on substantially similar terms to the existing credit agreement. Also DIP Lender under a DIP Facility with maximum principal of $2.6 million (DIP Lender's Charge, ranking third among the Charges); DIP maturity extended to November 13, 2026. Initial Sale Transaction had contemplated a new $60 million Sandton facility (not approved).
- secured creditorsnote: Court-ordered charge ceiling for professional fees, not a debt balance. · page: 4 · as of: 2026-06-30 · amount: 950000 · debtor: Applicants · creditor: Monitor, Monitor's counsel and Applicants' counsel (Administration Charge) · currency: CAD · security: Administration Charge over the Property, ranking first; originally $745,000 under the ARIO, increased to $950,000 by June 30, 2026 endorsement
- secured creditorsnote: Amount is the court-ordered charge ceiling, not a stated outstanding balance. Charge relates to chargeback liabilities; BNS is working with the Purchaser on temporary replacement security post-closing. · page: 5 · as of: 2026-07-10 · amount: 5000000 · debtor: Applicants · creditor: The Bank of Nova Scotia · currency: CAD · security: Super-priority BNS Charge of $5 million over the Property, ranking second after the Administration Charge and ahead of the DIP Lender's Charge
- secured creditorsnote: Amount not stated. Transaction will not result in recoveries for creditors subordinate to Sandton. BDC did not oppose the Transaction. · page: 6 · debtor: Applicants · creditor: BDC Capital Inc. · currency: CAD · security: Subordinate secured creditor of the Applicants
- unsecured creditorsnote: No amounts or individual creditors named in these pages. Elavon Financial Services Ltd. has a cure cost associated with assignment of its contract (amount not stated). · page: 11 · basis: Endorsement of Justice Myers, June 5, 2026: the proposed buyer would leave subordinated secured debt, unsecured notes and much of the trade debt stranded and unpaid · debtor: Applicants · creditor: Unsecured notes and trade creditors (unnamed) · currency: CAD
- purchaser1001632600 Ontario Inc.
- sale outcometext: The Monitor determined 100 Ontario's Bid was the Successful Bid; the AVO approving the APA was issued August 27, 2026; closing has not yet occurred and the outside date was extended to November 13, 2026. · scope: whole_business · status: approved