Xplore Obtains Creditor Protection Under the Companies' Creditors Arrangement Act

Company to continue servicing customers and operating networks without disruption as it works with stakeholders to restructure elements of its business and capital structure 

MARKHAM, ON, Nov. 10, 2026 /CNW/ -- Xplore Inc. ("Xplore" or the "Company"), Canada's largest rural broadband service provider, today announced that it has obtained an initial order for creditor protection under the Companies' Creditors Arrangement Act (the "CCAA") from the Ontario Superior Court of Justice. CCAA is a legal process that allows companies to restructure their business and capital structure under court supervision, while continuing to serve their customers.

"We are looking forward to working collaboratively with our partners and stakeholders to reposition our fibre deployment projects to continue the very important work ahead of us," said Brent Johnston, Chief Executive Officer of Xplore. "We intend to emerge from CCAA in a stronger position, so we can continue to build reliable high speed fibre internet for Canadians living in rural and remote communities." 

Background on the Filing

Xplore is bringing advanced fibre broadband to rural and remote Canadians, which is made viable financially through government subsidies. These projects require hundreds of millions of dollars in upfront investments prior to receiving subsidy payments, which are typically heavily weighted toward the end of construction and deployment. While Xplore has and continues to maintain strong relationships with its government partners, permitting delays, external challenges and the back-end timing of the subsidy disbursements have created additional pressure on the Company's ability to raise capital for these projects.

As a result, Xplore is taking steps to ensure the Company can continue serving its customers. This filing will allow the Company to work with stakeholders to restructure elements of its business, including its fibre projects, and capital structure to support its plans going forward, while continuing to service customers and operate its networks without disruption. The filing is not a reflection of recent operating results.

Path Forward

Xplore has secured the initial funding, referred to as debtor-in-possession ("DIP") financing, needed to continue providing service to the hundreds of thousands of Canadians who rely on Xplore. 

• What this means for customers: All existing service agreements, rates, and support commitments remain in effect. Customers do not need to take any action.
  
  
• What this means for vendors and suppliers: Vendors and suppliers will be paid for all goods and services provided to Xplore on or after the date of the CCAA filing. Pre-filing obligations are subject to the CCAA process. The Company will work cooperatively with its vendor community throughout the process.

Additional Information

The Court has appointed FTI Consulting Canada Inc. (FTI) as monitor (the "Monitor") of the Company in connection with the CCAA proceedings. Xplore will provide updates on the CCAA proceedings as material developments occur. Further information, including Court filings and Monitor reports, will be made available on the Monitor's website.

• Monitor's Website: https://cfcanada.fticonsulting.com/xplore
  
  
• Monitor's Hotline: [phone] (toll-free)
  
  
• Monitor's Email: [email protected] 

About Xplore Inc.

Founded in Woodstock, New Brunswick, Xplore Inc. is Canada's fibre, 5G and satellite broadband company for rural living. Xplore is committed to the relentless pursuit of an improved broadband experience for all Canadians. Xplore is building world-class fibre and 5G wireless networks to enable innovative broadband services for better every day rural living, for today and future generations.

Cautionary Note Regarding Forward-Looking Information

Certain statements in this news release constitute forward-looking information, including, but not limited to, statements with respect to the CCAA proceedings, the restructuring process, the availability and sufficiency of the DIP financing, Xplore's ability to raise capital, the payment of vendors and suppliers, Xplore's ability to continue network operations without disruption and to continue meeting its obligations to customers, employees, and vendors, and Xplore's expectation that it will emerge from the CCAA proceedings in a stronger position. Forward-looking information is often, but not always, identified by words such as "will", "intend", "expect", "continue", "pursue" and similar expressions. This forward-looking information reflects management's current views and is based on certain assumptions, including assumptions as to future operating conditions, the continued support of Xplore's lenders, investors, government partners and other stakeholders, restructuring alternatives, economic conditions, and other factors management believes to be appropriate. Such information is subject to risks and uncertainties that may cause actual results to differ materially from those described herein, including the risk that the restructuring process may be protracted or unsuccessful, that the Court may not grant any further relief sought by Xplore, that the DIP financing may be insufficient or may cease to be available, that Xplore may be unable to raise capital or complete a transaction on acceptable terms or at all, and those risks and uncertainties described from time to time in materials filed in the CCAA proceedings. Readers are cautioned not to place undue reliance on forward-looking information. Except as required by applicable law, Xplore does not undertake any obligation to update any forward-looking information to reflect events or circumstances after the date of this news release.

SOURCE Xplore Inc.

Media Contact: Xplore Inc., Amal Syed, Corporate Communications, [email protected]