1760184 Ontario Ltd. (Surface Heat Treat & Coatings)

1760184 Ontario Ltd., operating as Surface Heat Treat & Coatings, is proceeding under a notice of intention to make a proposal pursuant to section 50.4 of the Bankruptcy and Insolvency Act, in the Ontario Superior Court of Justice (Commercial List) under court file 32-2390056. Both of its principal secured lenders had moved to enforce before the filing: Business Development Bank of Canada served a section 244 notice on April 12, 2018 in respect of four loan facility agreements, and Canadian Imperial Bank of Commerce followed on May 29, 2018. As at June 14, 2018, CIBC was owed approximately $218,000 on a term loan secured by general security under a May 25, 2016 facility agreement, plus $100 on an operating line limited to $65,000. The BDC facilities stood at $172,730.17 and $74,254.28 under agreements dated September 1, 2016, and $166,819.99 and $87,869.24 under agreements dated April 24, 2017. Halton Autolease Inc. holds a later PPSA registration against a single motor vehicle. The company reported approximately $182,000 in unsecured liabilities to the proposal trustee as of June 18, 2018.