DMB Food Distribution ULC

DMB Food Distribution ULC, also styled DMB Distribution Alimentaire ULC, has been in court-appointed receivership in Quebec since June 5, 2026, on an application under section 243 of the BIA and provincial judicature legislation. The proceeding follows a demand by Banque Canadienne Impériale de Commerce (CIBC), which states the Debtor owed $35,272,861.25 as of June 3, 2026 under a credit agreement dated November 23, 2023; the first report puts CIBC's provable claim at $35,270,000 as of June 2, 2026, made up of $4.95 million on the operating credit and demand loans of $7.15 million and $23.17 million. A first forbearance agreement entered on or about April 8, 2026 had seen the Debtor and guarantor Novic Investments LLC, its majority shareholder, acknowledge a higher balance of $35,981,153.86. CIBC served a section 244 notice and served and published notices of exercise of hypothecary rights; its security is a package of hypothecs over all of the Debtor's immovables and present and future movable property, backed by Novic's unlimited guarantee dated November 30, 2023 and a pledge of DMB's 30,000,000 common shares. The proposed receiver had not yet obtained a security opinion. Internal unaudited statements prepared by the Debtor as at March 31, 2026 report total assets of $49,406,000 against total liabilities of $58,063,000.