Ontario · Receivership (court-appointed)
Report of Trustee on Proposal
Court officer report · 8 October 2014
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What we verified from this filing6 verified
- financial positionnote: Total debt figures reported for three periods: FYE Sept 30, 2012 (~$10.7M), FYE Sept 30, 2013 (~$15.2M), and 9 months ended June 30, 2014 (~$20.8M), the most recent of which is reported here; corresponding shareholder deficiencies were $2.5M, $13.6M and $17.1M respectively (also as reported, not computed); no total assets figure is stated · page: 5 · as at: 2014-06-30 · basis: Mitomics' internally prepared, unaudited, non-consolidated financial statements · scope: Mitomics Inc. only (non-consolidated; excludes Mitovision, Mitomics UK) · currency: CAD · total liabilities: 20800000
- secured creditorsnote: Aggregate figure as understood by the Trustee ('approximately $8.4 million'); document does not itemize individual creditor names or amounts; some overlap exists between these secured creditors and unsecured debentureholders · page: 5 · as of: 2014-08-13 · amount: 8400000 · debtor: Mitomics Inc. · creditor: PPSA-registered secured creditors (aggregate as reported) · currency: CAD · security: Registrations under the Ontario Personal Property Security Registry by approximately 95 creditors; document notes existence of inter-creditor agreements governing priority/subordination
- secured creditorsnote: Dentons' legal opinion found all Secured Creditors' debt valid and enforceable except this creditor's security, with a 'combined total debt of just over $80,000'; if security is found invalid, claim will be reclassified as unsecured · page: 6 · as of: NOI/legal opinion review date (August 2014, prior to Meetings of Creditors) · amount: 80000 · debtor: Mitomics Inc. · creditor: Unnamed secured creditor (security opinion pending) · currency: CAD · security: Security interest currently under legal review by Dentons Canada LLP
- unsecured creditorsnote: Document states unsecured debt, including unsecured convertible debentures, 'totaled over $11.2 million' (floor figure, per document's word 'over'); majority of balance owed under unsecured debentures to approximately 72 unsecured debentureholders; Trustee notes considerable overlap between secured creditors and unsecured debentureholders; no individual creditor names given · page: 6 · as of: 2014-08-13 · basis: According to the Company's financial statements · amount: 11200000 · debtor: Mitomics Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: For purposes of the Purchase Price calculation, NOHF's debt is valued by the Purchaser at a reduced amount of $500,000 (Schedule 'B'); this is a negotiated/assumed valuation for the transaction, not a stated outstanding balance · page: 9 · debtor: Mitomics Inc. · creditor: Northern Ontario Heritage Fund (NOHF) · currency: CAD · security: Existing security interest; NOHF is prohibited from accepting the amended terms offered to other secured creditors under Schedule 'C' and is instead being offered debt assumption with amended security under Schedule 'D' of the Purchase Agreement
- recovery outcomeentries: basis: plan · quote: According to the Purchase Agreement, the existing shareholders of Mitomics will not receive any distribution from, nor retain any equity interest in, the Purchaser. · pct of: unstated · outcome: nil · class key: equity · stated by: proposal_trustee · class label: existing shareholders of Mitomics · interim final: unstated · claims qualifier: unstated · table missing: