Stephenville Airport owner placed into receivership, sale process approved

15132738 Canada Inc., the owner and operator of Stephenville International Airport, was placed into receivership on March 9, 2026, with the Supreme Court of Newfoundland and Labrador converting an earlier interim receivership into a full receivership and authorizing a stalking horse sale and investment solicitation process aimed at marketing the airport assets. The application was brought by secured creditor BTG Capital Inc., owed approximately $2.5 million.

The order expands upon an earlier interim receivership granted on January 22, 2026, which had placed the airport operator under a preservation-focused mandate. That earlier step was intended to stabilize the property and protect the lender’s security while the parties assessed enforcement options.

15132738 Canada Inc. acquired the Stephenville Airport assets in August 2023 and holds several parcels of real property associated with the airport operations in Stephenville, Newfoundland and Labrador. The facility historically operated as a certified airport but was downgraded to a registered aerodrome in March 2025. The airport infrastructure and related real estate represent the company’s principal assets.

BTG Capital sought the appointment of a full receiver after reviewing findings reported by the interim receiver and concluding that its security position and the value of the airport assets remained at risk. The lender therefore requested that the Court authorize a full receivership and approve a structured sale process to maximize recoveries.

The Court accepted that approach and simultaneously approved a sale and investment solicitation process to market the business and property, with an entity related to BTG acting as stalking horse bidder. Binding bids are due by May 6, and an auction is contemplated if multiple qualified bids are received.

Janes & Noseworthy is the receiver. Counsel is Cox & Palmer for BTG Capital and Stagg & Stagg for the company.