ONEnergy Inc.

ONEnergy Inc., formerly Look Communications Inc., is in a Division I proposal under s. 50 of the Bankruptcy and Insolvency Act, commenced August 2, 2023 in the Ontario Superior Court of Justice in Bankruptcy and Insolvency under court file 31-8949717, with B. Riley Farber Inc. named as applicant. On internally prepared, unaudited figures as at March 31, 2023, the company showed assets of $37,325.95 against preferred claims of $13,794.87, unsecured claims of $9,789,486.33 and contingent claims of $1.00; estimated realization on assets in a bankruptcy scenario is nil after payment to the secured lender. That lender, director and shareholder Stephen J.J. Letwin, holds a $450,000 promissory note dated May 26, 2023 funding the restructuring, while roughly $4,490,000 advanced under earlier notes is treated as unsecured. As at the trustee's June 13, 2023 report, no proofs of claim had been received. The proceeding remains active.