Ontario · CCAA
Pre-Filing Report of the Proposed Monitor dated May 9, 2025
Pre-filing report · 9 May 2025
Also filed as: First Report of the Proposal Trustee dated May 9, 2025
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What we verified from this filing3 verified
- financial positionnote: No combined/consolidated total is presented in the document, so component figures (in $000s) are reported instead of a summed total: Hakim Optical - Total Assets $60,196; Total Liabilities $67,073; Equity ($6,877). Labs - Total Assets $6,665; Total Liabilities ($1,105) (negative, i.e., liabilities figure is a net receivable position); Equity $7,770. Applicants have advised they have no amounts owing to other secured or priority creditors beyond those disclosed. · page: 9 · as at: 2025-03-31 · basis: unaudited, internal management-prepared balance sheets · scope: Entity-level, not consolidated: separate balance sheets for Hakim Optical Laboratory Limited and Lawrence Ophthalmic Lab Inc. HOWL is excluded as it holds no assets and maintains no separate accounting records. · currency: CAD
- secured creditorsnote: 855 Ontario acquired RBC's indebtedness and security via assignment agreement dated January 21, 2025 (RBC's security therefore superseded/not currently held by RBC). Amount owed excludes accrued interest and costs, which continue to accrue. Loan also guaranteed by Evelyn Aimis Holding Inc., Labs and 605529 Ontario Inc. up to a maximum of $13.9 million plus interest (related-party/affiliate guarantors). Proposed Monitor has requested its counsel (Chaitons) review 855 Ontario's security - opinion pending, not yet confirmed. · page: 11 · as of: 2025-05-07 · amount: 16300000 · debtor: Hakim Optical Laboratory Limited and Lawrence Ophthalmic Lab Inc. (Labs as guarantor) · creditor: 1001112855 Ontario Inc. ("855 Ontario") · currency: CAD · security: General Security Agreement dated April 29, 2021 granted by Hakim Optical; General Security Agreement dated April 29, 2021 granted by Labs; Postponement and Assignment of Claim dated April 29, 2021 (Sir Hakimi/Hakim Optical); original RBC Loan Agreement facilities with aggregate availability of approximately $14.5 million; Bridge Financing Credit Agreement providing non-revolving demand credit up to a maximum of $5 million
- secured creditorsnote: Two equipment lenders identified; amounts owing not disclosed in the Report; aggregated per serialized-equipment financier convention. · page: 12 · debtor: Applicants · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Security interests registered against respective machines and/or vehicles pursuant to applicable provincial personal property legislation