Quebec · NOI
Fifth Report of the Trustee (in French)
Court officer report · 24 September 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 filing8 verified
- secured creditorsnote: Amount owing not stated. Per information given to the trustee, an agreement would provide for assignment of the lease contracts in exchange for a monetary settlement, with monthly payments suspended until settlement, expected by 10 October 2026. Safeguard order covering use of the leased equipment extended to 25 September 2026. Settlement amount not stated. · page: 5 · debtor: Scierie St-Michel Inc. and SSTM Valorisation du bois Inc. · creditor: Banque Royale du Canada (RBC) · currency: CAD · security: Rights or security on certain specific plant assets; equipment under lease-purchase (crédit-bail) contracts; a charge was granted by the Court in favour of RBC on 2 June 2026
- secured creditorsnote: Outstanding balance not stated. Security opinion pending (see Desjardins entry); validity and enforceability assumed by the trustee. · page: 5 · debtor: Scierie St-Michel Inc. and SSTM Valorisation du bois Inc. · creditor: Investissement Québec (IQ) · currency: CAD · security: First- and second-rank hypothecs on the universality of the Debtors' property, held with Desjardins; IQ supported operations through various financings
- secured creditorsnote: Principal secured creditor with IQ. Outstanding balance not stated. Trustee has not yet obtained a legal opinion on the security (independent opinion from Osler, Hoskin & Harcourt to follow); the trustee has assumed the security is valid and enforceable. Separately, Desjardins as interim lender advanced $1,395,000 (Scierie) and $1,236,300 (Valorisation) under the interim financing authorized by the 23 June 2026 order, secured by an interim financing charge (charge on all property) of $3,157,560 ($1,674,000 Scierie; $1,483,560 Valorisation) that remains in force. The $3,157,560 is the charge amount, not a balance. · page: 5 · debtor: Scierie St-Michel Inc. and SSTM Valorisation du bois Inc. · creditor: Caisse Desjardins du Nord de Lanaudière (Desjardins) · currency: CAD · security: First- and second-rank hypothecs on the universality of the Debtors' property; credit facilities include a line of credit and term loans
- cash on handnote: Two debtors, no combined total stated: Scierie St-Michel Inc. $19,015 and SSTM Valorisation du bois Inc. $32,052 as at September 20, 2026. · as at: 2026-09-20 · currency: CAD
- operational summaryScierie's operations have been completely halted (extended through November 9, 2026) to minimize expenses, while Valorisation operates at a minimal activity level after a stoppage from August 5; only staff needed to secure the facilities are retained.
- professional feesnote: Actual 'Honoraires professionnels (Syndic, légal, etc)' for the 3-week period: Scierie $17,157; Valorisation $103,479. Forecast for Sep 21-Nov 9: Valorisation $140,000, Scierie nil. Partial payment of professional fees noted as a cash-mitigation measure. No stated total, and no tax treatment stated. · party: Syndic, legal and other professionals (combined line per debtor) · period: 3 weeks ended September 20, 2026 (actual) · currency: CAD
- report date24 September 2026
- report noCinquième Rapport du Syndic