Pathfinder Energy and MCK Energy Placed in Receivership After Defaults on RBC Credit Facilities

On October 7, 2025, the Alberta Court of King’s Bench appointed GlassRatner Restructuring as receiver and manager over Pathfinder Energy Ltd. and MCK Energy Inc., on application by Royal Bank of Canada (RBC). The order was granted by Justice Feasby in Calgary.

Pathfinder is a Western Canada–based infrastructure company focused on developing power-generation projects; MCK provided a limited guarantee of Pathfinder’s obligations.

RBC advanced a suite of facilities under an amended and restated loan agreement dated January 28, 2025. Pathfinder has defaulted on its obligations under the loan facilities, including breaches of financial covenants and reporting requirements and failures to repay amounts when due, including excesses under the line of credit/overdraft and delinquent lease payments. RBC issued demand letters together with s. 244 BIA notices on August 18, 2025, but the debtors failed to repay. As of October 2, 2025, the debtors are indebted to RBC in the total amount of $10,817,207.12.

The Court appointed GlassRatner with the standard powers to take possession, preserve and protect property, operate as needed, and report to the Court. Counsel is Borden Ladner Gervais LLP for RBC and Cassels Brock & Blackwell LLP for the receiver.