Seafood 2000 Ltd.
Follow- Proceeding
- CCAACompanies' Creditors Arrangement Act, R.S.C. 1985, c. C-36
- File
- S1 GS 31472
Seafood 2000 Ltd. filed under the CCAA on May 15, 2026. Orders are recorded on May 15 and May 29, 2026, with stay expiry dates of May 21, 2026 and July 31, 2026. On unaudited estimates from the company's books as at May 2, 2026, assets stood at $26,526,929 against liabilities of $22,395,356, comprising secured claims of $16,039,527 (Farm Credit Canada) and $2,074,968 (National Bank of Canada), property taxes of $49,595, and trade payables and other unsecured debt of $4,231,266. Consolidated liabilities, including subsidiaries SF2K USA Ltd. and 70%-owned Packers Pride USA LLC, were estimated at $25,642,899.73. Both primary secured lenders have issued notices of default: FCC by letter dated April 13, 2026 for breach of a debt service ratio covenant, and NBC over the unrepaid $3,000,000 demand loan due November 30, 2025 and an unsatisfactory debt/equity ratio. The cash flow forecast was filed under seal.
The court approved a sale and investment solicitation process. A bid deadline of 2026-10-14.
Source: Sale and Investment Solicitation Process (``SISP``) Approval Order
Extended the stay beyond its July 31, 2026 expiry, on the Monitor's request for a short extension to pursue a sale transaction or develop a SISP.
A second order made the same day further continued the stay of proceedings in favour of Seafood 2000.
Monitor's Third Report reported spring lobster operations ran without significant service interruptions and the season concluded; receipts of $13,997,581 against disbursements of $13,815,929 for the 11 weeks ended July 18, 2026, ending cash $3,374,612.
Source: Monitor's Third Report
Continued the stay past its May 21, 2026 expiry, carrying CCAA protection to July 31, 2026 as the company kept operating.
Granted Seafood 2000 CCAA protection on its own application, appointed MNP Ltd. as Monitor and stayed proceedings to May 21, 2026, in Supreme Court file S1 GS 31472.
Source: Initial Order
Filing brief
Seafood 2000: the lobster season would not wait
A Prince Edward Island processor with $26.5 million of assets and $22.4 million of debt could not close a working-capital facility for the spring lobster season. It filed under the CCAA on May 15 with a $490,000 debtor-in-possession loan from Finance PEI and express authority to pay for lobster and bait. A week later it asked to increase that loan to $3.8 million.
Debtor
Seafood 2000 Ltd.
Monitor
MNP
| Priority class | Creditor | Amount | Source |
|---|---|---|---|
| Secured | Farm Credit Canada · in 34 casesContinuing Collateral Mortgage (dated July 17, 2024) over four parcels of real property, registered in the amount of $16,200,000; Continuing Collateral Leasehold Mortgage (PID 172650); General Security Agreement (Nov 14, 2022) giving first charge over all present and after-acquired personal property, subject to NBC's priority over accounts receivable and inventory; personal guarantees of Etienne Dodier, Louis Landry and Conrad Leger (officers/directors) limited to $16,200,000 — FCC Loan Agreement (May 16, 2024) principal advanced was $16,200,000 for the 2024 Acquisition; balance stated is 'est · as of 28 Mar 2025 | $16M | Affidavit of Etienne Dodier |
| Secured | Michlin Investment Inc.Vendor take-back financing from the 2024 Acquisition (former principal shareholder holding company); related party; listed by Applicant under secured creditors but no security instrument described in this affidavit — debtor: Seafood 2000 Ltd. | $2M | Affidavit of Etienne Dodier |
| Secured | Investissement MCL Inc.Vendor take-back financing from the 2024 Acquisition (former principal shareholder holding company); related party; listed by Applicant under secured creditors but no security instrument described in this affidavit — debtor: Seafood 2000 Ltd. | $2M | Affidavit of Etienne Dodier |
| Secured | Padevily Investment Inc.Vendor take-back financing from the 2024 Acquisition (former principal shareholder holding company); related party; listed by Applicant under secured creditors but no security instrument described in this affidavit — debtor: Seafood 2000 Ltd. | $2M | Affidavit of Etienne Dodier |
| Secured | National Bank of Canada · in 87 casesTerm loan secured by a tractor-trailer — Separate term loan facility distinct from the NBC operating credit facility; approximate balance owing, no stated date — debtor: Seafood 2000 Ltd. | $230K | Affidavit of Etienne Dodier |
Sale process approved — SISP approved, Stalking Horse Agreement approved but sale/vesting not yet approvedSale and Investment Solicitation Process (``SISP``) Approval Order · 10 Sep 2026
| Purchaser | Price | Status | Source |
|---|---|---|---|
| CG Group Ltd.Stalking horseall of the issued and outstanding shares of the Applicant · share subscription · agreement 10 Sep 2026 | $16M (credit bid)approximately $16 million, being the secured debt bid by the Stalking Horse Bidder as a credit bid pursuant to the Stalking Horse Agreement | Proposedoutside 15 Nov 2026 | Sale and Investment Solicitation Process… |
As at 2 May 2026 · per unaudited, estimated (Company books and records) · entity - Seafood 2000 Ltd. — Liabilities total labeled 'Total Estimated' and comprises Secured Creditors ($2,074,968 NBC + $16,039,527 FCC), Priority Creditors (property taxes $49,595), and Unsecured Creditors (Trade Payables and Other $4,231,266); Cash Flow Forecast and comparative actual results filed under seal (Appendices E and F)
Cumulative receipts
$14M
As at 24 Jul 2026Monitor's Third Report
Cumulative disbursements
$13.8M
As at 24 Jul 2026Monitor's Third Report
Cash on hand
$3.37M
As at 24 Jul 2026Monitor's Third Report
Professional fees to date
$465K
As at 24 Jul 2026Monitor's Third Report
| Date | Document | File |
|---|---|---|
Fourth Amended and Restated Initial Order
| ||
Sale and Investment Solicitation Process (``SISP``) Approval Order
| ||
Monitor's Fourth Report
| ||
Third Amended and Restated Initial Order
| ||
Second Amended and Restated Initial Order
| ||
Monitor's Third Report
| ||
| Monitor's Second Report | ||
Amended and Restated Initial Order
| ||
| Amended Initial Order | ||
Monitor's First Report
| ||
| Service List | ||
| Notice to Creditors | ||
Initial Order
| ||
Notice of Application
| ||
Affidavit of Etienne Dodier
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Seafood 2000 Ltd.” (CCAA), Supreme Court of Prince Edward Island. Retrieved 20 September 2026, https://proceedings.ca/case/seafood-2000-ltd