Ontario · NOI
Second Report to Court of Proposal Trustee
Court officer report · 14 June 2018
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 filing6 verified
- financial positionnote: Assets not summed: estimated book values at date of NOI were inventory $1,400,000, accounts receivable $1,600,000, and fixed assets $180,000 (components only, no stated total). Total liabilities of $2,927,457 is the total amount owing to all creditors as at the Filing Date, stated to include the $800,000 owing to RBC. · page: 18 · as at: 2018-04-10 · basis: Estimated book values per affidavit of Ingo Wolfert; total liabilities figure taken from Creditor List attached to the NOI · scope: Entity - HB Solar Canada Inc. · currency: CAD · total liabilities: 2927457
- secured creditorsnote: Described in affidavit as 'current indebtedness of approximately $800,000.00'; total creditor amount of $2,927,457 stated as at Filing Date is said to include this $800,000 owing to RBC. · page: 18 · as of: NOI filing date (April 10, 2018) · amount: 800000 · debtor: HB Solar Canada Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Banking facility/line of credit; described as the Debtor's chief and sole significant secured creditor
- secured creditorsnote: Only other secured creditor besides RBC per PPSA registration list (Exhibit B); amount not stated. · page: 18 · as of: NOI filing date (April 10, 2018) · debtor: HB Solar Canada Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Purchase-money security interests on a pair of leased vehicles
- unsecured creditorsnote: Breakdown of secured versus unsecured indebtedness stated to be 'in the process of being finalized' as of the affidavit's swearing (May 8, 2018); document names no individual unsecured creditors on these pages. · page: 18 · as of: NOI filing date (April 10, 2018) · basis: Affidavit states 'HB's accounts payable to unsecured creditors totaled approximately $2,100,000 as at the Filing Date' · amount: 2100000 · debtor: HB Solar Canada Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- process resultsnote: Teaser distributed to 37 recipients; over 30 documents placed in data room; interested parties continuing due diligence · as of: 2018-06-14 · solicited: 37
- sale outcometext: The interested party chose not to make an offer and exercise its exclusive option to purchase HB during the option period; the SISP continues with due diligence being carried out by interested parties · scope: whole_business · status: liquidation_in_progress