World Energy GH2: 228 targeted, fifteen in the data room

The target list Grant Thornton Limited drew up with the companies, Export Development Canada and the interim lender to sell World Energy GH2's wind-and-hydrogen project and the private deep-water port at Stephenville ran to 228 names. Among them were 64 private equity, investor and financing-partner prospects, 54 energy and utility companies, 30 in industrial gas and hydrogen, ten First Nations, eight auction and liquidation firms and seven data-centre and AI-infrastructure parties. Fifteen parties have signed non-disclosure agreements and been let into the data room. By the October 15 deadline for non-binding letters of intent, the monitor "confirms it has received multiple LOI's from Potential Bidders." It is reviewing them, is consulting EDC, and asks the court to seal its brief summary of them until a transaction on the project or the port closes, or further order, per the monitor's Fourth Report, Oct. 19, 2026, paras. 31, 39, 48–49, 85 and App. D.

When the case was reported here on July 22, the sale had just become the monitor's to run. On July 3 the court extended the stay to November 19, 2026 and approved interim financing of up to an initial USD$670,000 from Northern Sky Holdings, LLC; on July 10 it ordered the monitor to run the sale process in consultation with the companies, EDC and Northern Sky, per the Fourth Report, Oct. 19, 2026, paras. 10–11. The Fourth Report, dated October 19, is the evidence for the monitor's own motion, returnable the next afternoon, to approve the sale of a house in Port au Port West, set a deadline for municipal tax claims, seal three appendices and approve the report, per the monitor's Notice of Motion, Oct. 19, 2026, paras. 1–2, 4 and p. 10. A motion by the former chief corporate affairs officer of World Energy GH2 Limited Partnership for pay in lieu of notice was set for the same day, per the Fourth Report, Oct. 19, 2026, paras. 14(e), 64.

Two reserved bids, and a broker for the port

On July 17, the deadline for insider and credit bidders, the monitor received notice from a related party, as the procedures define one, and from Northern Sky, the DIP lender, "of their reservation of right to submit an Insider Bid or a Credit Bid." The report does not name the related party. Both, the monitor says, "have been treated as Potential Bidders and have not received updates or further consultation with regards to the SISP," per the Fourth Report, Oct. 19, 2026, para. 40 and App. D. Under the procedures, a related party that gives such notice "shall henceforth have no consultation or consent rights on any aspect of the SISP," and a party reserving a credit bid receives no disclosure about any other potential bidder or the negotiations, per the SISP Procedures, paras. 30, 36.

The monitor consulted Northern Sky and EDC about hiring a broker for the port. EDC supported the monitor's recommended broker; the DIP lender did not, "citing the closeness in time of the Phase 1 bid deadline." The monitor went ahead because EDC, "the senior secured creditor, wanted to retain a broker," because six weeks remained to the binding-bid deadline, and because "the additional sales channel could create additional competitive tension." It engaged Avison Young on or around September 18, on terms that bar accepting any offer before the letters of intent are reviewed. By October 9 the broker had opened discussions with five leads it regards as having a significant interest in the port. The monitor also arranged and attended an in-person meeting with the Province and a bidder to discuss the project, per the Fourth Report, Oct. 19, 2026, paras. 21(h), 43–46.

A summer at the port

The forecast attached to the Northern Sky loan budgeted USD$50,000 of port revenue for the fifteen weeks from June 29 to October 9. The port brought in USD$262,906. Receipts were USD$403,007 against USD$159,577 budgeted, which the monitor attributes primarily to the port's summer trade, HST refunds and a land lease extended by a month. The report expects port revenue "to decline significantly by the end of October 2026 as the summer shipping season ends." Operating disbursements were USD$428,842 against USD$250,697. The companies drew USD$100,000 less on the interim loan than forecast, per the Fourth Report, Oct. 19, 2026, paras. 23–24 and App. C.

Lease payments to the Province under the reserve order, and property taxes owed to the Town of Stephenville and other municipalities, are not being paid, consistent with the forecasts filed with the court, per the Fourth Report, Oct. 19, 2026, para. 25.

The house on Front Road

The sale before the court is of a single-storey house on approximately 0.6 acres at 99 Front Road, Port au Port West, owned by Port of Stephenville Holdings Ltd., per the Monitor's Memorandum of Fact and Law (sale approval), Oct. 19, 2026, para. 5. With the DIP lender's and EDC's support, the monitor listed it and a second house, at 97 Front Road, with Royal LePage as non-core assets. The listing went up on September 3; multiple parties viewed the house, two offers came in, and the monitor accepted one on September 11. All conditions except court approval have been cleared or waived, closing is proposed for November 16, and the monitor says it is not aware of the buyer being a related party under s. 36(5) of the CCAA, per the Fourth Report, Oct. 19, 2026, paras. 41–42, 56–57, 59, 61(a)–(b).

The price and the appraisal are in two confidential appendices, the unredacted agreement and an independent appraisal the monitor commissioned, which the monitor asks the court to seal until closing or further order. It calls the price reasonable against both the listing price and the appraisal, and its view is that the sale offers "at least a similar, if not greater, return to creditors than a bankruptcy," per the Fourth Report, Oct. 19, 2026, paras. 55, 61(c)–(e), 62(c), 85(a). Under the order sought, the net proceeds, after ordinary-course closing adjustments including property taxes and transaction costs, would be applied toward amounts owing to Northern Sky under the court-approved DIP financing, per the Notice of Motion, Oct. 19, 2026, para. 1(c).