Marina Commodities Inc., Ausican Commodities Ltd. and Marina Commodities (Australia) Pty Ltd. were placed into receivership on August 14, 2026, on application by Canadian Imperial Bank of Commerce, after the bank alleged that borrowing-base misstatements and diverted receivables had left approximately US$50 million advanced under an asset-based lending facility undercollateralized by at least US$36 million. The debtors consented to the appointment while reserving the right to contest certain factual allegations.
Marina Commodities is a Mississauga-based global commodities trader that buys and sells lentils, peas, chickpeas, beans and other specialty crops to customers in more than 20 countries. Ausican is principally a holding company for Australian subsidiary Marina Commodities (Australia), which sources crops in Australia for resale mainly to Marina. The group is managed from Canada by brothers Farhan Adam and Faheem Adam and has approximately nine employees in Mississauga, one in Australia and back-office support in India.
The group is financed through a revolving asset-based facility established under a September 6, 2023 credit agreement with a maximum commitment of US$50 million. CIBC, now the sole lender, was owed approximately US$48.82 million plus C$0.064 million as of August 10. Marina also had approximately $4.3 million in trade payables and approximately US$1.9 million in subordinated shareholder loans. The facility was scheduled to mature on September 7, 2026, and CIBC had decided not to renew it.
The problems surfaced after GDR Advisory Group Inc., which had been retained by CIBC, identified approximately US$16 million of customer payments made directly to suppliers between December 2025 and February 2026. Further testing found that Marina may also have included inventory it did not own and receivables tied to undelivered goods or transactions that had not been formalized. By August 4, GDR calculated an approximately US$21 million borrowing-base deficiency as of June 30. An updated calculation delivered August 12 showed the deficiency had grown to at least US$36 million as of July 31.
CIBC also said collections had collapsed after it activated blocked accounts on July 30. The bank collected only approximately US$2.7 million over 2 weeks, compared with historical receipts of approximately US$10 million over comparable periods. Supplier cancellations contributed to a fall in reported gross inventory from approximately US$24.9 million in June to approximately US$4.6 million in July. CIBC retained KPMG as financial adviser on August 5, demanded repayment on August 11 and issued its enforcement notice. The debtors waived the notice period and consented to immediate enforcement on August 12, but have reserved their right to contest certain factual allegations.
KPMG is the receiver. Counsel includes Blakes for CIBC, Paliare Roland for the debtors, and Gowling WLG for the receiver.
