Ontario · Foreign recognition (CCAA)
First Report of the Information Officer dated 21 June 2023
Court officer report · 21 June 2023
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 filing5 verified
- cash on handnote: Cash of the Canadian Debtors only, per the Information Officer's understanding of their assets. · as at: 2023-05-31 · amount: 2500000 · currency: USD
- financial positionnote: No totals stated; components only. Assets include: Cash of $2.5 million; Accounts Receivable of $4.3 million; Inventory of $0.4 million; Prepaid expenses and other current assets of $0.7 million; Intercompany Receivables from non-Canadian affiliated entities of $227.3 million; Intangible Assets, including $100.3 million book value of certain registered patents and trademarks and $61.8 million book value of Goodwill. Liabilities include: Accounts Payable of $8.1 million; Employment related amounts of $1.0 million; Taxes of $1.1 million; Intercompany payables to non-Canadian affiliated entities of $21.2 million; Deferred tax liabilities of $28.0 million; Other accruals of $3.7 million. The Canadian Debtors are also defendants in five lawsuits with aggregate claims of approximately $9 million. The Canadian Debtors are jointly and severally liable for approx. $121.4 million of outstanding Prepetition ABL Facility borrowings and approx. $22.3 million of issued letters of credit, and as guarantors for the Prepetition Term Loan. · as at: 2023-05-31 · basis: Information Officer's understanding based on information provided by the Foreign Representative and Chapter 11 Debtors; not audited or verified under GAAS · scope: The three Canadian Debtors only (Corelle Brands (Canada) Inc., Instant Brands (Canada) Holding Inc., Instant Brands Inc.), not the consolidated Chapter 11 Debtors · currency: USD
- operational summaryThe Chapter 11 Debtors (including the Canadian Debtors) continue to operate their consumer lifestyle brands business, with the Canadian Debtors marketing and selling products in Canada. The DIP Facilities are described as necessary to provide liquidity to continue operating and to fund restructuring efforts.
- report date21 June 2023
- report noFirst Report of the Information Officer