World Wide Carriers: a stay to October 23 while the exit is worked out

At its peak the World Wide Group ran approximately 215 trucks and 450 trailers across North America, and in 2022 it earned revenues of more than $50 million. The affidavit that opened this case, sworn on March 17, 2025 by one of the group's shareholders, a director of each applicant, describes a closely-held family business founded more than 20 years earlier whose four principals fell out in 2023. The three majority shareholders and the fourth each brought oppression applications, and on January 21, 2025, Justice Kimmel of the Commercial List declared the three beneficial owners of the operating company, World Wide Carriers Ltd., and ordered, among other things, that the three purchase the fourth's shares in the group's real estate holding companies at fair value, according to the Affidavit sworn Mar. 17, 2025 (Application Record), paras. 6–8, 78–79, 83.

In the group's account, pandemic-related demand for trucking dissipated from around the end of 2022, fuel costs and inflation rose, and the shareholders' discord left the operating company unable to rely on the real estate companies' revenue as security, so that it "had to proceed with sub-optimal and more expensive factoring terms. These terms ended up compounding the liquidity crunch more than relieving it." BMO, the primary secured lender, applied to appoint a receiver in February 2025, and World Wide Carriers filed a notice of intention to make a proposal on March 4 to preserve its fleet insurance, per the Affidavit sworn Mar. 17, 2025 (Application Record), paras. 10, 12–14, 80. On March 19, Justice Steele continued that proceeding under the CCAA, per the Initial Order, Mar. 19, 2025, para. 3. GlassRatner Restructuring Inc. has since been substituted for the original monitor, B. Riley Farber Inc., per the Tenth Report of the Monitor, Sept. 25, 2026, para. 1, n. 2.

The Tenth Report restates the purpose: to monetize redundant trucks and trailers, sell real property as needed "and pay out their senior secured creditor, Bank of Montreal," and to facilitate an independent financial investigation "to gather information necessary to implement a shareholder buyout" under Justice Kimmel's order, per the Tenth Report, paras. 2–3. By September 2026 BMO had been repaid, the operating company had stopped running and the chief restructuring officer had delivered its final report. The applicants asked for a short extension "while they, in consultation with the CRO and Monitor, determine how to exit the CCAA proceedings," per the Tenth Report, para. 36, and on September 29 Justice Cavanagh extended the stay to October 23, 2026, per the Stay Extension Order, Sept. 29, 2026, para. 3.

The yard in Bolton and the company that took it

Sales of properties on Claireport Crescent in Etobicoke and Mountainview Road in Manitoba closed in August and September 2025 with approximately $8.469 million and $1.850 million in cash proceeds, per the Fifth Report of the Monitor, Oct. 5, 2025, paras. 26, 28–29. Distributions to BMO followed under a subrogation agreement that, in the monitor's words, allows the real estate company 2029037 Ontario Inc., called 202 Ontario in the record, to "step into the shoes of BMO as secured creditor" against the operating company and two St. Thomas property companies, to the extent of the distributions, per the Fifth Report, paras. 34, 40.

The largest property, a trucking yard at 124 Commercial Road in Bolton, was refinanced instead. After the applicants and the CRO, Steinberg Advisory Corp., approached approximately 26 prospective financiers, the CRO accepted a commitment from Firm Capital on October 14, 2025. Firm Capital required a borrower that is not an applicant, so 1001346148 Ontario Inc., called Newco in the record, was incorporated; the monitor understands it has the same shareholder composition as 202 Ontario, reflecting the shareholdings determined in the Kimmel Order, per the Sixth Report of the Monitor, Dec. 1, 2025, paras. 1, 5, 29, 31, 33, 42. Justice Cavanagh approved the transfer of the yard to Newco on December 3, 2025, per the Approval and Vesting Order (124 Commercial Road), Dec. 3, 2025, paras. 2–3; no one appeared to oppose, per the Endorsement of Justice Cavanagh, Dec. 3, 2025, para. 5. After the December 11 closing the monitor released $4,842,420.73 to BMO "in full satisfaction of the Applicant's outstanding obligations" and held $2,432,100.50 as a new DIP facility, and Newco took an assignment of BMO's debt and security, per the Seventh Report of the Monitor, Jan. 22, 2026, paras. 13–15. The refinancing, the next report says, repaid "the Applicants' remaining obligations to BMO," per the Eighth Report of the Monitor, Mar. 23, 2026, para. 3(d).

Newco is now the applicants' interim lender, for up to $2.5 million at BMO's prime rate plus 5% a year, with the monitor holding the funds. As the monitor described the term sheet, it is an event of default if a shareholder, after having had the opportunity to address questions with the CRO and the monitor, "fails, in the sole discretion of the CRO and as agreed by the Monitor to adhere to the Shareholder Buyout Milestones," per the Sixth Report, paras. 45, 48.

The fourth amended and restated initial order of December 3 left World Wide Carriers Ltd. out of the applicants that would continue to carry on business, per the Fourth ARIO, Dec. 3, 2025, para. 7, and it ceased operations as of December 31, 2025. 202 Ontario credit-bid for the operating company's last 79 trailers and 20 trucks and approximately $750,000 of receivables outside the factoring arrangement: $3,218,100, satisfied by reducing the operating company's secured debt, plus the value of those receivables as and when 202 Ontario collects them. The monitor, like the CRO, concluded the bid "represents the highest realization available," per the Seventh Report, paras. 16, 22, 36–38. Justice Dunphy approved the sale on January 27, 2026, per the Approval and Vesting Order, Jan. 27, 2026, para. 1.

A report delivered to both sides

The December orders also equipped the court officers for the buyout. The Third Ancillary Order empowers the monitor to take any steps necessary to give effect to the buyout contemplated in Justice Kimmel's decision (2025 ONSC 382) and, among other powers, to file an assignment in bankruptcy for any applicant. It empowers the CRO, with the monitor's agreement, to "forthwith take all steps required to implement the Shareholder Buyout," and orders the shareholders, among others, to co-operate fully with the CRO, per the Third Ancillary Order, Dec. 3, 2025, paras. 3(k), 3(m), 19(a), 20.

By March 2026, after multiple interviews and rounds of document requests, the CRO had determined that specific critical information was still outstanding. The monitor wrote to counsel for the shareholders on March 19, explaining that "if the outstanding information is not received certain transactions will be excluded from the Financial Investigation." It understood the CRO had nonetheless gathered enough to provide preliminary assessments on the valuation of the relevant shareholdings, per the Eighth Report, paras. 16–19. "No one opposes the extension sought to allow the shareholder buyout to proceed and to continue (perhaps complete?) the financial investigation," Justice Myers wrote on March 26, per the Endorsement of Justice Myers, Mar. 26, 2026, para. 1.

In June the monitor reported that certain information remained outstanding and that the CRO had presented a draft report. "Due to the gaps in the critical information, the CRO has made certain assumptions in making its preliminary findings." The monitor said it would report back to the court, "including the possibility of seeking relief in respect of the outstanding information," per the Ninth Report of the Monitor, June 30, 2026, paras. 26–28. On July 2 Justice Cavanagh extended the stay to October 2, per the Stay Extension and Fee Approval Order, July 2, 2026, para. 3, to give time, among other things, to complete the investigation, per the Endorsement of Justice Cavanagh, July 2, 2026, para. 8.