Alberta · CCAA
Originating Application
Application / notice of application · 2 February 2024
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 filing10 verified
- secured creditorsnote: Described as Applicants' primary secured creditor; no outstanding balance stated. TD Bank issued demands and Notices of Intention to Enforce Security on Nov 8, 2023; forbearance agreement entered Dec 22, 2023, amended Jan 11, 2024 and Jan 26, 2024 · page: 7 · debtor: TD Borrowers (CMD Holdings, East Lake Collision, Mayland Heights Collision, Sunridge Collision, Collision Kings 3, 2199931 Alberta, 2270683 Alberta) · creditor: The Toronto-Dominion Bank (TD Bank) · currency: CAD · security: General security agreements from all TD Loan Parties (borrowers and guarantors: Arrow, CMD Glass, Royal Vista, Stathko Investments, CKGI); cross-guarantees among TD Borrowers
- secured creditorsnote: Further secured by guarantees from Shane Daerden, Nick's Repair, CKGI and others (names redacted), and postponements/assignments of claim from Gail White and Garth White; no balance stated · page: 7 · debtor: 10026923 Manitoba Ltd. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement and real property mortgage from 100 Manitoba
- financial positionnote: Assets consist of cash, accounts receivable, work in progress, prepaid expenses/deposits, and fair market value of equipment, buildings and vehicles; liabilities consist of accounts payable, accrued liabilities and secured loans; liabilities figure stated as 'approximately' · page: 8 · as at: 2024-01-29 · basis: Estimated total value (management estimate), not audited · scope: Collision Kings Group consolidated (all 14 Applicant entities) · currency: CAD · total assets: 7205553 · total liabilities: 27235740
- secured creditorsnote: Individual creditors (not corporate); collective principal of $250,000 under two promissory notes, $127,500 each · page: 8 · amount: 250000 · debtor: 10026923 Manitoba Ltd. · creditor: Gail White and Garth White · currency: CAD · security: Vendor take-back mortgage against property owned by 100 Manitoba
- secured creditorsnote: Elsewhere in the document, $3,750,000 (jointly with Rondex) and $230,772 (Axalta alone) are listed among the Applicants' unsecured liabilities; unclear whether these amounts are the same obligations covered by the GSA · page: 8 · debtor: 2270683 Alberta Ltd. (now CMD Holdings Inc.) and various Applicants (Incentive Agreements) · creditor: Axalta Coating Systems Canada Company · currency: CAD · security: General security agreement granted by 227 Alberta
- secured creditorsnote: Amount is the stated principal amount of the promissory note, not confirmed as an exact current balance; personal guarantee by director Shane Daerden · page: 8 · amount: 320000 · debtor: Collision Kings 3 Ltd. · creditor: Don Golden Autobody · currency: CAD · security: General security agreement from CK3L; unlimited personal guarantee from Shane Daerden (director)
- secured creditorsnote: Further secured by corporate guarantees (redacted party and CKGI) up to maximum $598,000; personal guarantees (Shane Daerden and others, redacted) up to maximum $598,000; assignment/postponement of shareholder loans. No loan balance stated; $598,000 is a guarantee cap, not a balance · page: 8 · debtor: Bunzy's Auto Body Ltd. · creditor: Access Credit Union (ACU) · currency: CAD · security: General security agreement and real property mortgage from Bunzy's
- secured creditorsnote: Stathonikos Demand issued Oct 27, 2023 alleges default in third instalment of $166,666.66 and accelerates entire $500,000 principal; subordinated under Priority Agreement with TD Bank requiring 120 days' notice before enforcement · page: 9 · as of: 2023-10-27 · amount: 500000 · debtor: 2270683 Alberta Ltd. (now CMD Holdings Inc.) · creditor: Stathonikos Vendors (Christos Stathonikos Family Trust, Matthew Stathonikos Family Trust, David Stretz Family Trust, Domna Investments Inc., 1427916 Alberta Inc., 1427913 Alberta Inc.) · currency: CAD · security: Security interest against all of 227 Alberta's present and after-acquired personal property
- secured creditorsnote: Deemed trust claim; outstanding federal GST, stated as approximate · page: 9 · as of: 2024-01-29 · amount: 266391 · debtor: Applicants (collectively) · creditor: Canada Revenue Agency (federal GST) · currency: CAD
- secured creditorsnote: Deemed trust claim; outstanding Manitoba provincial sales tax · page: 9 · as of: 2024-01-29 · amount: 17745.84 · debtor: Applicants (collectively) · creditor: Manitoba (provincial sales tax authority) · currency: CAD