Manitoba · Receivership (court-appointed)
FILED - First Report of the Receiver
Court officer report · 31 March 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 filing4 verified
- secured creditorsnote: Approximate amount owing as of the Appointment Date (March 1, 2023); interest, fees and other costs continue to accrue. EDC is a co-applicant lender in the receivership proceedings. · page: 4 · as of: Appointment Date · amount: 58600000 · debtor: Merit Functional Foods Corporation and 11410083 Canada Ltd. · creditor: Export Development Canada (EDC) · currency: CAD
- secured creditorsnote: Approximate amount owing as of the Appointment Date (March 1, 2023); interest, fees and other costs continue to accrue. FCC is a co-applicant lender in the receivership proceedings. · page: 5 · as of: Appointment Date · amount: 36400000 · debtor: Merit Functional Foods Corporation and 11410083 Canada Ltd. · creditor: Farm Credit Canada (FCC) · currency: CAD
- secured creditorsnote: Approximate amount owing as of the Appointment Date; CIBC was Merit's operating lender; interest, fees and other costs continue to accrue. CIBC held security over funds pledged to secure an approximately $1M Letter of Credit posted with the Canadian Grain Commission. · page: 5 · as of: Appointment Date · amount: 5000000 · debtor: Merit Functional Foods Corporation · creditor: Canadian Imperial Bank of Commerce (CIBC) · currency: CAD
- unsecured creditorsnote: Document names no individual unsecured creditors. · page: 5 · as of: Appointment Date · basis: Receiver's approximate estimate as of the Appointment Date, based on it appearing that Merit was indebted to unsecured trade and other creditors · amount: 2400000 · debtor: Merit Functional Foods Corporation · creditor: Unsecured creditors (aggregate as reported) · currency: CAD