Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc., Baffinland Iron Mines LP
Follow- Proceeding
- CCAACompanies’ Creditors Arrangement Act, R.S.C. 1985, c. C-36, as amended
- File
- CL-26-00000219-0000
Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc. and Baffinland Iron Mines LP commenced CCAA proceedings in Ontario on May 15, 2026. Audited statements for Baffinland Iron Mines Corporation and 123 Canada Inc. on a consolidated basis for the year ended December 31, 2025 show total assets of US$2,685.9 million, total liabilities of US$1,460.6 million, a net loss of $102.4 million, and current liabilities exceeding current assets by $761 million. A US$126.5 million term loan held by an Oaktree affiliate and Hartree ranks first; US$575 million of 8.750% Senior Secured Notes due 2026 and a US$75 million EDC term facility rank second, pari passu. Baffinland is in default under a cross-default from the Credit Facility. An Ad Hoc Committee holding approximately 70% of notes, with the first secured lenders, is stated to represent almost 90% of remaining secured creditors; EDC is the proposed third party DIP lender.
The officer filed report no. Fourth Report. The Debtors continue mining and shipping operations during the Sealift Season, with fuel and supply vessels delivering inbound goods and outbound iron ore shipments ongoing (approximately 40% of total volume shipped as of the report date), while the Monitor facilitates an Offtake Solicitation Process and the selection and engagement of a Transaction Advisor to run a SISP.
Source: Fourth Report of the Monitor
Motion Record of the Applicants - CRO Appointment Motion — Application / notice of application
Joint Responding and Cross-Motion Record of the Senior Secured Lenders — Response / objection pleading
Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc., Baffinland Iron Mines LP — CCAA filed, Ontario.
Source: Initial Order
Case update
Baffinland: what the noteholders got for standing down
Ottawa offered Baffinland's iron mine a $400 million DIP. Its existing secured lenders — Oaktree, Hartree and an ad hoc committee of 8.750% noteholders — cross-moved with a rival facility of their own, and the court gave the government a four-week bridge and a litigation timetable instead of an answer. Cross-examinations had begun when the parties settled. On June 30 Madam Justice Steele approved the deal, and what the lenders took in exchange for dropping their opposition is not money.
Case update
Baffinland: the sealift can't wait for the DIP fight
Three competing debtor-in-possession proposals, a cross-motion by the senior secured lenders to have the court authorise someone else's, and a de novo hearing still to be scheduled. Meanwhile a mine on Baffin Island has one annual window to receive supplies by sea. The court's answer was a US$100 million charge in favour of suppliers that dissolves automatically the moment any DIP is approved.
Debtor
Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc., Baffinland Iron Mines LP
Monitor
FTI
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Steele | Ontario Superior Court of Justice | 6 orders, Jun 2026 – Aug 2026 | 220 cases on record |
| Justice Conway | Ontario Superior Court of Justice | 2 orders, May 2026 | 285 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| MonitorFTI | Osler, Hoskin & Harcourt LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| ApplicantBaffinland Iron Mines LP | Davies Ward Phillips & Vineberg LLP | 15 May 2026 | Order · 15 May 2026 |
| DebtorNunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc., Baffinland Iron Mines LP | Davies Ward Phillips & Vineberg LLP | 19 Jun 2026 | Affidavit · 19 Jun 2026 |
| CreditorAd Hoc Committee of 2026 Senior Secured Noteholders | Cassels Brock & Blackwell LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorAd Hoc Committee of Senior Secured Noteholders | Cassels Brock & Blackwell LLP | 5 Jun 2026 | Factum · 5 Jun 2026 |
| CreditorArcelorMittal | Bennett Jones LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorBank of Montreal | McCarthy Tétrault LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorBank of Nova Scotia | Torys LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorBondyn Products Inc | Thornton Grout Finnigan LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorCanadian Imperial Bank of Commerce | Blake, Cassels & Graydon LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorCaterpillar Financial Services Leasing ULC and Caterpillar Financial Services Limited | Miller Thomson LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorCentaurus Capital LP | Blake, Cassels & Graydon LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorDesgagnés Logistik Valport | Norton Rose Fulbright Canada LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorEnergy & Minerals Group | Lax O'Sullivan Lisus Gottlieb LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorEnergy & Minerals Group LP | Lax O'Sullivan Lisus Gottlieb LLP | 10 Jun 2026 | Factum · 10 Jun 2026 |
| CreditorExport Development Canada | Norton Rose Fulbright Canada LLP · Davies Ward Phillips & Vineberg LLP | 5 Jun 2026 | Order · 30 Jun 2026 |
| CreditorFountain Tire Mine Services Ltd | Aird & Berlis LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorGlencore AG | McCarthy Tétrault LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorGovernment of Canada | Goodmans LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorInternational Union of Operating Engineers Local 793 | Rothstein LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorIRH Global Trading Ltd | Fogler, Rubinoff LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorLiberty Mutual Insurance Company | Borden Ladner Gervais LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorMacquarie Equipment Finance Ltd | Thornton Grout Finnigan LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorOaktree Capital Management, L.P | Stikeman Elliott LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorOaktree Capital Management, L.P. and Hartree Partners, LP | Stikeman Elliott LLP | 5 Jun 2026 | Factum · 5 Jun 2026 |
| CreditorPangaea Logistics Solutions Denmark A / S (formerly known as Nordic Bulk Carriers A / S) | Borden Ladner Gervais LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorProposed CRO | Dentons Canada LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorQikiqtaaluk Corporation and Qikiqtani Industry Ltd | Miller Thomson LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorQikiqtani Inuit Association | Gardiner Roberts LLP · Olthuis, Kleer, Townshend LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorToromont Industries Ltd | Borden Ladner Gervais LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorWanxiang America Corporation | Lenczner Slaght LLP · White & Case LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorWilmington Trust, National Association | Dentons Canada LLP · Reed Smith LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| CreditorWorld Fuel Services Canada, ULC | Blake, Cassels & Graydon LLP | 22 Jul 2026 | Service list · 22 Jul 2026 |
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Holders of 8.75% Senior Secured Notes due 2026 (Wilmington Trust, National Association, as Trustee and Collateral Agent)General Security and Pledge Agreement dated June 27, 2018 over all assets of Baffinland; limited recourse guarantee by NIO secured by pledge of NIO's shares in BIM Corp. and LP units in BIM LP — Aggregate principal amount per Intercreditor Agreement priority chart (2nd priority, pari passu with EDC); $575 million issued June 27, 2018; Baffinland in default under a cross-default from the Credit Facility; NIO guarantee is a related-party (parent) security arrangement — debtor: Baffinland Iron Mines Corporation | $575M USD | Application Record of the Applicants |
| Secured | Opps XII BLIM Holdings, L.P. (affiliate of Oaktree Capital Management, L.P.) and Hartree, as lenders under the Credit FacilityAmended Credit Facility (Sixth Amended Credit Agreement dated November 24, 2025) term loan, secured; ranks 1st priority per Intercreditor Agreement — Formerly a revolving credit facility with a bank syndicate; on Nov 24, 2025 assigned to Oaktree and Hartree, all outstanding revolving borrowings ($126.5 million) converted to a term loan; interest increased to SOFR+16.75% (7% deferred); Oaktree entity is affiliated with Oaktree Capital Management, L.P. (related-party lender); Hartree also counterparty to fuel supply and marketing agreements with Baffinland — debtor: Baffinland Iron Mines Corpora · as of 24 Nov 2025 | $127M USD | Application Record of the Applicants |
| Secured | Export Development Canada (EDC) · in 99 casesEDC Term Facility, secured (Exhibit X security document); ranks 2nd priority pari passu with Senior Secured Notes per Intercreditor Agreement — Amount stated as total principal in priority chart; Fourth Amending Agreement to EDC Term Facility dated November 24, 2025 — debtor: Baffinland Iron Mines Corporation | $75M USD | Application Record of the Applicants |
As at 31 Dec 2025 · per Audited consolidated financial statements; figures are those of Baffinland Iron Mines Corporation and 123 Canada Inc. on a consolidated basis (used in place of NIO's consolidated statements because NIO's figures include a $423 million non-cash goodwill impairment and a $545.1 million net loss that the affidavit states are less representative of operating financial position) · Baffinland Iron Mines Corporation and 12334992 Canada Inc. (123 Canada Inc.), consolidated; excludes NIO's separate impairment-affected consolidated results — For year ended Dec 31, 2025, Baffinland/123 Canada Inc. reported a net loss of $102.4 million; current liabilities exceeded current assets by $761 million, primarily due to long-term secured debt being reclassified as current as a result of maturities/defaults
Cumulative disbursements
$-86.7M USD
As at 25 Aug 2026Fourth Report of the Monitor
| Date | Document | File |
|---|---|---|
Omnibus Order
| ||
Fourth Report of the Monitor
| ||
| Motion Record of the Applicants - Omnibus Order | ||
CRO Appointment Order
| ||
Endorsement of Justice Steele
| ||
Factum of the Applicants - CRO Appointment Motion
| ||
| Third Report of the Monitor | ||
| Motion Record of the Applicants - CRO Appointment Motion | ||
Service List
| ||
Settlement Approval Order
| ||
| Second Supplement to the Second Report of the Monitor | ||
Joint Aide Memoire of the Senior Secured Lenders, EDC and the Debtors
| ||
Affidavit of Alison Babbitt
| ||
| Affidavit of Ashley Glen | ||
Affidavit of Jason Cox
| ||
| Joint Responding and Cross-Motion Record of the Senior Secured Lenders | ||
Second Amended and Restated Initial Order
| ||
Affidavit of Joshua Gordon
| ||
| Book of Authorities of the First Secured Lenders | ||
Compendium - Ad Hoc Committee
| ||
| Compendium of the Applicants | ||
| Compendium of the First Secured Lenders | ||
Factum - Ad Hoc Committee
| ||
Factum of the First Secured Lenders
| ||
| Letter of the Monitor dated June 9, 2026 | ||
Order (Stay Extension)
| ||
| Transcript Brief of the First Secured Lenders | ||
Written Submissions - Energy & Minerals Group
| ||
| Responding and Reply Factum of the Applicants | ||
| Supplement to the Second Report of the Monitor | ||
Factum of Oaktree Capital Management L.P. and Hartree Partners, LP
| ||
Factum of the Ad Hoc Committee
| ||
| Factum of the Applicants | ||
| Joint Cross-Motion Record | ||
| Motion Record of the Applicants | ||
Order (Stay Extension and ARIO Amendment)
| ||
| Responding Motion Record of the Applicants | ||
Written Submissions of Export Development Canada
| ||
| Second Report of the Monitor | ||
Amended and Restated Initial Order
| ||
Application Record of the Applicants
| ||
Endorsement of Justice Conway
| ||
| Initial Factum of the Applicants | ||
| First Report of the Monitor | ||
| List of Known Creditors | ||
Initial Order
| ||
| Pre-Filing Report of the Proposed Monitor | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Nunavut Iron Ore, Inc., Baffinland Iron Mines Corporation, 12334992 Canada Inc., Baffinland Iron Mines LP” (CCAA), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/nunavut-iron-ore-inc-baffinland-iron-mines-corporation-12334992-canada-inc-baffi