Stephenville Airport owner placed into interim receivership after utility shutoffs and insurance lapse

On January 22, 2026, the Supreme Court of Newfoundland and Labrador in Bankruptcy and Insolvency appointed Janes & Noseworthy Limited as interim receiver, without security, over all of the assets, undertaking, and property of 15132738 Canada Inc., which operates the Stephenville International Airport, pursuant to section 47 of the Bankruptcy and Insolvency Act. The appointment followed an originating application brought by BTG Capital Inc., the senior secured creditor, and was ordered by Justice Alexander MacDonald. The interim receivership is limited to a maximum term of 30 days, unless earlier terminated or extended by further order of the Court.

15132738 Canada Inc. acquired the Stephenville airport in August 2023 and owns multiple real properties associated with the airport operation, including parcels located on Tennessee Drive, Massachusetts Drive, Indiana Avenue, and Dakota Drive in Stephenville, Newfoundland and Labrador. The airport had previously operated as a certified airport but was downgraded to a registered aerodrome in March 2025, prior to the filing of the application.

The debtor is indebted under a promissory note dated May 2023, originally issued to 13264793 Canada Corporation, and later assigned to BTG Capital Inc. on or about 18 November 2025. The note bears interest at 48.667% per annum and required repayment on or before 12 October 2023. As at 12 January 2026, the indebtedness owing to BTG totalled approximately $2.5 million. The obligations are secured by a general security agreement, a collateral mortgage over the airport lands, and an assignment of rents, all of which are registered and described as first-ranking security.

According to the originating application, the debtor failed to repay the note when due and remained in default. BTG asserted that the airport’s condition had materially deteriorated due to non-payment of utility bills, resulting in the cutoff of electrical service, and the lapse of insurance coverage. The applicant also identified concerns regarding the condition of aviation fuel storage infrastructure, the absence of functioning security equipment or on-site personnel, and increased risks of vandalism or damage. Transport Canada’s downgrade of the facility and strained relationships with key vendors were cited as further indicators of distress and asset risk.

The Court authorized the interim receiver to take possession of, preserve, secure, and insure the property, change locks and security codes, engage security personnel, manage or cease business operations, retain advisors, collect receivables, and take steps necessary to protect the airport assets. The mandate is expressly preservation-focused, with the interim receivership set to expire upon the earliest of possession by a trustee in bankruptcy, possession by a receiver, or the lapse of 30 days from the date of the order.

Janes & Noseworthy is the interim receiver. Counsel is Cox & Palmer for BTG Capital.