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Trion - Reports
The following reports have been filed in the proceedings:
 First Report of the Monitor |
February 27, 2026 |
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The purpose of this First Report of the Monitor (the "First Report") is to provide the Court with the Monitor's comments and recommendations regarding the following: a. the activities of the Monitor since the Initial Order was granted; b. the activities of the Applicant since the Initial Order was granted; c. the relief sought by the Applicant at the Comeback Hearing, including, among other things: i. an order approving a sale and investment solicitation process (the "SISP" and such order approving the SISP, the "SISP Approval Order") and authorization for the Monitor, together with its affiliate, FTI Capital Advisors - Canada ULC ("FTI Capital"), with the assistance of the Applicant, to implement the SISP pursuant to its terms; and ii. approval of an amended and restated Initial Order (the "ARIO"), which inter alia, extends the Stay Period to May 15, 2026 and amends the Interim Lender's Charge such that it is equal to an amount not to exceed all obligations owing under the DIP Term Sheet and the Definitive Documents (as defined in the ARIO) at any given time. | |
| Pre-filing Report of the Proposed Monitor |
February 20, 2026 |
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The purpose of the Pre-Filing Report of the Proposed Monitor, FTI Consulting Canada Inc. ("FTI"), is to inform the Court of the following: a. the qualifications of FTI to act as Monitor, including with certain Enhanced Powers (as defined below), and an overview of the involvement of FTI and its legal counsel, Bennett Jones LLP ("Bennett Jones") with the Applicant to date; b. the Applicant's weekly cash flow forecast for the period February 21, 2026 to May 22, 2026 (the "February 17 Forecast"); c. the Applicant's request for and the Proposed Monitor's recommendation in respect of: i. approval of the Proposed Initial Order, granting, inter alia, a stay of proceedings (the "Stay of Proceedings") in favour of the Trion Group for an initial ten days; ii. certain enhanced powers to be granted to the Monitor under the Proposed Initial Order (the "Enhanced Powers"); iii. approval of the Debtor-in-Possession Financing Term Sheet (the "DIP Financing Agreement") dated February 17, 2026, between the Applicant, as borrower, the Non-Applicant Stay Parties as guarantors, and Rockford Equity PTY Ltd. as lender (the "DIP Lender"); iv. granting of a priority charge in favour of the DIP Lender in the maximum amount of USD $850,000 on all the assets, property and undertakings of the Applicant in order to secure the obligations under the DIP Financing Agreement as described below (the "DIP Lender's Charge"); v. granting of a priority charge in the amount of CAD $50,000 as security for the indemnity provided by the Applicant to its directors and officers for liabilities they may incur as directors and officers of Applicant following the commencement of the CCAA Proceedings (the "Directors' Charge"); and vi. granting of a priority charge in the amount of CAD $350,000 (the "Administration Charge") securing the fees and expenses of the Monitor, Bennett Jones and legal counsel of the Applicant, DLA Piper (Canada) LLP (the "Applicant's Counsel"); and d. the proposed conduct of the CCAA Proceeding. | |
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