Limestone Loan Capital Corporation
Follow- Proceeding
- Proposalsection 62(1) of the Bankruptcy and Insolvency Act (Canada)
- File
- BK-26-03384090-0033
Limestone Loan Capital Corporation is in Division I proposal proceedings under the Bankruptcy and Insolvency Act in Ontario, with the proceeding active. The Ontario company filed on June 9, 2026, when President Jeremy Wilson swore a Statement of Affairs showing assets of $12,796,763 against liabilities of $35,156,275, a stated deficiency of $22,359,512. The assets are principally a SkyCap Loans receivable of $11,960,671 plus federal tax refunds of $586,092 for 2025 and an estimated $250,000 for 2026. The debt is owed to bondholders, for whom Olympia Trust Company acts as indenture trustee, secured by a general security agreement over the company's assets registered under the Ontario PPSA. Bonds outstanding as of June 12, 2026 were stated at $27,600,000 excluding accrued interest and $35,200,000 including it. At the June 25, 2026 bondholders' meeting, with claims still being submitted, secured claims stood at $12,099,232.45 and unsecured claims at $20,660,482.70.
A claims procedure has been established — see the order for deadlines.
Proof of Claim, Proxy and Voting Letter – fillable with instructions — Proof of claim (blank form)
Claims Package – Part 1 (Notice, Report, Proposal and Statement of Affairs) — Notice to creditors
Claims Package – Part 2 (Instruction Letter, Proof of Claim, Proxy and Voting Letter) — Proof of claim (blank form)
Notice of Motion of the Proposal Trustee (re Proposal Approval motion) was filed. Court file BK-26-03384090-0033.
Source: Notice of Motion of the Proposal Trustee (re Proposal Approval motion)
Debtor
Limestone Loan Capital Corporation
Proposal trustee
PwC
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Olympia Trust Company, as Indenture Trustee for Bondholders (secured under GSA/Trust Indenture)as of Filing Date (June 9, 2026) — General Security Agreement over LLCC's assets, financing statement registered in Ontario PPSA; secures Secured Bondholder Claims (Bonds tranches totaling $33,335,000 initial principal / $27,683,043 principal outstanding, $35,164,852 total incl. accrued interest per bond tranche table) — Per Statement of Affairs (Form 78), secured creditors line = $12,796,763.00, being the assessed value of Secured Bondholder Claims as at Filing Date; total claim (incl. unsecured portion) was $35,156,275.00. Per Proposal Trustee's Report, updated 'as at Bondholders' Meeting' f | $12.8M | Motion Record (re Proposal Approval) |
| 8 | Unsecured | Bondholders (unsecured portion of claims) - aggregate as reportedas of Filing Date (June 9, 2026) — Document names no individual creditors (bondholder identities confidential per Form 78 List of Liabilities). Updated 'as at Bondholders' Meeting' (June 25, 2026) figure was $20,660,482.70 (not all Bondholders had submitted proofs at that date, per Trustee's Report note). Bonds issued in tranches totaling $33,335,000 initial principal, with total outstanding (secured+unsecured, incl. accrued interest) of $35,164,852/$35,156,275. — debtor: Limestone Loan Capital Corporation | $22.4M | Motion Record (re Proposal Approval) |
Unsecured creditors: paid in full.Under the plan · sanctionedSupplement to the Proposal Trustee’s Report (re Amended Proposal) · 18 Jun 2026
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Deemed trust | — | — | paid in full | Under the plansanctionedper the debtor | Supplement to the Proposal Trustee’s Report (re Amended Proposal) · 18 Jun 2026 |
| Unsecured | Bondholders | — | paid in full | Under the plansanctionedper the debtor | Supplement to the Proposal Trustee’s Report (re Amended Proposal) · 18 Jun 2026 |
Each row is one filing's statement, copied as it reads and never computed. "Estimated" is the officer's forecast; "Under the plan" is the plan's or proposal's own term; "Final" is a declared or paid distribution; a row with no chip states no footing. A range is the two numbers stated; "of proven claims" is the document's own denominator.
As at 9 Jun 2026 · per Statement of Affairs (Form 78) as stated and estimated by debtor, sworn by Jeremy Wilson, President, June 9, 2026 (Filing Date); consistent with Proposal Trustee's opinion of estimated/realizable asset values in Report on Proposal · Limestone Loan Capital Corporation (entity-level, not consolidated) — Deficiency of $22,359,512.00 stated on Statement of Affairs. Assets comprised primarily of SkyCap Loans receivable ($11,960,671) and federal tax refunds ($586,092 for 2025, $250,000 estimated for 2026). As at the Bondholders' Meeting (June 25, 2026), liabilities were reported at lower amounts ($12,099,232.45 secured + $20,660,482.70 unsecured) because not all Bondholders had submitted claims by that date.
| Date | Document | File |
|---|---|---|
| Proposal Approval Order | ||
| Factum of the Proposal Trustee | ||
Motion Record (re Proposal Approval)
| ||
| Draft Proposal Approval Order | ||
Notice of Motion of the Proposal Trustee (re Proposal Approval motion)
| ||
| Amended Proposal | ||
| Proof of Claim, Proxy and Voting Letter – fillable with instructions | ||
Supplement to the Proposal Trustee’s Report (re Amended Proposal)
| ||
| Claims Package – Part 1 (Notice, Report, Proposal and Statement of Affairs) | ||
| Claims Package – Part 2 (Instruction Letter, Proof of Claim, Proxy and Voting Letter) | ||
Proposal Trustee’s Report on Proposal
| ||
| Proposal | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Limestone Loan Capital Corporation” (Proposal), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/limestone-loan-capital-corporation