Satin Finish Hardwood Flooring, Limited
Follow- Proceeding
- NOISections 50.4(7)(b)(ii) and 50.4(9) of the BIA
- File
- 31-2459849
Satin Finish Hardwood Flooring, Limited filed a notice of intention to make a proposal on January 17, 2019, with MNP Ltd. as proposal trustee, before the Ontario Superior Court of Justice (In Bankruptcy and Insolvency) under court file 31-2459849. The NOI creditors list, covering claims greater than $250, totals approximately $38 million in secured and unsecured claims. CIBC holds a first secured charge over Satin's assets and a registration under section 427 of the Bank Act, with an estimated $14,700,000 owing at the filing date; smaller PPSA registrations stand in favour of National Leasing Group, RCAP Leasing Inc, Ford Credit Canada Leasing, Meridian Onecap Credit Corp and Taurus Craco Machinery Inc. Unsecured claims include $1,703,275 to 15 Fenmar Investments Limited and a $103,000 Teamsters Local 847 pension claim. The proceeding remains active.
The court granted an approval and vesting order for the sale to 2340125 Ontario Inc. Closing terms, as extracted: vesting effective upon delivery of the Proposal Trustee's Certificate confirming closing conditions satisfied and completion of the Transaction.
Motion Record of Satin Finish (returnable on June 7, 2019) dated June 3, 2019 — Application / notice of application
The officer filed report no. Fourth Report. Satin has scaled back production, reducing its workforce from 45 to 15 employees while continuing to sell remaining inventory, and is proceeding with a going-concern sale of substantially all its assets to a related-party purchaser who will assume the company's secured debt to CIBC.
Motion Record of Satin Finish (hearing schedules May 1, 2019) dated April 30, 2019 — Application / notice of application
Second Report of the Proposal Trustee, Responding Motion Record of the Proposal Trustee - March 13 2019 — Response / objection pleading
Sale Process Approval Extension Order (extension to March 18 2019) - January 23 2019 was filed.
Source: Sale Process Approval Extension Order (extension to March 18 2019) - January 23 2019
First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 — Court officer report
Notice of motion dated January 17, 2019 brought the matter before the court under sections 50.4(7)(b)(ii) and 50.4(9) of the BIA, the same day the NOI was filed.
Source: Extension for Filing of the Proposal, Sales Process Approval, Motion Record - Jan 18 2019
Extension for Filing of the Proposal Sale Process Deadline Extension Motion Record Mar 13 2019 was filed. Court file 31-2459849.
Source: Extension for Filing of the Proposal Sale Process Deadline Extension Motion Record Mar 13 2019
Debtor
Satin Finish Hardwood Flooring, Limited
Proposal trustee
MNP
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice McEwen | Ontario Superior Court of Justice | 3 orders, May 2019 – Jun 2019 | 134 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeMNP | Goldman Sloan Nash & Haber LLP | 13 Mar 2019 | Application · 13 Mar 2019 |
| DebtorSatin Finish Hardwood Flooring, Limited | Minden Gross LLP | 13 Mar 2019 | Application · 13 Mar 2019 |
| CreditorUnion | Triano Law | 13 Mar 2019 | Application · 13 Mar 2019 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | Canadian Imperial Bank of Commerce (CIBC) · in 67 casesas of NOI filing date — First secured charge against the assets of Satin; also beneficiary of a registration under section 427 of the federal Bank Act — Estimated amount owed at the filing date per PPSA registry search as of November 20, 2018 and Satin's records; also listed as $14,700,000.00 in Form 33 creditors list — debtor: Satin Finish Hardwood Flooring, Limited | $14.7M | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 4 | Secured | National Leasing Group · in 2 casesas of NOI filing date — PPSA registration — debtor: Satin Finish Hardwood Flooring, Limited | $3.13K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 4 | Secured | RCAP Leasing Inc · in 2 casesas of NOI filing date — PPSA registration — debtor: Satin Finish Hardwood Flooring, Limited | $1.14K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 4 | Secured | Taurus Craco Machinery Incas of NOI filing date — PPSA registration — debtor: Satin Finish Hardwood Flooring, Limited | $250 | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 4 | Secured | Ford Credit Canada Leasing · in 23 casesas of NOI filing date — PPSA registration — debtor: Satin Finish Hardwood Flooring, Limited | $250 | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 4 | Secured | Meridian Onecap Credit Corp · in 20 casesas of NOI filing date — PPSA registration — debtor: Satin Finish Hardwood Flooring, Limited | $250 | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | 15 Fenmar Investments Limited · in 2 casesas of NOI filing date — Related party unclear; listed c/o Minden Gross Attention: David Kutner — debtor: Satin Finish Hardwood Flooring, Limited | $1.7M | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Buskirk Lumber · in 2 casesas of NOI filing date — Address in USA — debtor: Satin Finish Hardwood Flooring, Limited | $158K USD | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Akzo Nobel Wood Coatings Ltd. · in 4 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $150K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Teamsters, Local Union 847 (pension claim)as of NOI filing date — Union pension plan claim; NOI creditors list also includes CIBC and other secured creditors noted separately — debtor: Satin Finish Hardwood Flooring, Limited | $103K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Baillie Lumber CO · in 2 casesas of NOI filing date — Address in USA — debtor: Satin Finish Hardwood Flooring, Limited | $90.4K USD | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Acme Sawmill · in 2 casesas of NOI filing date — Address in USA — debtor: Satin Finish Hardwood Flooring, Limited | $24.3K USD | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | CCT Canada Inc. · in 3 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $14.7K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Aon Reed Stenhouse Inc. · in 14 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $12.3K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Cascades Containerboard Packaging · in 12 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $9.72K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Best Employment Services · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $6.8K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Cavalier Group of Companies · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $6.13K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Aj Lemik Manufacturing Inc. · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $6.07K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Action Paperr & Packaging Co. Ltd. · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $5.47K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Canadian Mill Nettclean Supply Inc. · in 4 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $4.16K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | City Electric Supply · in 18 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $3.62K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Capital Tire · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $2.53K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Cathild Inc. · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $2.22K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Build Direct (US) · in 2 casesas of NOI filing date — Address Vancouver BC despite name — debtor: Satin Finish Hardwood Flooring, Limited | $2.08K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Cambrian Spring Inc · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $1.48K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Access Solutions Inc. · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $1.42K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Allstream Inc. · in 6 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $1.35K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Action Hydraulics Limited · in 3 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $1.35K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Artistic Finishes, Inc. · in 2 casesas of NOI filing date — Address in USA — debtor: Satin Finish Hardwood Flooring, Limited | $1.27K USD | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Bild · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $1.21K | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Cintas Canada Limited · in 87 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $845 | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Canadian Bearings Ltd. · in 6 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $601 | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Alten Overhead Doors Inc · in 2 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $584 | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
| 8 | Unsecured | Bell Canada · in 298 casesas of NOI filing date — debtor: Satin Finish Hardwood Flooring, Limited | $559 | First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019 |
Sale approved — Sale of substantially all assets to related party approved, pending closingFourth Report of the Proposal Trustee - June 5 2019 · 5 Jun 2019
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 2340125 Ontario Inc.Satin Finish's right, title and interest in and to the assets described in the Sale Agreement (the 'Purchased Assets') · asset sale · agreement 28 May 2019 | Debt assumedpurchase price equal to the Company's indebtedness to CIBC as at the closing date, by way of an assumption by the Purchaser of such indebtedness | Approved7 Jun 2019 | Approval and Vesting Order - June 7 2019 |
Unsecured creditors: no distribution.EstimatedFourth Report of the Proposal Trustee - June 5 2019 · 5 Jun 2019
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Unsecured | — | $23.3Mestimated | no distribution | Estimatedper the proposal trustee | Fourth Report of the Proposal Trustee - June 5 2019 · 5 Jun 2019 |
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.
per NOI creditors list (claims greater than $250), approximately stated · Satin Finish Hardwood Flooring, Limited (entity level) — as at NOI filing date — Satin's NOI lists creditors with claims greater than $250 totalling approximately $38 million; this is a stated approximate total, not itemized to a precise figure, and includes both secured and unsecured claims
| Date | Document | File |
|---|---|---|
Extension Order of McEwen, J (extension to June 14, 2019) - May 1 2019
| ||
Approval and Vesting Order - June 7 2019
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Endorsement of McEwen, J. - June 7 2019
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| Motion Record of Satin Finish (returnable on June 7, 2019) dated June 3, 2019 | ||
Fourth Report of the Proposal Trustee - June 5 2019
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| Sale Process Deadline Extension Order, (extension to May 2, 2019) - March 15 2019 | ||
Endorsement of McEwen, J. -May 1 2019
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Motion Record of Satin Finish (hearing schedules May 1, 2019) dated April 30, 2019
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Third Report of the Proposal Trustee - May 1 2019
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Endorsement of Pattillio, J. - March 15 2019
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Extension for Filing of the Proposal Sale Process Deadline Extension Motion Record Mar 13 2019
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| Second Report of the Proposal Trustee, Responding Motion Record of the Proposal Trustee - March 13 2019 | ||
Endorsement of Dietrich, J. - January 23 2019
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First Report of the Proposal Trustee, Motion Record (returnable January 23, 2019) - January 18 2019
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Sale Process Approval Extension Order (extension to March 18 2019) - January 23 2019
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Extension for Filing of the Proposal, Sales Process Approval, Motion Record - Jan 18 2019
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| Notice of Intention to Make a Proposal | ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “Satin Finish Hardwood Flooring, Limited” (NOI), Ontario Superior Court of Justice. Retrieved 20 September 2026, https://proceedings.ca/case/satin-finish-hardwood-flooring-limited