Ontario · Bankruptcy
Report on Preliminary Administration dated December 17, 2025
Court officer report · 17 December 2025
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What we verified from this filing18 verified · 1 withheld
- appointeeKSV Restructuring Inc.
- appointee roleLicensed Insolvency Trustee
- commencement date5 December 2025
- court file no31-3307597
- proceeding typeBankruptcy (Assignment in Bankruptcy)
- provinceOntario
- provinceOntario
- financial positionnote: Table shows book value of assets only (Cash 553, AR 4,546, Inventory 4,483, PP&E 7,133, Goodwill 17,359, Intangible Assets 1,268, Intercompany Receivables 27,063, Other Assets 2,714; figures in $000s). No total liabilities figure stated; unsecured creditor claims separately estimated to exceed $7 million and secured indebtedness to Regions stated separately (see secured_creditors). · page: 2 · as at: 2025-12-05 · basis: book value (per Company's books and records as at date of bankruptcy) · scope: entity (BRS Canada Acquisition Inc.) · currency: CAD · total assets: 65119000
- financial positionamount: 65119000 · currency: CAD
- operational summaryAll 72 employees were terminated on the date of the Assignment; sale and shipment of remaining inventory from the distribution centers is almost complete; leases for the three distribution centers and head office expected to be disclaimed by December 31, 2025.
- cash on handamount: 554000 · currency: CAD
- secured creditorsRegions Bank, as administrative agent for a syndicate of lenders under the Credit Agreement, holds security under the CSA and CTSAs; PNC Vendor Finance Corporation Canada has a registration against a Forklift and Bob Cat Truck; the Government of Manitoba Department of Finance Taxation Division holds a tax lien.
- secured creditorsnote: Amount not stated in filing; registration is subordinate to Regions' first-in-time registration · page: 5 · debtor: BRS Canada Acquisition Inc. · creditor: PPSA equipment financiers (PMSI class) - PNC Vendor Finance Corporation Canada · currency: CAD · security: PPSA registration (Manitoba and Ontario) against Forklift and Bob Cat Truck
- secured creditorsnote: Regulatory/tax lien for unpaid health and education levies; counsel opinion (subject to no Manitoba licensing) indicates Regions' security should have priority over this lien following the Company's bankruptcy; amount not stated · page: 5 · debtor: BRS Canada Acquisition Inc. · creditor: Government of Manitoba, Department of Finance, Taxation Division · currency: CAD · security: PPSA (Manitoba) registration against all present and after-acquired personal property (Manitoba Tax Lien)
- secured creditorsnote: Revolving credit facility under which the Company is a direct borrower; counsel opinion confirms valid/enforceable PPSA security in Ontario and BC and first-in-time registration in Manitoba · page: 5 · as of: Assignment Date (December 5, 2025) · amount: 2570000 · debtor: BRS Canada Acquisition Inc. · creditor: Regions Bank (as Administrative Agent for the Lenders) · currency: CAD · security: Second Amended and Restated Credit Agreement dated September 24, 2021; Canadian Security Agreement (2017) and Acknowledgment/Amendment (2021); Canadian Trademark Security Agreements (2017, 2021); PPSA registrations in Ontario, British Columbia and Manitoba
- secured creditorsnote: Company is not a direct borrower for this amount but is liable as guarantor of Big Rock's (parent company, related party) debt under the Guarantee · page: 5 · as of: Assignment Date (December 5, 2025) · amount: 17700000 · debtor: Big Rock Sports, LLC · creditor: Regions Bank (as Administrative Agent for the Lenders) · currency: USD · security: Same Credit Agreement and security documents as above; Company liable as guarantor pursuant to Canadian Guarantee dated July 7, 2025
- report date17 December 2025
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended (the "BIA")
1 extracted value is 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.