Ontario · CCAA
Supplement to the Nineteenth Report of the Monitor
Court officer report · 21 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 filing12 verified
- secured creditorsnote: Repaid: the ABL Distribution under the May 13, 2025 Distribution Order has been completed — no longer outstanding. · page: 31 · debtor: Applicants · creditor: ABL Agent / ABL lenders (Amended ABL Credit Agreement) · currency: CAD · security: Amended ABL Credit Agreement
- secured creditorsnote: Amount not stated on the selected pages. Monitor considers Pathlight's lenders, with the FILO Lenders, to be the only remaining secured creditors that may realize incremental recoveries. Pathlight is a Surplus Mediation Party. · page: 32 · debtor: certain of the Applicants · creditor: Pathlight Capital LP (administrative agent for lenders under various credit agreements with certain Applicants) · currency: CAD · security: Various credit agreements with certain Applicants; security details not stated
- secured creditorsnote: Outstanding principal approximately $29.5 million, excluding the Make-Whole. This is the post-filing outstanding balance as stated in the Nineteenth Report (as at the October 9, 2026 reporting date), after interim distributions (incl. ~$2.9 million on June 3, 2026) and interest payments made during the CCAA proceedings; it is not the original pre-filing amount, which is not stated on these pages. Monitor states the FILO Lenders may realize incremental recoveries. · page: 38 · as of: 2026-10-09 · amount: 29500000 · debtor: Hudson's Bay (the Company) / Applicants · creditor: FILO Lenders (via FILO Agent) — first-in, last-out secured lenders under the pre-filing FILO Credit Facility · currency: CAD · security: Pre-filing FILO Credit Facility; the ABL Distribution has been completed and further distributions to the FILO Agent have been authorized
- cash on handnote: Forecast figure, not an actual as-at balance. Company bank accounts are projected to fall to $1,358K by Dec 11, 2026. Monitor trust account additionally holds $10,441K (Art Auction Proceeds $6,387K + Affiliate Lease Assignment Transaction Proceeds $4,054K); consolidated cash balance forecast at $16,116K in week 1. · amount: 6006 · currency: CAD · qualifier: in thousands ($000's); opening balance in Company bank accounts, week 1 (week ending Oct 16, 2026) of the revised forecast, excluding Monitor trust account balances
- closing confirmedscope: Devonshire Real Property · outcome: completed · effective: 2026-06-05 · date basis: stated; scope: Ottawa Real Property · outcome: completed · effective: 2026-06-15 · date basis: stated; scope: Vancouver Real Property · outcome: completed · effective: 2026-06-24 · date basis: stated; scope: Calgary Real Property · outcome: completed · effective: 2026-07-27 · date basis: stated
- operational summaryThe Applicants are in a CCAA wind-down with only a few remaining corporate employees. The Monitor, exercising enhanced powers under the July 27, 2026 Transition Order, is handling most activities and advancing the pension surplus mediation and remaining wind-up matters. No receipts are forecast for the period.
- professional feesnote: Forecast figure in $000's from the Revised Tenth Updated Cash Flow Forecast; a combined total across several professionals, not the Monitor's own fees alone. Tax treatment not stated. · party: Applicants' legal counsel and financial advisor; the Monitor and its legal counsel; Employee Representative Counsel; legal counsel and financial advisors to the FILO Lenders · amount: 2983 · period: 9-week forecast period ending Dec 11, 2026 · currency: CAD
- purchaserprice: note: aggregate proceeds distributed by Heffel to the Monitor, inclusive of HST and net of Heffel's commissions and fees · basis: cash · amount: 10100000 · sealed: false · currency: CAD · scope: Art Collection, sold at a series of auctions · status: closed · name note: end purchasers at the Art Collection Auctions, unnamed · structure: auction · name source: operative · relationship: unstated
- report date21 October 2026
- report noSupplement to the Nineteenth Report of the Monitor
- sale advisorHeffel
- sale outcometext: The Eighth Online Auction was the final auction of the Art Collection; the process is complete and the Art Collection has been monetized. · scope: ancillary · status: closed