Freedom Self Storage and Honeycomb Self-Storage obtain CCAA protection in Nova Scotia

Freedom Self Storage Inc. and Honeycomb Self-Storage Limited, Nova Scotia-based self-storage operators, obtained initial protection under the Companies’ Creditors Arrangement Act on March 12, 2026.

Freedom Self Storage operates the business while Honeycomb Self-Storage is its wholly-owned subsidiary. The group’s portfolio consists of four storage properties located at 215 Beech Hill Road in Antigonish, Angus MacQuarrie Drive in Lower South River, Highway 16 in Boylston, and 5 Colford Drive in East Chezzetcook. The facilities collectively comprise approximately 373 storage units used primarily by individual renters.

The companies report combined liabilities of about $6.76 million, including approximately $5.43 million to secured creditor Ducimus Capital Inc., and estimated total assets of about $6.34 million. Their financial distress stems primarily from borrowing costs tied to Ducimus, combined with macroeconomic conditions that tightened cash flow as interest rates rose and occupancy declined. The business generated rental revenue of about $516,004 in fiscal 2025 but incurred interest expenses of roughly $534,639 on long-term debt. The interest burden alone exceeded gross revenue, producing a net loss and leaving the company unable to meet creditor obligations in the ordinary course.

The companies intend to use the CCAA process to pursue a refinancing of the Ducimus indebtedness or implement a Court-supervised sale and investment solicitation process.

One property has already attracted a purchase offer. The East Chezzetcook site at 5 Colford Drive received an agreement of purchase and sale for $2.6 million, though the lender did not accept the transaction as partial repayment of its loan.

Grant Thornton is the monitor. Counsel is O’Keefe & Sullivan for the companies.