Quebec · NOI
First Report of the Trustee
Court officer report · 13 January 2025
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 filing9 verified
- commencement date16 December 2024
- courtSUPERIOR COURT
- court file no500-11-065048-247
- provinceQUEBEC
- financial positionnote: Total shareholders' deficiency of $(45,221,399) as at Nov-30-2024. Includes Loan payable to parent company (UCG Holdings) of $50,981,397 (current) plus $4,550,650 (long-term). Debtor also guaranteed obligations of a related company in the approximate amount of USD 22.5 million (off-balance-sheet contingent guarantee, not included in stated liabilities). · page: 4 · as at: 2024-11-30 · basis: Internal FS (unaudited/draft internal financial statements provided by Management); comparative FY24 and FY23 columns are Review Engagement figures · scope: Entity-level financial statements of UCG Canada Holdings Inc. (doing business as Frank & Oak) · currency: CAD · total assets: 26082172 · total liabilities: 71303571
- secured creditorsnote: Related party: sole shareholder of the Debtor and its principal/primary secured creditor; also provided the proposed DIP financing. Trustee is engaging independent legal counsel to review the security held by UCG Holdings Inc. (security opinion pending). Figure per accounts payable listing used for NOI filing. · page: 5 · as of: 2024-12-16 · amount: 55478834 · debtor: UCG Canada Holdings Inc. · creditor: UCG Holdings Inc. · currency: CAD
- secured creditorsnote: Figure per accounts payable listing used for NOI filing. · page: 5 · as of: 2024-12-16 · amount: 67459 · debtor: UCG Canada Holdings Inc. · creditor: Desjardins (Visa credit cards) · currency: CAD
- sale advisorPricewaterhouseCoopers Corporate Finance Inc.
- sale outcometext: SISP approved with milestone timeline for solicitation, bidding phases, and closing · scope: whole_business · status: process_approved