Ontario · NOI
First Report of Richter Advisory Group Inc., in its capacity as Trustee – dated December 11, 2020
Court officer report · 11 December 2020
A plain-language read of this filing opens with a subscription.
What we verified from this filing9 verified
- secured creditorsnote: Forbes PACE Loan; guarantors: Jane Lowrie and a related entity (personal/related guarantees); in default · page: 8 · as of: 2020-06-16 · amount: 500033 · debtor: Forbes Resources Corp. · creditor: PACE Savings & Credit Union Limited · currency: CAD · security: General security agreement (GSA); loan amount $500,000 (original advance)
- financial positionnote: Total shareholders' equity deficit of $(8,589,000). Liabilities include accounts payable and accruals ($2,633,000), Clearbeach PACE Loans ($8,618,000), shareholder loan-unsecured ($410,000, related party), long-term debt-secured ($1,205,000), and asset retirement obligation ($6,450,000, undiscounted total ARO separately estimated at ~$10.8 million per creditor list). Book value of environmental obligations and secured indebtedness exceeds book value of total assets; estimated realizable values may be substantially less than book values. · page: 9 · as at: 2020-06-30 · basis: unaudited · scope: Clearbeach Resources Inc. only (entity level; Forbes has no assets or active business) · currency: CAD · total assets: 10727000 · total liabilities: 19316000
- secured creditorsnote: In respect of secured loans and preferred shares; amount described as 'approximately $6.4 million' · page: 10 · as of: NOI filing date (approximate, as reported in First Report) · amount: 6400000 · debtor: Clearbeach Resources Inc. · creditor: Crich Holdings Inc. · currency: CAD · security: Gross overriding royalty and general security agreement (GSA)
- unsecured creditorsnote: Primarily relating to municipal taxes and royalties to landowners; document names no individual creditors here (see Appendix D creditor lists, not reproduced in extracted pages) · page: 10 · as of: Clearbeach Filing Date · basis: Estimated by Clearbeach as at the Clearbeach Filing Date · amount: 1900000 · debtor: Clearbeach Resources Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- secured creditorsnote: Clearbeach Loan; guarantors: ON-Energy, Brookwood Resources Inc. and 567322 Ontario Limited; in default; demand and NITE delivered ~July 13, 2020 · page: 12 · as of: 2020-06-16 · amount: 3819260 · debtor: Clearbeach Resources Inc. · creditor: PACE Savings & Credit Union Limited · currency: CAD · security: GSA; $8.0 million fixed and floating demand debenture over the leases and wells of Clearbeach; assignment of monies from Union Gas Limited and Marcus Terminals Inc.; loan amount $6,000,000 (original advance)
- secured creditorsnote: Liberty Loan (originally made to Liberty, assumed by Clearbeach through amalgamation); guarantors: Peter Budd ($1.0 million limited guarantee, personal guarantor) and 1782767 Ontario Inc. ($1.0 million limited guarantee); in default · page: 12 · as of: 2020-06-16 · amount: 549151 · debtor: Clearbeach Resources Inc. · creditor: PACE Savings & Credit Union Limited · currency: CAD · security: GSA; $1.8 million fixed and floating demand debenture over the leases and wells of Liberty; pledge of security from Liberty; loan amount $1,000,000 (original advance)
- secured creditorsnote: ON-Energy Loan 1 (originally made to ON-Energy, assumed by Clearbeach through amalgamation); guarantors: Clearbeach ($2.0 million) and Liberty ($2.0 million); in default · page: 12 · as of: 2020-06-16 · amount: 1753470 · debtor: Clearbeach Resources Inc. · creditor: PACE Savings & Credit Union Limited · currency: CAD · security: GSA; $2.8 million fixed and floating demand debenture over the leases and wells of ON-Energy; loan amount $2,000,000 (original advance)
- secured creditorsnote: ON-Energy Loan 2 (originally made to ON-Energy, assumed by Clearbeach through amalgamation); guarantors: Clearbeach ($2.0 million) and Liberty ($2.0 million); in default · page: 12 · as of: 2020-06-16 · amount: 2500000 · debtor: Clearbeach Resources Inc. · creditor: PACE Savings & Credit Union Limited · currency: CAD · security: GSA; $2.8 million fixed and floating demand debenture over the leases and wells of ON-Energy; loan amount $2,500,000 (original advance)
- recovery outcomeentries: basis: estimated · quote: As the estimated realizable value of the Co mpanies' assets, after considering the Companies' environmental obligations and secured indebtedness, is expected to result in a shortfall to PACE, there is no expectation of any recoveries available for the benefit of any unsecured creditors. · pct of: unstated · outcome: shortfall · class key: secured · stated by: proposal_trustee · class label: PACE · creditor name: PACE Savings & Credit Union Limited · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: As the estimated realizable value of the Co mpanies' assets, after considering the Companies' environmental obligations and secured indebtedness, is expected to result in a shortfall to PACE, there is no expectation of any recoveries available for the benefit of any unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · stated on: 2020-12-11 · table missing: