Insights
The archive, newest first — posts 326–350 of 719. The 8 most recent are on the front. ← The newest analysis
Case update
Seafood 2000: a new lender, a fall season and a $16 million credit bid
Between July 27 and September 10 the PEI lobster processor was barred from buying lobster, repaid Finance PEI's $3.26 million DIP and National Bank's $2.27 million, watched Farm Credit Canada sell its debt to CG Group Ltd., reopened for the fall season on a new $3.8 million CG Group DIP, and entered a court-approved sale process in which CG Group's roughly $16 million credit bid for all of the company's new shares is the stalking horse.
Filing brief
Shell Mountainside Lodge: members' claims at $4.07 million or $36.28 million
Sixteen months after the Whistler timeshare lodge was sold free of roughly 1,800 member contracts, BDO as receiver asks the B.C. Supreme Court on September 25 to open a reverse claims process with a January 15, 2027 bar date, appoint Borden Ladner Gervais as representative counsel with a $100,000 charge, and defer the formula that would value the claims at between $4.07 million and $36.28 million.
Case update
Aurora Mills: a Starbucks plaza and one condo unit, at sealed prices
Eight months into the receivership of an Aurora business park owing its lender about $75 million, Albert Gelman Inc. is back in court with a sold retail plaza, one of four unsold industrial condo units, an unpriced sale process for 11.35 acres, holdback reserves recalculated under the Court of Appeal's new KingSett decision, and two purchasers still fighting to get their deposits back.
2352107 Ontario Inc., the owner of the Aurora Mills Business Park
Case update
National Traffic Safety: the director who would be the bidder
Nineteen months after a court approved its first proposal, an Ontario traffic-control company is in its second notice of intention, run since April by a sole director whose own company is listed as a $250,000 creditor, tried to buy the shares, and now holds a $2.1 million commitment letter to be the stalking horse for the business. On September 14 the company asked for a fifth extension; the trustee supports it, and reports $280,000 in unpaid post-filing CRA remittances.
Case update
5055 Joyce: the holdback, and who gets paid from it first
The receiver of a nearly finished 360-unit Westbank rental building in Vancouver found the builders lien holdback account $895,280.70 short, got OPTrust to top it up with a reserve, and asked for authority to release holdbacks to the trades it needs to finish — only those trades, for now. A concrete supplier and two other lien claimants say the Builders Lien Act does not let a receiver choose which beneficiaries of a statutory trust get paid first, and that they had three business days to say so.
Case update
SSENSE: the final stay, and $5.5 million more for the banks
In May the court said the extension to September 11 "should be the final stay of proceedings." On September 11 Justice Morin extended it again, to November 13, and authorized a second distribution of $5,500,000 to the lending syndicate that had asked for a liquidation instead of the founders' purchase. With $38,807,000 paid against more than $134 million of principal, the orders record that nothing will reach any other creditor. What is holding up the end is an ERP migration and a seized account in Belgium.
Case update
177 Cross Argus: the seller credit-bids its Oakville land back
915643 Ontario Inc. held 2.5 acres near the Oakville GO station for 32 years, sold them in 2023 for $53,000,000 to a developer planning 1,895 condominiums, and on April 22, 2026 bought them back from a receiver largely with the debt its vendor-take-back mortgages secured; the receiver's Third Report now asks to be discharged, with $88,383 in hand and the balance bound for the buyer.
Filing brief
880 Eastern: a take-back mortgage, passed to the lenders
A year into the receivership of four east-end Toronto development lots, Grant Thornton asks the Commercial List on September 23 to approve the sale of 80 Knox and 880 Eastern Avenue under an agreement amended four times, to split the cash 63.5/36.5 between the two first mortgagees, and to hand them the vendor take-back mortgage that makes up part of the price, leaving Canadian Mortgage Servicing Corporation about $1.89 million short and no recovery forecast for Kingsett.
Case update
A2A: the charge Justice Simard said he could not grant
In November 2024 Justice Simard held he had no power to extend the CCAA charges over property the A2A Group's offshore investors own, and on September 10, 2026 Justice Jones extended the $1,500,000 interim lender's charge and the $3,500,000 administration charge over their interests in six land projects, after 407 of 408 responding offshore investors voted for it and the only opposition, from the director of two Texas LLCs, met a challenge to his standing.
Case update
Amalgamated Heating: the last two generators go to auction
Two years into RBC's consent receivership of an Acheson sheet-metal shop and its land company, EY has sold the yard, the equipment and three of five generators and paid RBC $1,123,866.33; on September 9, 2026 the court approved an unreserved Ritchie Bros. auction of the last two generators, on which CWB holds security and the CRA asserts its deemed trust.
Filing brief
De Cloet Greenhouse: a Simcoe plant inside BFG Supply's chapter 11
A 30-employee Ontario greenhouse manufacturer whose revenue rose to US$12.2 million is a borrower or guarantor on US$342.5 million of its Ohio parent's secured debt; on August 28 Justice Dunphy recognized its Delaware chapter 11 as a foreign main proceeding, along with a US$55 million DIP whose charge reaches its land, and the foreign representative returns on September 18 for bidding procedures that run to an October 6 auction.
Filing brief
Dynamic Restoration: the proposal that waits on the tax returns
A Shubenacadie concrete and restoration contractor filed a notice of intention on August 18 after Canada Revenue Agency requirements to pay garnished its receivables and froze its bank accounts; CRA has since filed a proof of claim for $1,510,559.97, $747,484.77 of it under s. 60(1.1) of the BIA, and MNP, as proposal trustee, supports a stay extension to November 1 while the company brings its tax filings current.
Filing brief
Freshstone: the CEO's credit bid and the RVO evidence the judge asked for
No one else sent a letter of intent for the Etobicoke prepared-meals maker, so on October 2 Freshstone Brands will ask Justice Black to approve a reverse vesting transaction in which its chief executive and only pre-filing secured creditor, Frank Burdzy, credit-bids notes of about $7.73 million for all of its shares, keeping the licences, tax losses and customer contracts the company says an asset sale would put at risk.
Case update
Giftcraft: the seller's note and the buyer's receivables
With both businesses sold and $8.4 million paid to RBC, KPMG is holding reserves against three disputed claims, and on September 11 RBC and the receiver answered two of them — Elsasser Holding's claim to a pro rata share of the US$2,397,170 Ripskirt proceeds under a 2024 subordination agreement, and CTG Brands' demand for $961,952.84 over receivables it bought with the Giftcraft business.
Filing brief
Graziella Fine Jewellery: a year after demand, a receiver
Royal Bank of Canada had its receiver appointed over an Ontario jeweller on September 11, a year after demanding a line of credit owed at more than $527,857 — over the jeweller's objection that no discoveries had been held, and on reasons that turned on the financial statements the bank asked for and never got.
Filing brief
Leisure Time: three manufactured home communities go to a receiver
Justice Leach appointed msi Spergel inc. on September 11 over land-lease communities in Caledon, Gravenhurst and Goderich, on a Bank of Montreal application that demanded $8.9 million, pointed to a pending tax sale on the Goderich land and went unanswered in court.
Filing brief
Mitchell Press: the customer list, for 5% of what it earns
A Burnaby printer founded in 1928 by a Vancouver Sun editor filed a notice of intention on August 31 and is asking the court to approve the sale of its customer list to Dollco Print Solutions Group — no cash at closing, 5% of the revenue those customers generate for three years — along with authority to shut down operations and more time to make a proposal that would preserve its tax attributes for the family group.
Case update
Teal Jones: five years of losses on TFL 46
The reverse vesting order that would hand Tree Farm Licence 46 to Gillfor for a $115,250,000 share price would also send 2004 fibre supply contracts with Domtar and TimberWest to a shell. Domtar says its Howe Sound pulp mill, whose indefinite closure it announced on August 20, would then have no realistic way back. The hearing record also holds a rival's $125 million offer and a First Nation's standing $30,780,000 bid for the licence — and, filed mid-hearing, what no one had yet put in evidence: five years of the licence's own numbers, every one a loss.
Case update
Trade X: settling before defence costs exhaust a $4 million D&O policy
FTI Consulting, as receiver, and senior lender MBL ask the Commercial List on September 17 to approve sealed Pierringer settlements with nine of the 13 defendants in their two lawsuits over how Trade X was run, funded by AIG under a directors' and officers' policy whose $4 million limit covers defence costs and judgments alike, with defence costs already past $600,000, and by separate payments from a former chief executive and The CFO Centre Limited. The $20 million claim continues against founder Ryan Davidson alone.
Outcome brief
Warehouse One: every secured lender was an affiliate
The Winnipeg denim chain founded in 1977 liquidated its stores for about $20.5 million in net merchandise proceeds and sold its brands to YM Inc. (Sales) for $744,000, and on September 9, 2026 the court authorized distributions to affiliated second-lien lenders owed $20,456,733 in principal at April 28, for whom the monitor estimates about $5.0 million is available.
Filing brief
Carrière Sablière Principale Lachute: from Mareva freeze to RBC's receiver
Within a week of Royal Bank of Canada having KPMG appointed interim receiver of a Lachute stone quarry and sand pit whose accounts a sealed Mareva order had frozen, KPMG shut the site down, citing its cash flow and the regulators' environmental concerns; on September 10 KPMG became receiver under s. 243 of the BIA with power to sell, a $150,000 administration charge and $225,000 of RBC interim financing, against book assets of $7,962,477 and liabilities of $15,504,286.
Carrière Sablière Principale Lachute Inc. and 9403-2216 Québec Inc.
Outcome brief
Château Montebello: the bid that kept Fairmont beat a higher price
PwC's three-round sale of the Evergrande-controlled Fairmont Le Château Montebello ended with Westmont's all-cash bid, which was not the highest in the final round but assumed Fairmont's management agreement; on September 10, 2026 Justice Martin Castonguay vested the resort in Westmont's assignee, MB Resort GP Ltd., with the price under seal and Desjardins, owed $17,913,636.48 at July 15, to be repaid from the proceeds without further order.
Millennium Golden Jiachen Hotel Holdings Ltd. and 4345118 Canada Inc.
Case update
Chroma: leased to 82%, the receiver asks to sell
The borrowers behind Chroma, a 133-unit rental building at East 2nd Avenue and Scotia Street in Vancouver, made the first payment on their CMHC-insured mortgage loan and missed the second. Five months into the receivership, AlixPartners has taken residential leasing from 57% to 82% and asks the court on September 14 to approve a sale process and a two-brokerage listing at $76,385,000.
31519 Investments Ltd., 31519 East 2nd Limited Partnership and 31519 GP Ltd.
Case update
Ecolomondo: the fire test that pushed the bid deadline back a week
A fire test at Ecolomondo's Hawkesbury tire plant on August 21 flushed water into its stormwater pond, and some odorous water reached a municipal ditch, KPMG's Third Report says. The monitor moved Phase 2 bids back a week, has chosen a bidder, and asks for a stay to October 2 to finish the purchase agreement.
Outcome brief
Grasshopper Solar: 132 projects by vesting order, 3,200 by reverse vesting
On August 18, 2026, Koehnen J. approved the sale of Grasshopper's Ontario solar portfolio to two Skyline affiliates — the 132 commercial projects to St. Regis Solar Power Corporation as assets, once the receivership had been stretched over 49 more entities, and some 3,200 residential projects to Skyline Clean Energy Limited Partnership by reverse vesting order — leaving lenders owed $159,686,419.93 with what the judge called eight-digit losses; both deals closed on September 10.