TBA Beverage Inc.
Follow- Proceeding
- NOIs. 50.4(9) of the Bankruptcy and Insolvency Act, R.S.C. 1983 c. B-3
- File
- B-200208
TBA Beverage Inc. filed a notice of intention to make a proposal on May 8, 2020 in the Supreme Court of British Columbia, court file B-200208, with The Bowra Group Inc. as Proposal Trustee. The matter proceeds under s. 50.4(9) of the Bankruptcy and Insolvency Act, R.S.C. 1983 c. B-3, and remains active. Its secured lender, 1241393 B.C. Ltd. — a related party connected to certain TBA shareholders and management — was owed approximately $6 million as at the filing date under a general security agreement dated October 11, 2016 over all present and after-acquired property. That lender had delivered a notice of default and demand for payment, together with a notice of intention to enforce security, on April 13, 2020, entering a forbearance agreement the same day. Unsecured claims were reported in excess of $9 million as at April 14, 2020.
Notice of Application to Court returnable August 7, 2020 — Application / notice of application
Application filed in the Supreme Court of British Columbia, commencing the insolvency proceeding concerning TBA Beverage Inc. under court file number B-200208.
Source: Notice of Application to Court returnable May 13, 2020
Notice of Application to Court returnable June 24, 2020 was filed. Court file B-200208.
Source: Notice of Application to Court returnable June 24, 2020
Debtor
TBA Beverage Inc.
Proposal trustee
MNP
| # | Priority class | Creditor | Amount | Source |
|---|---|---|---|---|
| 4 | Secured | 1241393 B.C. Ltd.as of NOI filing date — General Security Agreement dated October 11, 2016 over all present and after-acquired property, securing Loan Agreement dated October 11, 2016 (amended November 5, 2019 and March 16, 2020) and Line of Credit Agreement dated December 11, 2019 — Related party - related to certain shareholders and management of TBA; approximate figure as at date of filing; delivered Notice of Default and Demand for Payment and Notice of Intention to Enforce Security on April 13, 2020; entered forbearance agreement same day — debtor: TBA Beverage Inc. | $6M | Notice of Application to Court returnable May 13, 2020 |
| 8 | Unsecured | Unsecured creditors (aggregate as reported) · in 532 casesDocument names no individual creditors; figure described as 'in excess of' - floor amount — debtor: TBA Beverage Inc. · as of 14 Apr 2020 | $9M | Notice of Application to Court returnable May 13, 2020 |
Sale approved — The sale transaction contemplated by the Sale Contract between Mod and TBA is approvedNOI Extension and Approval of Sale Contract Order · 7 Aug 2020
| Purchaser | Price | Status | Source |
|---|---|---|---|
| Mod Beverage Inc.the assets described in the Sale Contract (the "Assets") · asset sale · agreement 14 Jul 2020 | $6.64M (mixed consideration)Purchase Price is the sum of the Lending Agreements Debt (debt assumption/discharge) and the Priority Payables, estimated at $6,635,799, adjusted to actual immediately before Closing | Approved7 Aug 2020outside 30 Sep 2020 | NOI Extension and Approval of Sale Contract… |
| Date | Document | File |
|---|---|---|
NOI Extension and Approval of Sale Contract Order
| ||
| Notice of Application to Court returnable August 7, 2020 | ||
| NOI Extension and Amendment to Authorized Line of Credit Order | ||
Notice of Application to Court returnable June 24, 2020
| ||
NOI Extension and Sales Process Order
| ||
Notice of Application to Court returnable May 13, 2020
| ||
Investment Teaser
| ||
Filing titles, dates, and extracted key facts are public.
CiteProceedings., “TBA Beverage Inc.” (NOI), Supreme Court of British Columbia. Retrieved 20 September 2026, https://proceedings.ca/case/tba-beverage-inc