Ontario · CCAA
Application Record
Application / notice of application · 18 March 2025
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 filing8 verified
- secured creditorsnote: Listed as PPSA Creditors on the service list; specific registration collateral and amounts not stated in the provided pages · page: 8 · debtor: Synaptive Medical Inc. · creditor: PPSA equipment financiers (PMSI class) – De Lage Landen Financial Services Canada Inc.; Hewlett-Packard Financial Services Canada Company · currency: CAD · security: PPSA-registered security interests (equipment financing/leasing)
- financial positionnote: Affidavit prose (para 52) approximates total liabilities as 'approximately $130 million'; exact table figure used here ($130,672,208), comprising Total Current Liabilities $28,462,646, Long-term debt $94,700,562, and Lease liabilities $7,509,000. No total assets figure stated in the provided pages. · page: 35 · as at: 2024-12-31 · basis: book value · scope: Synaptive Group (consolidated, including Synaptive Medical Inc. and Synaptive Medical USA, Inc.) · currency: USD · total liabilities: 130672208
- secured creditorsnote: Espresso Facility; originally advanced by Espresso Capital Ltd./Espresso Venture Debt LP, assigned to EDC Aug 30, 2023; ranks First priority per company's Key Secured Debt Obligations table (aggregate facility limit was $5,000,000, not a balance) · page: 37 · as of: 2025-03-10 · amount: 6020000 · debtor: Synaptive Medical Inc. (guaranteed by Synaptive Medical USA, Inc.) · creditor: Export Development Canada (as assignee of Espresso Capital Ltd./Espresso Venture Debt LP) · currency: USD · security: General security interest over all personal property; intellectual property security agreement; Synaptive USA guarantee and related IP security agreement
- secured creditorsnote: EDC Convertible Notes; ranks Second priority. EDC acted as lead investor advancing an aggregate principal of $40,000,000 (original advance, not a balance); 75 notes totalling $49,684,800 issued in aggregate to various investors per Exhibit L · page: 38 · as of: 2025-03-10 · amount: 59778028 · debtor: Synaptive Medical Inc. · creditor: EDC and other holders listed in Exhibit “L” · currency: USD · security: Security interest in substantially all personal property granted to each noteholder
- secured creditorsnote: Subordinated Convertible Notes; ranks Fourth priority (subordinated) · page: 39 · as of: 2025-03-10 · amount: 30875636 · debtor: Synaptive Medical Inc. · creditor: Holders listed in Exhibit “P” · currency: USD · security: Security interest in substantially all personal property; postponed and subordinated to the EDC Convertible Notes
- secured creditorsnote: Canadian-dollar Credit Card Facility balance; companion USD facility balance is US$50,000 as of same date · page: 39 · as of: 2025-03-10 · amount: 127166 · debtor: Synaptive Medical Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Cash collateral held by RBC in a blocked account
- secured creditorsnote: US-dollar Credit Card Facility balance; companion CAD facility balance is C$127,166 as of same date · page: 39 · as of: 2025-03-10 · amount: 50000 · debtor: Synaptive Medical Inc. · creditor: Royal Bank of Canada · currency: USD · security: Cash collateral held by RBC in a blocked account
- secured creditorsnote: BDC Convertible Notes; ranks Third priority. BDC acted as lead investor advancing principal of $5,000,000 (original advance, not a balance); 61 of 66 notes ($9,911,678.46) converted to equity in 2021, leaving 5 notes ($5,119,000 principal) outstanding · page: 39 · as of: 2025-03-10 · amount: 7231496 · debtor: Synaptive Medical Inc. · creditor: BDC Capital Inc. and other holders listed in Exhibit “N” · currency: USD · security: Security interest in substantially all personal property granted to each noteholder