Green Impact Partners: the initial order that would not take effect until 11:59

The order was granted on February 4, 2026 and then told to wait. On National Bank of Canada's application, the Court of King's Bench of Alberta granted CCAA protection over eight companies in the Green Impact group and appointed Ernst & Young Inc. as monitor — and then stayed its own order, so that paragraphs 6 through 55 would not come into force until 11:59 p.m. Mountain time on February 17. There was one way to stop them coming into force at all: if the bank's counsel filed a certificate by 4:00 p.m. that day confirming the group's indebtedness had been repaid in full, per Third Report of the Monitor, July 14, 2026, paras. 1–3.

The debt was not repaid. At 11:59 p.m. on February 17, 2026, EY's appointment as monitor commenced, per Third Report of the Monitor, July 14, 2026, para. 4.

That thirteen-day suspension is the tell of the whole file. This was a lender's proceeding from the first paragraph, and it opened with an ultimatum rather than a filing.

A process that set its own clock

The bank filed for a comeback the next day, and on February 23 the Court granted an amended and restated initial order together with an order approving a sale and investment solicitation process, per Third Report of the Monitor, July 14, 2026, paras. 5–6.

The SISP that order approved had no fixed dates in it. It prescribed no commencement or bid deadlines for either phase; instead it left the Monitor to set them in the exercise of its reasonable business judgment. The Monitor then decided, with the selling agent, the debtors and the bank, to market only one part of the business — the Water Assets — and to consider what to do with everything else after seeing what that produced. It amended and restated the process accordingly, into two phases with expression-of-interest requirements and defined requirements for binding bids, per Third Report of the Monitor, July 14, 2026, paras. 25–27.

Both deadlines it set then moved. The expression-of-interest date was first April 30, 2026 and was amended with the bank's consent; the phase two bid deadline was first May 28, 2026 and was amended the same way. Twenty-five potential bidders signed non-disclosure agreements and were given the data room, per Third Report of the Monitor, July 14, 2026, para. 29.

Ten phase two bids came in: four for the business en bloc and six for specific Water Assets. The Monitor assessed them with the bank and identified Firefall as the successful bidder, on the view that its bid was the highest and best available transaction in the circumstances, per Third Report of the Monitor, July 14, 2026, paras. 28, 30.

What Firefall bought

Not the water assets. The company that holds them.

Green Impact Partners Inc. entered into an asset purchase agreement with Firefall for the sale of its shares in Green Impact Operating Corp. — the entity whose operations are limited to the Water Assets — against a deposit of 10% of the purchase price, applied at closing. The price itself is not on the public record: it is defined in the Monitor's Third Confidential Supplement, and the copy of the agreement attached to the public report is redacted, per Third Report of the Monitor, July 14, 2026, paras. 31–32.

The sale approval and vesting order was granted on July 21, 2026 — recorded as such in the order that followed it the next day, per Order (KERP and KERP Charge), July 22, 2026, para. 6. On July 22 the Court sealed the confidential supplement, directing the clerk to file it in a sealed envelope so that it forms no part of the public record, per Order (Stay Extension, Distribution and Restricted Court Access), July 22, 2026, paras. 5–6.