Ontario · Receivership (court-appointed)
Application Record dated May 9, 2025 - Part 1 of 4
Application / notice of application · 9 May 2025
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What we verified from this filing9 verified
- applicantROYAL BANK OF CANADA
- commencement date9 May 2025
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-25-00742864-00CL
- statutory basissection 243(1) of the Bankruptcy and Insolvency Act; and section 101 of the Courts of Justice Act
- appointeeKPMG
- appointee roleReceiver
- secured creditorsnote: Aggregate principal amount owing under the Operating Facility Letter and Capital Facility Letter as of March 19, 2025, exclusive of interest, fees, and expenses (para. 42 of O'Coin affidavit). Facility limits, not balances: Operating Loan revolving demand facility of $15,000,000; Capital Loans (non-revolving demand facilities) of US$16,875,000, US$3,057,858.52, and US$8,115,716.97. NITES and demand letters issued March 7, 2025; forbearance agreement expired unextended April 30, 2025. · page: 27 · as of: 2025-03-19 · amount: 10879507.87 · debtor: Giftcraft Canada (Giftcraft Ltd.) and Giftcraft Midco, Inc. (the Borrowers), with Guaranteed Indebtedness owed jointly and severally by Giftcraft Holdings USA Inc., Giftcraft Holdings, Inc., Giftcraft Inc., Ripskirt Hawaii, LLC and Yosox USA Inc. (the Guarantors) · creditor: Royal Bank of Canada (as successor to HSBC Bank Canada by amalgamation effective March 29, 2024) · currency: CAD · security: General Security Agreements dated January 10, 2019 (Giftcraft Canada GSA and Giftcraft US GSA, plus GSA Joinder dated Sept 16, 2022) granting first-ranking security interest in all present and after-acquired personal property; Secured Guarantee dated Jan 10, 2019 and Guarantee Joinder dated Sept 16, 2022; PPSA registrations (ON) and UCC filings (IN, NY, DE, OR)
- secured creditorsnote: Aggregate principal amount owing under the Operating Facility Letter and Capital Facility Letter as of March 19, 2025, exclusive of interest, fees, and expenses (para. 42 of O'Coin affidavit). Facility limits, not balances: Operating Loan revolving demand facility of $15,000,000; Capital Loans (non-revolving demand facilities) of US$16,875,000, US$3,057,858.52, and US$8,115,716.97. NITES and demand letters issued March 7, 2025; forbearance agreement expired unextended April 30, 2025. · page: 27 · as of: 2025-03-19 · amount: 27061536.46 · debtor: Giftcraft Canada (Giftcraft Ltd.) and Giftcraft Midco, Inc. (the Borrowers), with Guaranteed Indebtedness owed jointly and severally by Giftcraft Holdings USA Inc., Giftcraft Holdings, Inc., Giftcraft Inc., Ripskirt Hawaii, LLC and Yosox USA Inc. (the Guarantors) · creditor: Royal Bank of Canada (as successor to HSBC Bank Canada by amalgamation effective March 29, 2024) · currency: USD · security: General Security Agreements dated January 10, 2019 (Giftcraft Canada GSA and Giftcraft US GSA, plus GSA Joinder dated Sept 16, 2022) granting first-ranking security interest in all present and after-acquired personal property; Secured Guarantee dated Jan 10, 2019 and Guarantee Joinder dated Sept 16, 2022; PPSA registrations (ON) and UCC filings (IN, NY, DE, OR)