Quebec · NOI
Avis de la proposition aux créanciers_Notice of the proposal to creditors
Notice to creditors · 5 May 2022 · Bilingual
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What we verified from this filing9 verified
- secured creditorsnote: Bank loan balance per balance sheet as at May 31, 2021 was $3,625,000 (in thousands); notice to enforce security under s.244 BIA transmitted Feb 17, 2022; forbearance agreement signed March 15, 2022; proceeds from sale of nuts and dried fruits division remitted to RBC significantly reducing bank loan · page: 10 · as of: NOI filing date · debtor: 193641 Canada Inc. · creditor: Royal Bank of Canada · currency: CAD · security: Universality of the Proposer's assets; first ranking secured creditor
- financial positionnote: Balance sheet comparative table also shows 2019 (assets 10,501; liabilities 8,837) and 2020 (assets 9,448; liabilities 7,715), in thousands; a separate unaudited balance sheet as of May 1, 2022 prepared by management shows liquidation-basis figures (assets in realization $3,468K book / $1,360K estimated realizable) used for bankruptcy scenario analysis · page: 11 · as at: 2021-05-31 · basis: Unaudited (in $'000); trustee states this work does not constitute an audit or review under CPA Canada standards and no audit work has been carried out · scope: Entity - 193641 Canada Inc. (formerly Les Entreprises Amira Inc.) · currency: CAD · total assets: 9313000 · total liabilities: 7537000
- secured creditorsnote: Interim financing approved February 28, 2022 application; liquidity shortfall of $175,000 identified in 13-week cash-flow; DIP amount advanced same day as order · page: 12 · as of: March 2, 2022 · amount: 175000 · debtor: 193641 Canada Inc. · creditor: Interim (DIP) lender · currency: CAD · security: DIP Charge and Administration Charge granted by Court order dated March 2, 2022
- secured creditorsnote: Summary of Creditors table states secured creditors total $1,324,000 (in thousands of $); components/individual creditors not itemised; a separate figure of $1,149,000 (in thousands) is used as 'Secured creditors' prior-ranking claim in the bankruptcy-scenario liquidation table · page: 14 · amount: 1324000 · debtor: 193641 Canada Inc. · creditor: Secured creditors (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Ordinary unsecured claims; document names no individual creditors; too few proofs of claim received to date to validate the information provided · page: 14 · basis: Summary of Creditors as reported by management · amount: 2440000 · debtor: 193641 Canada Inc. · creditor: Trade creditors, government dues and others · currency: CAD
- unsecured creditorsnote: Priority/preferred claim (Crown deemed-trust class); estimated as of date of report at approximately $29,000; to be paid in full from amount available for distribution · page: 14 · basis: Summary of Creditors as reported by management · amount: 29000 · debtor: 193641 Canada Inc. · creditor: Unpaid deduction at source (Crown claims benefitting from priority) · currency: CAD
- unsecured creditorsnote: Amounts owed to employees no longer employed, limited to severance pay per management, treated as unsecured claims; document names no individual creditors · page: 14 · basis: Summary of Creditors as reported by management · amount: 46000 · debtor: 193641 Canada Inc. · creditor: Former employees claims (severance) · currency: CAD
- unsecured creditorsnote: Related party unsecured claims; document names no individual creditors; in bankruptcy scenario estimated at $2.3M and added as 'Creditors related to the Proposer' · page: 14 · basis: Summary of Creditors as reported by management · amount: 2322000 · debtor: 193641 Canada Inc. · creditor: Related parties · currency: CAD
- recovery outcomeentries: basis: unstated · quote: 5.3.1 The Crown claims benefitting from a priority, which as of the date of this report are estimated at $29,000, will be paid in full from the amount available for distribution. · pct of: unstated · outcome: paid_in_full · class key: preferred · stated by: trustee · amount low: 29000 · amount high: 29000 · class label: Crown claims · claims amount: 29000 · interim final: unstated · claims qualifier: estimated; basis: unstated · quote: Preferred claims, which should be nil; · pct of: unstated · outcome: nil · class key: preferred · stated by: trustee · class label: Preferred claims · interim final: unstated · claims qualifier: unstated; basis: plan · quote: 7.3. In the context of a proposal, the estimated dividend to the unsecured creditors would be approximately 2.9%, after the payment of the first $400 of their claim. · pct of: unstated · outcome: distribution · pct low: 2.9 · pct high: 2.9 · class key: unsecured · stated by: trustee · class label: Unsecured claims · claims amount: 2486000 · interim final: unstated · conditional on: The first $400 of each claim will be paid in full; the remaining of the claims will be paid on a pro-rata basis. · claims qualifier: estimated · stated on: 2022-05-11 · table missing: