Ontario · Receivership (court-appointed)
Motion Record Part 1 – February 19, 2010
Application / notice of application · 19 February 2010
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What we verified from this filing10 verified
- proceeding typereceivership_court
- secured creditorsnote: First-ranking secured creditor; also provided receivership funding - see separate borrowing certificate entry · page: 9 · debtor: Orchid International Ontario Division Inc. · creditor: General Motors Corporation (GM) · currency: CAD · security: First-ranking security over all property, assets and undertaking of Orchid, acquired via purchase of Loans and Security from FCC, LLC (First Capital) under Assignment and Assumption Agreement dated December 22, 2009
- secured creditorsnote: Originally the secured lender; sold its Debt and Security (Loans) to GM under Assignment and Assumption Agreement dated December 22, 2009, retaining subordinated participation interest · page: 9 · debtor: Orchid International Ontario Division Inc. · creditor: FCC, LLC d/b/a First Capital · currency: CAD · security: Undivided, last-out, subordinated interest in the Loans pursuant to Subordinated Participation Agreement dated December 23, 2009; ranks second behind GM per Subordinated Participation Agreement and per priority for receivership borrowings
- secured creditorsnote: Related party - controlled by Rick Reininger, a former shareholder and present secured creditor of Orchid; amounts owing to First Capital/GM are prior and superior to Reinrichmar's lien · page: 10 · debtor: Orchid International Ontario Division Inc. · creditor: Reinrichmar Holdings Limited · currency: CAD · security: Lien against collateral of Orchid, subordinated to First Capital/GM per Subordination Agreement dated March 2, 2007 (assigned to GM)
- secured creditorsnote: Listed as other secured creditor with PPSA registration · page: 10 · debtor: Orchid International Ontario Division Inc. · creditor: Venture Steel Inc. · currency: CAD · security: PPSA financing statement registration
- secured creditorsnote: Other secured creditors who have produced financing statements under the PPSA, to be served with motion record · page: 10 · debtor: Orchid International Ontario Division Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA financing statement registrations
- secured creditorsnote: Some tooling security discharged during receivership after GM paid Receiver, who paid EDC (Receipt, Discharge and Release forms provided); amounts still owing with respect to tooling manufactured on behalf of Eberspaecher North America Inc. (ENA), Receiver has determined no equity for the Receiver in that tooling · page: 10 · debtor: Orchid International Ontario Division Inc. · creditor: Export Development Canada (EDC) · currency: CAD · security: Security against certain tooling financed by EDC and manufactured by a tool shop per Orchid purchase orders
- secured creditorsnote: Separate USD tranche also issued - see related entry; funding for operating losses during receivership · page: 10 · as of: date of First Report (February 19, 2010) · amount: 113387 · debtor: Orchid International Ontario Division Inc. · creditor: General Motors Corporation (GM) - Receiver's Borrowing Certificates · currency: CAD · security: Fixed and specific first charge against assets of Orchid per Paragraph 20 of Receivership Order, ranking behind Orchid's indebtedness to GM (1st) and First Capital (2nd), ahead of loans made for operating losses
- secured creditorsnote: Companion CAD tranche also issued - see related entry; funding for operating losses during receivership · page: 10 · as of: date of First Report (February 19, 2010) · amount: 949244 · debtor: Orchid International Ontario Division Inc. · creditor: General Motors Corporation (GM) - Receiver's Borrowing Certificates · currency: USD · security: Fixed and specific first charge against assets of Orchid per Paragraph 20 of Receivership Order
- counselHeenan Blaikie LLP