National Bank commences creditor-driven CCAA for Green Impact Partners

National Bank of Canada has successfully applied to place Green Impact Partners Inc. and seven related entities under Companies’ Creditors Arrangement Act protection, with the Alberta Court of King’s Bench granting an Initial Order on February 4, 2026 providing for a ten day stay of proceedings and granting enhanced powers to Ernst & Young as monitor.

Green Impact is a publicly-traded company listed on the TSX Venture Exchange under the symbol GIP. It is a Calgary headquartered clean energy and infrastructure company focused on developing and operating water, waste to energy and renewable natural gas projects across North America. Through a network of Canadian and U.S. subsidiaries in Alberta, British Columbia, Hawaii and Delaware, the group has pursued the acquisition, development and monetization of water and environmental infrastructure assets, positioning itself as a platform for energy transition related investments. Its strategy has relied on project development, strategic asset sales and capital markets financing to fund growth and service its secured debt.

Beginning in December 2024, the companies launched a pre-filing sales process focused on their water assets. PricewaterhouseCoopers was engaged to run that process. A leading bidder was identified in April 2025, and a definitive share sale agreement was executed in May 2025. The transaction did not close.

Prior to the failed sale, the companies had committed various defaults under their credit facilities with National Bank, and the account was transferred to the bank’s special loans department approximately seven months before the filing. As of November 27, 2025, the total estimated indebtedness to National Bank was approximately $28,618,077 plus accruing interest, fees and professional costs.

A December 10, 2025 CCAA application was initially scheduled but adjourned after the companies completed a private placement generating approximately $4,400,000 in net proceeds. As a condition of adjournment, the parties entered into a Seventh Amending Agreement. The companies defaulted under that amendment in or around January 9, 2026. Certain loans matured on January 15, 2026. On January 20, 2026, National Bank issued demands for payment and Notices of Intention to Enforce Security, and the companies waived the 10 day notice period.

Management continued to pursue asset sales. A transaction with Aspenleaf Energy Ltd. closed on January 30, 2026, with net proceeds applied to reduce the bank’s indebtedness. No further transactions had closed as of the monitor’s pre-filing report, and the bank lost confidence in management’s ability to fully repay the debt through asset sales or refinancing.

The lender and the monitor intend to pursue a Sale and Investment Solicitation Process to market all or part of the companies’ assets if existing sale or refinancing efforts do not close. Approval of a SISP is expected to be sought at the comeback hearing or shortly thereafter.

Ernst & Young Inc. was appointed as monitor with enhanced powers. Counsel is Fasken Martineau DuMoulin for National Bank of Canada; DLA Piper for the companies; and McCarthy Tétrault for the monitor.