Insights
The archive, newest first — posts 126–150 of 245. The 8 most recent are on the front. ← The newest analysis
Case update
Pelican International: $53 million to the lenders, a wind-down still to plan
Seventeen months into the creditor-led CCAA of the Québec kayak maker, both businesses are sold — Pelican and Confluence for $42,000,000 to a buyer that includes former executives, the 85% stake in GSI Outdoors to GSI's founders — the syndicate has been paid $35.5 million and $17.5 million, and FTI, holding $4.3 million, asks for a stay to September 30 to plan the end.
Filing brief
Western Potash: the lender writes the first affidavit
More than $240 million went into the Milestone potash mine southeast of Regina against a Phase I budget of $149.45 million, and the project still cannot produce a tonne. On August 21, WPC (Jersey) Limited — the Appian vehicle owed not less than CDN$85 million, plus US$16.8 million of unpaid interest — petitioned its own borrower into the CCAA in Vancouver and came away with a stay to August 31, a US$1 million opening draw on a US$6 million DIP, and a monitor holding powers the debtors usually keep.
Filing brief
Alberta West Transport: 45 pieces of equipment outside the receivership
Royal Bank of Canada, owed $1,724,950.77 by three related Grande Prairie companies, obtained a consent receivership order on August 20 appointing Grant Thornton Limited — with 45 pieces of logging and hauling equipment, which RBC released to Dynamic Capital Equipment Finance in 2024 and understands Dynamic Capital is enforcing against, left out of the property and out of the stay.
Filing brief
Island Fishermen's: the co-operative stops buying from its owners
A Lamèque seafood co-operative incorporated in 1940 was granted CCAA protection on August 12, 2026 owing $7,890,000 to the Business Development Bank of Canada, US$14,145,000 to the broker holding its inventory, and $4,669,000 to the 91 fishermen who own it. Its forecast projects that it will not process a pound of lobster, snow crab or rock crab this fall, and that its only receipts will be $20,000 a week from the fish market at the plant door.
Outcome brief
Pitter Patter Daycare: the sale, and a release the CRA said it would oppose
A Conception Bay South daycare operator that filed an NOI to refinance RBC has had its two owned centres and an after-school program sold to BelleAn Properties Inc. at a price sealed until closing, under an August 20 order that also releases its directors, a release the CRA, holding a $1,342,869.69 proof of claim, had told the service list two days earlier it would oppose.
Filing brief
Quality Pipefitting: source deductions first, then $165,000 over 18 quarters
A Mississauga company that plumbs car washes, with $951,759.81 in debts — $464,157.47 of it owed to the Canada Revenue Agency — proposes to pay its unremitted source deductions within six months and then $165,000 to its unsecured creditors over 18 quarters, a recovery its trustee estimates at approximately 17% against 7% in a bankruptcy.
Case update
Regina Windows and Exteriors: contempt over a 2022 Ram TRX
MNP Ltd., receiver and trustee of the Regina renovation company, has applied to have its director Steven Rodway declared in civil contempt and imprisoned for 90 days or until he hands over a 2022 Dodge Ram TRX that a judge found was the company's, appraised at $85,000 with about $53,000 owing on it.
Case update
Superport Marine: $165,326 above the administration charge
Grant Thornton's Ninth Report on the Port Hawkesbury marine operator sends $436,730 to the Canada Revenue Agency, $817,390 and later receipts to the Bank of Montreal and nothing to Maynbridge Capital, on the assumption that Justice John Bodurtha will lift the administration charge from $250,000 to $415,326 over BMO's objection — a question briefed for a November 2025 hearing and still awaiting a decision when the monitor's counsel wrote to him on August 20, 2026.
Case update
Blanshard Block: the Montrose Apartments and an $8.8 million offer
MNP Ltd., receiver of the partnership that bought three downtown Victoria lots in 2018 on a $10,000,000 Timbercreek facility to build some 68,000 square feet including a potential hotel, asks Justice Coval on August 25 to approve an $8,800,000 sale to Banff Investments Ltd. and to seal the two competing offers and Colliers' valuation.
Outcome brief
Halo Exploration: the creditor trust that reaches one creditor
A reverse vesting order preserved $142 million of tax pools, spared everyone an application to the Alberta Energy Regulator, and left the wells with a solvent owner. Seven months after the receiver was appointed, it asks the court to pay its senior lender a final $885,000 — leaving that lender about $300,000 short — and reports that nothing at all reaches the $19.9 million of unsecured debt.
Outcome brief
Wilson Heights: the Millwick Drive receivership ends in a refinancing
Hillmount Capital put the owners of four North York industrial and commercial properties into receivership on June 19 over a first-mortgage debt the receiver accepts at $15,076,786.83; two months on, after a first report describing a contest with the debtors' principals over the rent, a $25 million Laminar loan and a $15 million Firm Capital loan in a related receivership were lined up to repay Hillmount in both files, and on August 19 Justice Conway signed Zeifmans' discharge order.
Wilson Heights Investment Ltd., 2276918 Ontario Inc. and Pauline Centre Corp.
Case update
CanadaBis: the licence is the asset, so the company is what gets sold
Excise duty ran at 41 to 47 per cent of gross revenue and the CRA wanted $5,732,843 in fourteen days. Four months later the sale process produced one bid, from a company whose director sits on the debtor's own board — and because a cannabis licence cannot be assigned, the deal is structured so the licence never moves.
Outcome brief
Carriage Hills: the perpetual timeshare, dissolved at the third asking
Two Horseshoe Valley timeshare associations whose owners owed annual charges in perpetuity went into a court administration in 2020, sold both resorts to Sunray Group of Hotels for $60,000,000 in 2021 and distributed $56,040,420.86. On August 18, 2026, having declined the dissolution order in February 2024 and adjourned it in May, Justice Conway dissolved them under s. 267 of Ontario's Corporations Act.
Case update
Joriki: a motion to make the recall insurers pay
With its plants sold and the proceeds paid to its senior lenders, Joriki's most significant remaining asset is its insurance claim over the 2024 Silk and Great Value listeria recall — coverage it says HDI confirmed in February and has not paid — and Justice Conway has set November 3 to hear its motion to compel HDI to pay the $5,000,000 policy limit and Intact $1,024,300.26.
Outcome brief
Sheppard West: the sale approved after the buyer said he couldn't close
A vacant lot on Sheppard Avenue West sat through two years of marketing, six offers and two extended closing dates. Days before the approval motion, a principal of the purchaser texted the receiver to say his health would not let the company complete, and asked for the deposit back. On August 17, Justice Dunphy approved the sale anyway — and sealed the price for six months because of it.
Case update
Baiocchi: the only issue was the date
A receiver asked the court to put the principal's spouse and her daughter out of a 196-acre property in Orono by August 31. She had told Justice Myers in June that she expected the ninety days a private sale would give her. On August 17, Justice Conway settled on September 28 — and the order changed its name on the way to being signed.
Case update
Cannabist: the orders go in, and the consent question goes away
A day after the founder of Cannabist's Maryland business swore that his companies could not consent to the assignment of their agreements, Justice Conway approved both sale transactions — $35 million for five states to Vireo, $13.75 million for Maryland to Free State Botanicals — and recorded that there was no opposition. The contracts were taken out of the argument, not out of the deal.
The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc.
Case update
Craig Developments: a sale to the lender's venture with the former principal
A year of marketing a stalled townhouse and apartment site in Huntsville drew one letter of intent, so the receiver agreed on July 23 to sell it to Sabrina Park Inc., which it understands to be a joint venture of first mortgagee First Source, owed $9,032,535.95 as of May 31, and the debtor's former principal. The price is sealed, and on the eve of the August 18 approval motion the receiver filed its correspondence with the holder of the $2,000,000 second mortgage to answer a guarantor's affidavit.
Case update
Cannabist: the consent that cannot be given
The Cannabist group asks the Ontario court on August 18 to approve the sale of its Maryland cannabis business. Among the assets going across is a management agreement and a purchase option over a dispensary — and the man who founded the business Cannabist bought in 2021 swore an affidavit the day before saying his companies cannot consent, because Maryland's regulator may now treat the structure itself as unlawful.
The Cannabist Company Holdings Inc. and The Cannabist Company Holdings (Canada) Inc.
Outcome brief
Industries RAD: after Rocky Mountain's sale, $75,000 and a bankruptcy
The Beauce company behind Rocky Mountain bicycles and Faucher Industries sold both divisions under the CCAA in spring 2025, spent fifteen months collecting the deferred price, duty drawbacks and sales tax refunds, and assigned itself into bankruptcy on July 29, 2026 with $75,000 in cash against $34.55 million of listed liabilities, Roynat still owed $6.94 million.
Filing brief
FireSong: a receiver, three years after the bankruptcy
The FireSong group's proposals failed in 2023 and its principals were deemed bankrupt. The estates had no money, three mortgagees filed enforcement actions and then did nothing, and five finished luxury cabins on a Saskatchewan lake sat under the control of the bankrupts. Their own former counsel, their proposal trustee and the trustee's counsel — owed $491,030.30 under a first-ranking charge — applied for a receiver.
Filing brief
Marina Commodities: thirty-six million short
CIBC advanced about US$50 million on a revolving asset-backed facility to a Mississauga trading house that sells lentils and pulses into more than twenty countries. On August 14 it told the Commercial List it had recently found that the borrowing base certificates included inventory and receivables that did not exist, and that the loan was undercollateralized by at least US$36 million. The debtors consented to a receiver while reserving the right to dispute the facts.
Filing brief
Chinook Farms: the source deductions kept growing
A dairy-equipment supplier to farms across three provinces was insolvent on its own financial statements, had stopped filing the reports its lender needed, and owed the CRA $640,877 in unremitted employee source deductions as at August 2025. By July 2026 that figure had reached $872,393.53 and was rising with every payroll. On August 12 Justice Macklin appointed a receiver.
Case update
Assembly Corp: the liens come off title
Four Toronto affordable and supportive housing projects — owned by the Elizabeth Fry Society, Thunder Woman Healing Lodge, the YMCA and WoodGreen, and between 50% and 95% built — stopped when their builder filed a notice of intention and the trades registered liens. On August 11 Justice Black vacated every registered lien from title and replaced them with charges over project-specific security funds.
Case update
Blue Lobster: which company did the condominium pay for?
Before the CCAA filing, a Nova Scotia group sold a condominium in Charlottetown and $345,000 went to RBC. The borrower says it should have reduced its own term loans; RBC says applying it to an affiliate's operating line was the price of continued forbearance. The bank has been repaid in full and is not a party to the question — but the answer decides which set of unsecured creditors recovers.