Ontario · CCAA
Pre-filing report of the proposed Monitor
Pre-filing report · 6 November 2023
AI summary
A plain-English summary drawn only from this filing: what it is, why it matters, and the parties, amounts and dates it turns on.
What we verified from this filing5 verified
- financial positionnote: Total liabilities include secured debt of approximately $255.8 million. New Simply Green is reported separately (unaudited quarterly FS as at March 31, 2023, not consolidated with above): total assets ~$61.3 million (incl. finance receivables ~$55.6 million) and total liabilities ~$90.9 million (incl. secured debt ~$55.4 million and unsecured creditors/accrued liabilities ~$5.2 million). · page: 12 · as at: 2022-12-31 · basis: Audited consolidated financial statements (fifteen-month period ended Dec 31, 2022); net book value of consolidated assets · scope: Old Simply Green FS Entities (CCFC, Old Simply Green, CC Management Co, Trustee Co, CC Trust) - consolidated; excludes New Simply Green · currency: CAD · total assets: 256400000 · total liabilities: 312300000
- secured creditorsnote: Approximate exposure figure stated in report ('approximately $279.7 million'); no exact dated balance or component breakdown provided; comprises 5 Concurrent Lease Agreements with different lessors/dates (CCFC, New Simply Green, CC Trustee x3, dated 2019-2021). · page: 13 · as of: 2023-09-30 · amount: 279700000 · debtor: CCFC, New Simply Green, CC Trust (as trustee) · creditor: Peoples Trust Company (PTC) · currency: CAD · security: Security interest in underlying rented assets under Concurrent Lease Agreements, including amounts owed to/received by lessor and all collections respecting remaining lease terms
- secured creditorsnote: Comprises 4 facilities per Loan Agreements table (as at Sept 30, 2023): Warehouse 1 (CC Trust, outstanding $2,167,832), Warehouse 4 (CC Trust, outstanding $12,495,271), Warehouse 5 (New Simply Green, outstanding $17,846,112, guaranteed by Marble Amalco/277), Debenture 1 (Old Simply Green, outstanding $6,806,717); total authorized facility limit $61,014,800 (not a balance); accrued interest of $421,489 additional as at Sept 30, 2023; prose in report approximates this as 'approximately $39.7 million'; security opinion on validity/enforceability of PTC's security not yet received by Proposed Monitor as of report date. · page: 14 · as of: 2023-09-30 · amount: 39315932 · debtor: CC Trust (as trustee), New Simply Green, Old Simply Green · creditor: Peoples Trust Company (PTC) · currency: CAD · security: First-ranking general security agreements (GSA) over all personal property, assets and undertakings of CCFC, New Simply Green, Old Simply Green, CC Management Co, Trustee Co and CC Trust
- secured creditorsnote: DISCHARGED - reportedly repaid in full on January 26, 2022 per the 2022 Audited Financial Statements; registration existed but debt no longer outstanding. · page: 15 · debtor: Old Simply Green · creditor: Greypoint Capital Inc. · currency: CAD · security: Registered security interest relating to a warehouse loan agreement
- secured creditorsnote: Described as a 'limited number of other creditors with registered security interests'; document does not provide an aggregate amount. · page: 15 · debtor: Respondents · creditor: PPSA equipment financiers (PMSI class) - vehicle leasing/financing · currency: CAD · security: Registered security interests in applicable personal property security registries, primarily relating to leasing and/or financing of vehicles