Xplore Inc., Canada’s largest rural-focused internet service provider, and 12 affiliated companies were granted protection under the CCAA on November 10, 2026, after exhausting available funding and failing to make interest payments on approximately $592 million in outstanding loans. Justice Dunphy of the Ontario Superior Court of Justice (Commercial List) authorized an initial $77 million advance under a $154.5 million debtor-in-possession financing facility backed by Stonepeak and Varde Partners, providing liquidity while the company pursues a recapitalization, refinancing, restructuring or sale of all or portions of its business.
The proceedings follow months of unsuccessful negotiations between Stonepeak, the company’s controlling…