Ontario · CCAA
Motion Record of the Applicants dated May 8, 2025 (Vol 1)
Application / notice of application · 8 May 2025
Also filed as: Motion Record of the Applicants dated May 8, 2025 (Vol 1)
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 filing2 verified
- secured creditorsnote: Successor-in-interest to Royal Bank of Canada, which demanded payment/issued notice of intention to enforce security in September 2024 and assigned the indebtedness and security to 855 Ontario on January 21, 2025 (RBC no longer holds the security). 855 Ontario is described as the Applicants' 'principal secured creditor' / 'senior secured lender'. A related but slightly different figure is stated in the Robertson Affidavit: approximately $16,300,000 outstanding as of May 2, 2025, exclusive of accrued interest and fees (as of the date of the RBC-to-855 Ontario assignment, January 21, 2025, the assigned Credit Facility balance was $12,912,686). 855 Ontario is also the proposed DIP Lender in the CCAA proceedings (a separate, post-filing facility). · page: 33 · as of: 2025-05-07 · amount: 16316928 · debtor: Hakim Optical Laboratory Limited and Lawrence Ophthalmic Lab Inc. · creditor: 1001112855 Ontario Inc. ("855 Ontario") · currency: CAD · security: General Security Agreements dated April 29, 2021 granted by HOLL and by Lawrence Lab; Assignment of Indebtedness and Security Agreement dated January 21, 2025 (assignment of RBC's Credit Facility, aggregate original facility availability $14,560,085, and related security); Guarantee and Postponement of Claim Agreements dated April 29, 2021 from Evelyn Aimis Holdings Inc., Lawrence Ophthalmic Lab Inc. and 605529 Ontario Inc., each up to a maximum of $13,900,000 plus interest; Bridge Financing Agreement dated January 21, 2025 (non-revolving demand credit, maximum $5,000,000, of which $3,625,000 advanced as of May 4, 2025); HOLL and Lawrence Lab also guarantee Evelyn Aimis's obligations to 855 Ontario up to $7,000,000 each (EA Guarantees dated April 29, 2021)
- financial positionnote: Affidavit states total consolidated assets book value of approximately $66,859,000 as at March 31, 2025 (sum of stated component totals: HOLL Total Assets $60,195,000; Lawrence Lab Total Assets $6,664,000, both from a $000s table). No combined total liabilities figure is stated in the text; per-entity totals in the table are HOLL Total Liabilities $67,074,000 and Lawrence Lab Total Liabilities $(1,106,000) (net liability figure reflecting intercompany loan offsets), so total_liabilities is left null rather than computed. The affidavit states the net realizable value of the Company's assets is expected to be significantly less than book value and less than outstanding liabilities, i.e., the Company is insolvent on a balance sheet basis using fair value. · page: 67 · as at: 2025-03-31 · basis: unaudited internal financial statements (book value) · scope: HOLL and Lawrence Lab entity-level financial statements presented together (described in the affidavit as 'total consolidated assets'); the Applicants do not maintain separate accounting records for Hakim Optical Worldwide Lenses Inc. (HOWL), whose obligations are incurred by HOLL · currency: CAD · total assets: 66859000