Ontario · CCAA
Motion Record of the Iovate Group dated October 29, 2025
Application / notice of application · 29 October 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing2 verified
- financial positionnote: Trustee/affiant notes a large portion of assets are intangible or have limited realizable value, and net realizable value is expected to be considerably less than book value. Liabilities include a Subordinated Note due to Related Party (Xiwang China/Xiwang Foodstuffs) of $49,000,000 (current liabilities) - not stated as secured. Total liabilities figure appears at original page 51; total assets figure at original page 50. · page: 50 · as at: 2025-09-30 · basis: unaudited book value (Iovate Group's consolidated unaudited financial statements dated September 30, 2025, referred to as the 'September 2025 Financials') · scope: consolidated - Iovate Group (including Iovate International, Iovate USA, Northern Innovations and other group entities) · currency: USD · total assets: 488011000 · total liabilities: 299558000
- secured creditorsnote: Guaranteed by Xiwang Iovate, Northern Innovations, Iovate USA and Iovate Australia (Guarantors). Iovate International in breach of Forbearance Agreement (Sept 24, 2024, as amended); Administrative Agent delivered Reservation of Rights Letter April 30, 2025 reserving rights following Orgain enforcement actions constituting Event of Default/Termination Event. Amount reported is 'Total Bank Indebtedness' per unaudited consolidated liabilities table. · page: 51 · as of: 2025-09-30 · amount: 115366000 · debtor: Iovate Health Sciences International Inc. (Iovate International), as Borrower · creditor: Royal Bank of Canada (as Administrative Agent, formerly HSBC Bank Canada) and Lenders (HSBC Bank Canada, The Toronto-Dominion Bank, Bank of China (Canada), Bank of Montreal, National Bank of Canada, Canadian Western Bank, The Bank of Nova Scotia) · currency: USD · security: Comprehensive security package under Amended and Restated Credit Agreement dated June 30, 2021 (as amended, incl. Amending Agreement No. 10 dated Feb 28, 2025): General Security Agreements (Xiwang Iovate Health Science International Inc., Iovate Health Sciences International Inc., Kerr, Old Iovate, Iovate USA, Old Northern, Lakeside, Northern Innovations); Trademark Security Agreements (June 30, 2021 and Sept 25, 2024) by Northern Innovations; Patent Security Agreements (Dec 21, 2016 and June 30, 2021) by Northern Innovations; General Security Deed (Oct 6, 2022) by Iovate Australia; Group Guarantee (Dec 21, 2016); Limited Recourse Guarantee (Dec 21, 2016) by Xiwang Iovate, limited to pledged collateral. Facility limits (not balances): Revolving credit facility $20,000,000 (reduced to $14,000,000 per Amending Agreement No. 10); Term credit facility original advance $133,149,999.98.