Newfoundland and Labrador · CCAA
Third Report of the Monitor dated June 8, 2026
Court officer report · 8 June 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 filing6 verified
- cash on handnote: As at the end of Week 13 of the Extended Cash Flow Forecast (budget-to-actual through May 22, 2026), plus an expected additional CAD$20,000 from recovery of a BMO credit-card deposit; actual ending cash was slightly below forecast by USD$1,643. · amount: 70590 · currency: USD · qualifier: approximately
- operational summaryThe Companies continue day-to-day operations of the business and Port of Stephenville in the ordinary course with limited liquidity, after Radium North cancelled its Port lease; they are pursuing a re-tooled Project with the Province and an offtake MOU, while EDC seeks a Monitor-run SISP with enhanced powers for the Monitor.
- professional feesnote: No total stated. Monitor paid in full with CAD$25,000 WIP accrued; Monitor's counsel had CAD$27,000 in unpaid invoices and CAD$5,000 WIP outstanding; amount owing to Company counsel is unknown. Insufficient liquidity to pay outstanding fees, which are currently a charge against the Administration Charge. Forecast restructuring fees: USD$115,231 (Companies' forecast) and USD$288,533 (EDC forecast, including DIP interest and costs). · party: Monitor (Grant Thornton), Monitor's counsel, and Companies' counsel · period: as of June 4, 2026 · currency: CAD
- recovery outcomeentries: basis: estimated · quote: The Monitor does note that the EDC application, if approved, would cease all activity on the Project and likely result in a substantial loss to EDC and no recovery to any creditor subordinated to EDC, whereas the Company's proposed path forward would keep that option open, however speculative a party may believe it to be. · pct of: unstated · outcome: nil · class key: unsecured · stated by: monitor · class label: creditors subordinated to EDC · interim final: unstated · conditional on: if the EDC application is approved · claims qualifier: unstated · stated on: 2026-06-08 · table missing:
- report date8 June 2026
- report noThird Report