Able Infrastructure: the financing for the equipment sale collapses

Able Infrastructure Inc. built the forms and structures for buildings and bridges in Nova Scotia, with cranes erected on site to lift the concrete into place. Ziyad Chediac bought the company in September 2019, and within three years it grew from about 30 employees to more than 100, on contracts that included 26 bridges across the province, the Halifax Regional Municipality Organic Facility and St. Joseph's Elementary School in the north end of Halifax, per his Affidavit of Ziyad Chediac, Nov. 14, 2025, paras. 21, 23–24. The same affidavit sought relief under the CCAA "to facilitate an orderly wind down and asset realization process to maximize value for creditors under court supervision," per the Affidavit of Ziyad Chediac, Nov. 14, 2025, para. 43. Able entered the CCAA by an initial order of November 25, 2025, and its affiliates Precision Concrete Services Limited and Bespoke Canadian Investments Inc. joined it in December, per the Seventh Report of the Monitor, Sept. 28, 2026, paras. 1, 4–5.

"Able Infrastructure has completed its final job, the Liam George, and is expected to incur minimal operational costs going forward," Grant Thornton Limited, the monitor, reported on September 28, per the Seventh Report, Sept. 28, 2026, para. 34. In March the monitor reported the Liam George was expected to be complete by early June "because of winter weather delays," and in July, on management's estimate, by the end of that month, per the Fourth Report, Mar. 20, 2026, para. 15(a) and the Sixth Report, July 10, 2026, para. 38(a). The applicants' asset base, in the monitor's words, "consists primarily of receivables, statutory holdbacks and various equipment," per the Fourth Report, Mar. 20, 2026, para. 51.

As reported here on September 24, the path the monitor described in July was a cash sale of that equipment to two related companies. The Sixth Report of July 10 put the terms, as the monitor understood them, at the equipment of Able and Precision, on an "as is where is" basis, for $700,000 cash at closing; court approval and an approval and vesting order as the only material condition; documentation anticipated to be a bill of sale or similar, with no director releases sought; and the cash paid to the monitor for distribution to creditors by court order, per the Sixth Report, July 10, 2026, para. 25. The buyers are Able Bridge Construction Inc. and Highrise Precision Concrete Inc., which the monitor describes as related entities of the applicants, per the Seventh Report, Sept. 28, 2026, para. 28. Mr. Chediac, an officer and director of Able and the applicants' affiant, is president of both, per the Affidavit of Ziyad Chediac, Sept. 23, 2026, paras. 1–2. In July the applicants had told the monitor that principal terms were agreed with a third-party lender to finance the purchase, and the monitor understood the final loan documentation to be with the lender's counsel and "anticipated to be executed by the Applicants in the near term," per the Sixth Report, July 10, 2026, paras. 23–24.

What the applicants told the monitor on September 22

The Canada Revenue Agency, which the monitor calls the fulcrum creditor, set out its position first. Its counsel emailed the monitor and the applicants on September 18. As the monitor summarizes the email, the CRA did not intend to take a position on a stay extension "for the purposes of finalizing a potential transaction for the purchase of the Applicants' equipment, provided such extension is for a reasonable length of time"; it would intend to oppose further extensions if it had not received the terms of the transaction; and its position was that the applicants "need to present an offer for the equipment in short order, or terminate these CCAA proceedings to allow CRA to take collection action," per the Seventh Report, Sept. 28, 2026, paras. 27, 45(d).

Mr. Chediac deposes that the monitor told him on September 21 that the proposed purchase price had been discussed with the CRA and that those discussions remain ongoing, per the Affidavit of Ziyad Chediac, Sept. 23, 2026, para. 5(d). The next day the applicants told the monitor that the agreement with the lender "had collapsed and would no longer be moving forward," per the Seventh Report, Sept. 28, 2026, para. 29. They now say they have sourced an alternative lender and are preparing "a revised proposition" to advance the sale, which needs a short extension so the monitor and the CRA can review it. In the alternative, "a proposal or plan may be developed to facilitate the purchase price of the Equipment Transaction by Able Bridge and Highrise," per the Seventh Report, Sept. 28, 2026, para. 30.

On September 23 the applicants moved to extend the stay, which runs to October 2 under an order of July 16, to November 6, per the Notice of Motion, Sept. 23, 2026, p. 1 and the Seventh Report, Sept. 28, 2026, para. 9. Mr. Chediac's affidavit in support says Able has completed construction and is waiting to collect the Liam George holdback, and that the applicants continue "to explore various options for material terms of a financing offer to allow Able Bridge and Highrise to purchase the equipment of Able and Precision," per the Affidavit of Ziyad Chediac, Sept. 23, 2026, para. 5(a), (c).

The monitor's support, and its limit

Grant Thornton supports the extension. In July it had given as a reason that the sale "is sufficiently advanced and appears likely to culminate in an offer to be presented to CRA, the fulcrum stakeholder, in the near term that may present a higher creditor recovery than a bankruptcy," per the Sixth Report, July 10, 2026, para. 43(b). The September report keeps the sentence, with "while delayed further" where "is sufficiently advanced" stood, per the Seventh Report, Sept. 28, 2026, para. 45(b). Its other reasons are that the applicants continue to act in good faith and with due diligence, that the extension lets Able collect the Liam George holdback "without delay," that it understands the CRA does not oppose, that the forecast shows enough liquidity, and that it is not of the view that creditors would be prejudiced. It knows of no party opposing, per the Seventh Report, Sept. 28, 2026, paras. 45, 47.

In supporting the relief, the monitor also notes that the sale, "in a similar format as noted in the Sixth Report," provides for a recovery to creditors, including the CRA, and preserves the operating business of Able Bridge and Highrise, "who are not applicants, but require the equipment to continue operations," and who employ over 200 people, per the Seventh Report, Sept. 28, 2026, para. 46(a). It adds that the continued delays in finalizing the sale have brought additional hearings and higher professional fees, and that because the proceeds of the wind-down "will be insufficient to satisfy the claims of CRA and other creditors, these continued delays have resulted in decreased recovery to the Applicants' creditors," per the Seventh Report, Sept. 28, 2026, para. 46(b)–(c).