On August 7, 2026, Thoughtwire Corp. (“Thoughtwire” or the “Company”) filed with the Official Receiver a Notice of Intention to Make a Proposal (“NOI”) to its creditors and named Dodick Landau Inc. (“DLI”) as Proposal Trustee (the “Proposal Trustee”).
Thoughtwire is a software company that develops digital twin software that creates virtual models of real-life systems designed to automate and optimize workflow operations. The Company’s key customer base are medical service providers.
The Company’s financial position was first strained by the effects of the COVID-19 pandemic, which impaired its ability to secure new contracts. The resulting financial pressures were compounded by approximately $41.5 million in senior loans, $15.9 million in subordinated debentures, and mounting legal and collection pressures. In 2024, the Company undertook an informal restructuring which resulted in the infusion of new funding and the subordination of various loans as well as the conversion of the majority of the Company’s existing debts to equity. Following this informal restructuring the Company continued to struggle as it tried to win new contracts and expand its industry footprint with outsized operating costs, owing primarily to oversized workforce.
Despite efforts to stabilize the business and secure additional funding, the Company’s financial position continued to deteriorate. Accordingly, the Company filed its NOI on August 7, 2026, with a view to exploring restructuring options.
The Company has determined that a sale and investment solicitation process (“SISP“) is critical to developing a long-term solution to the Company’s liquidity challenges and maximizing stakeholder interests. The SISP process begins on September 7, 2026 and has a bid deadline of October 6, 2026. Interested parties should contact Naomi Lieberman (naomi.lieberman@dodick.ca) at DLI for more information on the SISP.
Documents
Certificate of Appointment_- August 7, 2027
Motion Record – ThoughtWire Corp. – August 28, 2026
Factum re Stay Extension and SISP Approval – August 31, 2026
First Report of the Proposal Trustee – August 31 2026