The Ontario Superior Court of Justice approved BlueTree Advisors’ engagement to provide William E. Aziz as chief restructuring officer for Baffinland and related debtor companies on July 29. The order requires Baffinland to keep the officer informed of material steps in the CCAA case and to cooperate with him and the court-appointed monitor, FTI Consulting. Source↗

This is a court-approved restructuring step, not a sale or shutdown decision. Aziz’s mandate includes helping with a prospective sale and investment solicitation process, restructuring planning, creditor and stakeholder discussions, and contracts involving potential ore buyers and fuel suppliers. The mandate also contemplates meetings with Qikiqtani Inuit Association and Nunavut Tunngavik Inc. Source↗

The next major expected restructuring step is a sale and investment solicitation process; the court materials describe it as anticipated, not yet completed or publicly launched. Baffinland’s creditor-protection stay previously ran through August 28, 2026, so further court materials or an extension decision may follow. Baffinland said June 30 that Mary River Mine and Milne Port were operating normally and that it expected no disruption to the 2026 shipping season, but that remains a company statement rather than an independent operational finding. Source↗

The court order authorizes the restructuring officer to execute non-disclosure agreements with interested parties and assist with site visits for a sale and investment process. BlueTree’s work fee is US$100,000 a month. Its compensation also includes a US$500,000 base success fee plus a tiered success fee if a transaction closes or is implemented. The order gives the regular fees, excluding the tiered success fee, a court charge capped at US$1 million. Source↗