Shiny Bud Inc.
Follow- Proceeding
- NOIBIA s. 50.4
- File
- BK-24-03084486-0031
- Industry
- Cannabis · Cannabis retail
Shiny Bud Inc. filed a notice of intention to make a proposal under s. 50.4 of the BIA on May 30, 2024, with B. Riley Farber Inc. as Proposal Trustee, in the Ontario Superior Court of Justice (Commercial List) under court file BK-24-03084486-0031. The company reported estimated creditor claims of $14.1 million as at the NOI filing date of May 24, 2024, including approximately $12.4 million in unsecured claims. Evergreen Gap Debt GP Inc., as agent, holds first-ranking security over all personal property, assets and trademarks for $1,591,191 in principal, interest and fees, and is also acting as DIP lender; Shiny Bud is in default for non-payment, covenant breaches and failure to remit source deductions. CRA asserts a $115,399 deemed trust and the Ontario Ministry of Finance a $22,858 EHT lien. The proceeding is active.
The officer filed report no. Third Report. Shiny Bud continues to operate its 9 remaining Ontario cannabis retail stores while a court-supervised sale process failed to produce a viable third-party bid; the Trustee now recommends a reverse vesting transaction whereby Evergreen (the secured/DIP lender) credit-bids to acquire the shares, with operations, employees and licenses continuing on a going-concern basis.
The officer filed report no. Second Report. The proposal trustee ran a Sale Process that received no satisfactory bids and was terminated; the company is now negotiating a share subscription/credit bid agreement with its secured DIP lender Evergreen, contemplating a reverse vesting order, while continuing store-level operations under the extended proposal period.
Shiny Bud Inc. filed its notice of intention under BIA s. 50.4 on May 30, 2024, opening court file BK-24-03084486-0031 on the Ontario Commercial List.
Certificate of Filing of a Notice of Intention to Make a Proposal — NOI certificate of filing
Debtor
Shiny Bud Inc.
Proposal trustee
B. Riley Farber
Bench
| Judge | Court | On this docket | Cases on record |
|---|---|---|---|
| Justice Conway | Ontario Superior Court of Justice | 2 orders, Aug 2024 | 310 cases on record |
| Justice Kimmel | Ontario Superior Court of Justice | 2 orders, Aug 2024 | 198 cases on record |
| Justice Steele | Ontario Superior Court of Justice | 2 orders, Jun 2024 | 245 cases on record |
Counsel of record
| Party | Counsel | First seen | Source |
|---|---|---|---|
| Proposal trusteeB. Riley Farber | Naymark Law | 10 Jun 2024 | Service list · 10 Jun 2024 |
| DebtorShiny Bud Inc. | Cassels Brock & Blackwell LLP | 6 Jun 2024 | Service list · 10 Jun 2024 |
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 3 | Deemed trusts (CRA and other) | Canada Revenue Agency (CRA) · in 985 casesStatutory deemed trust — Unremitted income tax, CPP and EI amounts; deemed trust class — debtor: Shiny Bud Inc. · as of 27 May 2024 | $115K | First Report of the Proposal Trustee |
| 4 | Secured | |||
| 4 | Secured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured | |||
| 8 | Unsecured |
8 more claims in 2 classes The stack holds Deemed trusts (CRA and other), Secured and Unsecured claims.
Every creditor and every amount, drawn to scale.
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See all plansSale approved — Subscription Agreement and Transactions approved; reverse vesting order grantedOrder of Justice Conway · 16 Aug 2024
| Purchaser | Price | Status | Source |
|---|---|---|---|
| 1000973177 Ontario Limitedthe Purchased Shares · share subscription · ResidualCo: Residual Co. · agreement 9 Aug 2024 | Subscribers | Approved16 Aug 2024outside 31 Jul 2024 | Order of Justice Conway |
Unsecured creditors: no recovery.Under the planThird Report of the Proposal Trustee · 9 Aug 2024
| Class | Creditor | Claims | Recovery | Basis | Source |
|---|---|---|---|---|---|
| Secured | priority payables and BIA charges that rank in priority to the Secured Debt | — | paid in full | Under the planper the proposal trustee | Third Report of the Proposal Trustee · 9 Aug 2024 |
| Unsecured | — | — | no recovery | Under the planper the proposal trustee | Third Report of the Proposal Trustee · 9 Aug 2024 |
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.
5 engagements · 2 firms — latest: Naymark Law, 1 May – 31 Jul 2024, in feesThird Report of the Proposal Trustee · 9 Aug 2024
| Firm | Period | Hours | Fees | Rates | Source |
|---|---|---|---|---|---|
| B. Riley Farber Inc.Proposal trustee | 1 May – 26 Jul 2024Sought | 6 people | Third Report of the Proposal Trustee · 9 Aug 2024 | ||
| Naymark LawCounsel to the trusteeperiod 4 of 4 | 1 May – 31 Jul 2024 | 2 people | Third Report of the Proposal Trustee · 9 Aug 2024 | ||
| Naymark LawCounsel to the trusteeperiod 3 of 4 | 2 Jul – 26 Jul 2024 | — | not stated | Third Report of the Proposal Trustee · 9 Aug 2024 | |
| Naymark LawCounsel to the trusteeperiod 2 of 4 | 1 Jun – 30 Jun 2024 | — | — | 2 people | Third Report of the Proposal Trustee · 9 Aug 2024 |
| Naymark LawCounsel to the trusteeperiod 1 of 4 | 1 May – 31 May 2024 | 2 people | Third Report of the Proposal Trustee · 9 Aug 2024 | ||
47 blurred figures above
What each firm billed, and each person’s hours and rate — each as the filing states it, with its source.
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See all plansAs at ·
Cumulative receipts
$866K
As at 2 Aug 2024Second Report of the Proposal Trustee
Cumulative disbursements
As at
Cash on hand
As at
Professional fees
As at
3 more reported figures, and the total the debtor stated at filing
Each one as the filing states it, with its source.
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See all plans| Date | Document | File |
|---|---|---|
Endorsement of Justice Conway
| PDF · Subscribers | |
Order of Justice Conway
| PDF · Subscribers | |
Motion Record (returnable August 16, 2024)
| PDF · Subscribers | |
Third Report of the Proposal Trustee
| PDF · Subscribers | |
Endorsement of Justice Kimmel
| PDF · Subscribers | |
Order of Justice Kimmel
| PDF · Subscribers | |
Second Report of the Proposal Trustee
| PDF · Subscribers | |
Service List
| PDF · Subscribers | |
Endorsement of Justice Steele
| PDF · Subscribers | |
Order of Justice Steele – June 6 2024
| PDF · Subscribers | |
First Report of the Proposal Trustee
| PDF · Subscribers | |
Motion Record (returnable June 6, 2024)
| PDF · Subscribers | |
Creditors Package
| PDF · Subscribers | |
| Certificate of Filing of a Notice of Intention to Make a Proposal | PDF · Subscribers | |
Teaser
| PDF · Subscribers | |
Filing titles and dates are public, and so is each filing's own page. The figures read from them are for subscribers.
CiteProceedings., “Shiny Bud Inc.” (NOI), Ontario Superior Court of Justice. Retrieved 4 November 2026, https://proceedings.ca/case/shiny-bud-inc