Schroeder Freight Inc- Flying Eagle Transport Ltd and 4938527 Manitoba Ltd

Schroeder Freight Inc. filed a notice of intention to make a proposal under the Bankruptcy and Insolvency Act on December 16, 2016, under Manitoba Court of Queen's Bench file BK 16-01-04227, in proceedings that also concern Flying Eagle Transport Ltd. and 4938527 Manitoba Ltd. The proceedings remain active. On the company's internal statements to January 31, 2017, assets stood at $14,630,392 at cost before depreciation, against an estimated gross realizable value of $6,930,000 in a liquidation scenario. Secured claims total $11,084,000, comprising the Toronto-Dominion Bank and TD Equipment Finance Canada at $3,800,000, Daimler Truck Financial at $2,115,000, E&L Schroeder's $5,000,000 VTB financing and $169,000 owing to 5021308 Manitoba Ltd. The Trustee puts the shortfall to secured creditors at approximately $4.2 million before realization costs and priority claims. Arm's length unsecured claims are reported at $2.022 million, including a CRA source deduction Crown claim in the approximate amount of $222,339.