Ontario · NOI
Third Report to Court dated June 27, 2024
Court officer report · 27 June 2024
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What we verified from this filing4 verified
- financial positionnote: Balance sheet reported for Igloo only (not the Individuals). Assets principally comprised accounts receivable ~$1.4M (incl. ~$0.9M receivable from NDG for NDG Inventory), inventory ~$15.2M, and a loan receivable from NDG ~$1.0M. Liabilities principally comprised trade payables/accruals ~$2.3M, amounts owing to RBC ~$6.7M, other current liabilities ~$2.2M (incl. current BDC ~$0.3M and customer deposits ~$1.3M), and long-term liabilities ~$3.0M (incl. non-current BDC ~$1.1M and unsecured loans from Individuals/family ~$1.7M). · as at: 2023-12-31 · basis: unaudited financial statements of Igloo (book value) · scope: Igloo Industries Group Ltd. (the Company) only, unconsolidated; excludes NDG North America, LLC · currency: CAD · total assets: 18902000 · total liabilities: 14894000
- operational summaryFollowing a material adverse cash-flow shortfall, the Company's NOI was withdrawn and a receiver (Spergel) was appointed to conduct a sale/realization process over Igloo's assets; the Individuals continue their own NOI proceedings, seeking a further stay extension while actively marketing the matrimonial home and a development property for sale to fund a potential proposal.
- report date27 June 2024
- report noThird Report