British Columbia · NOI
First Report of the Proposal Trustee
Court officer report · 8 January 2025
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What we verified from this filing13 verified
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file noB-250002
- appointeeKPMG Inc.
- appointee roleProposal Trustee
- commencement date2 January 2025
- statutory basissubsection 50.4(1) of the Bankruptcy and Insolvency Act
- secured creditorsnote: DISCHARGED - the Merchant Facility (originally a $378,000 demand loan) was fully repaid and terminated on December 4, 2024; the registration is in the process of being discharged. · page: 9 · debtor: Microb Resources Inc. · creditor: Merchant Opportunities Fund Limited Partnership (Merchant Growth) · currency: CAD · security: First-ranking registered security position on the Company's assets per the BC PPR
- financial positionnote: Figures for the two sides are drawn from different exhibits of the same First Report (liabilities from the creditor profile table at para 41; assets from the Liquidation Analysis book-value column), but both are stated as at the same date, January 2, 2025 (the Filing Date). · page: 10 · as at: 2025-01-02 · basis: Total liabilities per the Company's unaudited/estimated 'Summary of Creditor Profile as of the Filing Date'; total assets at book value per the Liquidation Analysis (Appendix F), also as at January 2, 2025 · scope: entity - Microb Resources Inc. (single debtor, non-consolidated) · currency: CAD · total assets: 3505316 · total liabilities: 5932377
- secured creditorsnote: Related party: the Purchaser (Caffe & Roasters Holdings Inc.) is owned by Artigiano Holdings, which has ultimate common ownership with Maynbridge. Prose approximation in para 30 states advances of $564,647.40 as of the Filing Date (a different, smaller advance figure than the total facility balance). Under the APA, 'Total Maynbridge Debt' (facility plus DIP financing) is stated as $2,545,000. · page: 10 · as of: 2025-01-06 · amount: 2242000 · debtor: Microb Resources Inc. · creditor: Maynbridge Capital Inc. · currency: CAD · security: First-ranking general security agreement over all of SSC's assets (assigned from the RBC Loan on December 2, 2024); also DIP Lender under a separate court-ordered super-priority charge up to $250,000
- secured creditorsnote: BDC has indicated it is not supportive of the proposed Transaction. The Liquidation Analysis (Appendix F) states a book value figure of $1,196,228 as at January 2, 2025 for the same debt. · page: 10 · as of: NOI filing date · amount: 1170170 · debtor: Microb Resources Inc. · creditor: Business Development Bank of Canada · currency: CAD · security: First-ranking charge on select SSC equipment; second-ranking charge on all SSC assets pursuant to a general security agreement
- secured creditorsnote: Bodkin has indicated support for the proposed Transaction. The Liquidation Analysis (Appendix F) states a book value figure of $29,241 as at January 2, 2025 for the same debt. · page: 10 · as of: NOI filing date · amount: 26725 · debtor: Microb Resources Inc. · creditor: Bodkin Financial Corp. · currency: CAD · security: Charge on certain leased equipment pursuant to the Bodkin Lease registered in the BC PPR
- purchaserCaffe & Roasters Holdings Inc.
- sale outcometext: The Company has entered into the APA with Caffe & Roasters Holdings Inc. for sale of the Purchased Assets, seeking court approval · scope: whole_business · status: pending_approval