Alberta · NOI
First Report of the Proposal Trustee dated July 12, 2023
Court officer report · 12 July 2023
What we verified from this filing13 verified
- appointeeKSV Restructuring Inc.
- appointee roleproposal trustee
- courtCOURT OF KING'S BENCH OF ALBERTA
- court file no25-2958981 / 25-2958977
- commencement date26 June 2023
- statutory basisSection 50.4(1) of the Bankruptcy and Insolvency Act
- financial positionnote: Assets stated as at May 31, 2023 (book value, $000s); liabilities stated as at the Filing Date (June 26, 2023) 'in excess of $28.35 million' comprising secured ~$22,115,502 and unsecured ~$6,238,290 (sum shown here per document's stated figures, not independently computed); inventory book value expected to be subject to significant write-down pending year-end audit; property and equipment book value noted as much higher than recent appraised value · page: 8 · as at: 2023-05-31 · basis: unaudited internal/management financial statements; book value (in $000s for assets table) · scope: combined - OGEN Ltd. and OGEN Holdings Ltd. · currency: CAD · total assets: 38324000 · total liabilities: 28353792
- secured creditorsnote: Primary secured lender; total comprised of $21,411,380 OHL Mortgage Loans and $704,122 Margined Overdraft Account · page: 8 · as of: NOI filing date · amount: 22115502 · debtor: OGEN Ltd. and OGEN Holdings Ltd. · creditor: Connect First Credit Union Ltd. (CFCU) · currency: CAD · security: First charge over all present and after-acquired real and personal property of OHL and OL; cross-guaranteed and cross-collateralized OHL Mortgage Loans ($21,411,380) secured against OHL's property (including OGEN Facility) and Margined Overdraft Account ($704,122) secured against OL's property; OL provided unlimited guarantee of OHL Mortgage Loans secured against its property, OHL provided unlimited guarantee of Margined Overdraft Account secured against its property
- unsecured creditorsnote: Excludes off-balance sheet obligations such as employee and landlord claims; document names no individual trade creditors in this summary (preliminary list of creditors filed separately with NOI statutory documents) · page: 9 · as of: NOI filing date · basis: Per the Companies' books and records · amount: 785521 · debtor: OGEN Ltd. and OGEN Holdings Ltd. · creditor: Suppliers and service providers (trade creditors, aggregate as reported) · currency: CAD
- unsecured creditorsnote: Outstanding licensing fees and costs · page: 9 · as of: NOI filing date · basis: Per the Companies' books and records · amount: 493611 · debtor: OGEN Ltd. and OGEN Holdings Ltd. · creditor: Health Canada · currency: CAD
- unsecured creditorspage: 9 · as of: NOI filing date · basis: Per the Companies' books and records · amount: 209993 · debtor: OGEN Ltd. and OGEN Holdings Ltd. · creditor: Canada Revenue Agency (CRA) - sales tax · currency: CAD
- unsecured creditorspage: 9 · as of: NOI filing date · basis: Per the Companies' books and records · amount: 4749165 · debtor: OGEN Ltd. and OGEN Holdings Ltd. · creditor: Canada Revenue Agency (CRA) - excise tax · currency: CAD
- secured creditorsnote: Related party - Hawksworth Holdings Ltd. and G. Edwards Holdings Ltd. are the two largest shareholders of OHL (46.31% and 40.67% respectively); Interim Loan/DIP facility pending Court approval; principal amount is facility limit, not yet advanced as of report date · page: 14 · as of: 2023-07-07 · amount: 500000 · debtor: OGEN Ltd. and OGEN Holdings Ltd. · creditor: Hawksworth Holdings Ltd. and G. Edwards Holdings Ltd. (Interim Lenders) · currency: CAD · security: Interim Lenders' Charge over all assets of the Companies to the extent subject to valid lien claims, priority over all secured and unsecured creditors and security interests, subject only to Administration Charge and D&O Charge