Kidoodle: the signed order, and a preliminary C$138.5 million creditor list

The largest unsecured balance on the receiver's list for A Parent Media Co. Inc. (APMC) and its subsidiary Kidoodle, Inc. is owed to the National Women's Soccer League, LLC: C$13,378,293. DSE Hockey Club RIGHTS follows at C$12,833,841 and Anaheim Ducks Hockey Club, LLC at C$10,381,500, with a second Ducks line of C$1,761,761 lower on the same page; Rangers Television, LLC is listed at C$3,529,710 and the Western Hockey League at C$2,788,434. Later pages carry the Canadian Hockey League, the Buffalo Sabres, the Minnesota Wild Hockey Club, the San Jose Sharks, Washington Spirit, Angel City FC and Orlando Pride, and Moonbug Entertainment, Pinkfong USA, Sesame Workshop, Hasbro, LEGO and Nelvana International. The list is headed "Preliminary list of creditors as at September 3, 2026" and marked unaudited, per the Notice and Statement of the Receiver, Sept. 11, 2026, App. "A", pp. 1–7.

It is appended to the notice and statement AlixPartners Restructuring, Inc. issued on September 11 under ss. 245(1) and 246(1) of the Bankruptcy and Insolvency Act (the BIA). Its totals are C$50,907,249 owed to secured creditors and C$87,640,829 to unsecured ones, C$138,548,078 in all. For the secured creditors the notice adds that the balances "were provided by the Companies" and that "no acknowledgment is made by the Receiver concerning the amounts owing and/or the security claimed." APMC's best-known offerings, the receiver writes, are Kidoodle.TV, a children's streaming service, and Victory+, "its professional sports streaming platform," per the Notice and Statement of the Receiver, Sept. 11, 2026, paras. 4, 8, n. 2; App. "A", p. 7. The trade publication Sports Video Group reported in October 2024 that the company had started from scratch to give the Dallas Stars and the Anaheim Ducks a new broadcast home in Victory+.

The application behind the receivership, brought by a holder representative for five holders of a US$4,000,000 second-lien note, was reported here on September 6, before any signed order was in the record. The signed order and the receiver's statutory notice are now in it.

The order as signed

Justice J.T. Neilson pronounced the receivership order at the Edmonton Law Courts on September 3, 2026. It bears the judge's signature and was filed with the clerk, by email, on September 8. It appoints AlixPartners Restructuring Inc. receiver, without security, of all current and future assets of APMC and Kidoodle under s. 243(1) of the BIA, s. 13(2) of the Judicature Act and s. 65(7) of the Personal Property Security Act, per the Receivership Order, pronounced Sept. 3, 2026, filed Sept. 8, 2026, p. 1, para. 2.

Paragraph 27, which has no counterpart in the Alberta template, went through word for word. "Upon the completion of an independent review of the loan and security documents held by the Bank of Montreal in respect of the Debtor, the Receiver shall be empowered, but not obligated, without further approval of this Court, to make one or more interim distributions to the Bank of Montreal as repayment of the indebtedness owed by the Debtor to the Bank of Montreal," per the Receivership Order, Sept. 3, 2026, para. 27.

The bank is also the receiver's named lender. AlixPartners may borrow up to $500,000 "from the Bank of Montreal (or any other lender(s) in the event the Bank of Montreal declines, in its sole discretion, to provide such borrowings)," under a Receiver's Borrowings Charge that ranks ahead of all other security but behind the Receiver's Charge and the statutory charges in ss. 14.06(7), 81.4(4) and 81.6(2) of the BIA, and it may repay those borrowings out of sale proceeds without further approval. The Receiver's Charge itself is capped at $350,000 and secures the fees of the receiver and its counsel "both before and after the making of this Order," as a first charge subject to the same statutory charges, per the Receivership Order, Sept. 3, 2026, paras. 18, 21, 25. Without the court, the receiver may sell out of the ordinary course in transactions of up to $50,000 each and $250,000 in aggregate. The applicant's costs to entry and service of the order are to be paid from the estate, on the terms of its security or otherwise on a substantial indemnity basis, with priority and timing left to the court, per the Receivership Order, Sept. 3, 2026, paras. 3(l), 33.

What the receivership reaches

On the notice's account, APMC's consolidated unaudited financial statements as at July 26, 2026 put the companies' book assets at cash of $195,000, accounts receivable, deposits and subscriptions of $15.7 million, capital and other assets of $6.4 million, and goodwill and intangibles of $15.9 million; a footnote says the cash figure is what was on deposit at the receivership date. The notice states these amounts without a currency. APMC is also, it says, "the parent company of several other related entities which are not subject to these receivership proceedings," per the Notice and Statement of the Receiver, Sept. 11, 2026, paras. 5, 7, n. 1.