Ontario · Receivership (court-appointed)
First Report of the Court-Appointed Receiver (without appendices), dated October 6, 2020
Court officer report · 6 October 2020
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What we verified from this filing10 verified
- secured creditorsnote: Registered principal / secured claim ceiling; distribution to be based on payout statement dated October 5, 2020 (exact payout figure in Confidential Appendix 4, not disclosed on these pages) · page: 6 · as of: Receivership Order date (May 1, 2020) · amount: 2990000 · debtor: 237A Advance Inc. · creditor: 2056706 Ontario Inc. (2056707 Ontario Inc.) · currency: CAD · security: First-ranking personal property security interest plus vendor-take-back charge against the 237A Property; principal amount $2.99 million plus interest and costs
- secured creditorsnote: Registered principal/aggregate principal amount, not a stated outstanding balance · page: 6 · as of: Receivership Order date (May 1, 2020) · amount: 2250000 · debtor: 237B Advance Inc. · creditor: Kozo Holdings Inc. and Hadis Kozo · currency: CAD · security: First-ranking personal property security interest plus vendor-take-back charges against the 237B Property; aggregate principal amount $2.25 million plus interest and costs
- secured creditorsnote: Approximate current remaining principal balance of $7.2 million after partial conversion to equity; original aggregate principal was $10 million · page: 6 · amount: 7200000 · debtor: Pure Global Cannabis Inc. and PureSinse Inc. · creditor: Debenture Holders (represented by Cancor Debt Agency Inc.) · currency: CAD · security: General security agreement granted by Pure Global and PureSinse; secured debentures, original aggregate principal $10 million, maturing September 17, 2021
- secured creditorsnote: DIP Lender's Charge priority limited to $200,000 over 2056706's claim on 237A Property and $800,000 over Kozo's claim on 237B Property · page: 7 · as of: date of Receivership Order (May 1, 2020) · amount: 1000000 · debtor: Respondents (Pure Global Group) · creditor: Hillmount Capital Inc. (DIP Lender) · currency: CAD · security: DIP Lender's Charge on Respondents' Property, priority charge granted under Initial CCAA Order; full DIP Loan of $1 million advanced prior to Receivership Order
- secured creditorsnote: Related party - same entity (Kozo) also holds separate first-ranking security interest against 237B Property; full authorized amount borrowed to date · page: 7 · as of: as at date of First Report (October 6, 2020) · amount: 500000 · debtor: Respondents (Pure Global Group) · creditor: Kozo Holdings Inc. (Receiver's Borrowings) · currency: CAD · security: Receiver's Borrowing Charge on Respondents' Property, priority charge granted pursuant to Receivership Order; maximum authorized $500,000
- secured creditorsnote: Maximum charge amount, not an outstanding balance; priority limited to $50,000 over 2056706's claim on 237A Property and $150,000 over Kozo's claim on 237B Property · page: 7 · debtor: Respondents (Pure Global Group) · creditor: Monitor (Ernst & Young Inc.), Monitor's counsel, and Respondents' counsel (Administration Charge) · currency: CAD · security: Administration Charge on Respondents' Property, maximum aggregate amount $200,000, granted under Initial CCAA Order
- process resultsnote: approximately 1,689 potential parties contacted; two bids received on 237B Property · as of: 2020-08-06 · solicited: 1689
- purchaser2423454 Ontario Inc.; price: sealed: false · scope: all of the assets of the Respondents · status: terminated · name note: party that bid for all assets of the Respondents, deposit default led to termination · structure: assets · name source: operative · relationship: unstated; price: sealed: false · scope: the shares of Pure Global · status: terminated · name note: bidder interested in purchasing shares of Pure Global, unnamed · structure: shares · name source: operative · relationship: unstated
- sale advisorAvison Young Commercial Real Estate (Ontario)
- sale outcometext: Receiver seeking approval and vesting order for sale of 237A Property; 237B Property and PureSinse assets still being marketed · scope: parcel · status: pending_approval