Western Resources Corp. (TSX: WRX) has provided a significant update on the Companies' Creditors Arrangement Act (CCAA) proceedings involving its subsidiaries, including Western Potash Corp. and its affiliates. On August 31, 2026, the Supreme Court of British Columbia granted an Amended and Restated Initial Order extending creditor protection to December 18, 2026, and approved up to US$6 million in additional interim financing. Separately, the company's TSX listing remains under scrutiny, with the TSX Continued Listing Committee scheduled to meet on September 8, 2026, to consider a potential delisting of WRX common shares.

Key Points

  • Western Resources Corp. (TSX: WRX) — parent of Western Potash Corp., owner of the Milestone Potash Project in Saskatchewan
  • Court granted an Amended CCAA Order extending stay of proceedings to December 18, 2026, and approved a Sale and Investment Solicitation Process (SISP)
  • Interim financing increased by up to US$6 million; TSX Continued Listing Committee meeting set for September 8, 2026
  • Investors should watch the outcome of the September 8 TSX committee meeting and SISP developments, as trading in WRX shares remains suspended

Amended CCAA Order Extends Creditor Protection and Authorises Restructuring Framework

At the August 31, 2026 comeback hearing, the Supreme Court of British Columbia granted an Amended and Restated Initial Order for Western Potash Corp. and certain affiliates. The order extends the stay of proceedings to December 18, 2026, and provides a framework for continued operations under the supervision of FTI Consulting Canada Inc., the Court-appointed Monitor. The order also authorises the companies, with Monitor oversight, to pursue refinancing, restructuring, investment, and potential transaction opportunities aimed at preserving and maximising value for stakeholders.

US$6 Million Interim Financing Approved to Support Ongoing Operations

As part of the Amended Order, the Court approved an increase in interim financing of up to US$6 million. The release states this additional liquidity is intended to support ongoing operations and the broader restructuring process. The Monitor also filed a supplemental report ahead of the August 31 hearing addressing interim financing requirements and the appropriate framework for conducting the restructuring. The company views these measures as foundational to stabilising the Debtors' affairs while strategic alternatives are explored.

Court-Approved SISP Opens Competitive Process for the Milestone Potash Project

The Court also granted an order approving a Sale and Investment Solicitation Process (SISP) related to Western Potash Corp.'s CCAA proceedings. The SISP is a structured, Court-supervised process designed to identify and evaluate potential strategic transactions involving the Debtors and the Milestone Project in Saskatchewan. The process considers a broad range of alternatives, including a sale, strategic investment, restructuring, recapitalization, or refinancing, through an initial non-binding proposal stage followed by a binding bid process for qualified participants.

TSX Delisting Review Adds Listing Uncertainty for WRX Shareholders

Trading in Western Resources' common shares remains suspended under a Cease Trade Order issued by the BC Securities Commission on March 4, 2025. The TSX announced on August 25, 2026, that the company's shares were under Expedited Review for continued listing eligibility. The TSX Continued Listing Committee is scheduled to meet September 8, 2026, to consider a potential delisting. The company has requested reconsideration, arguing the Court-supervised CCAA process should be allowed to progress before a final listing determination is made, though no assurance of a favourable outcome has been given.