Ontario · CCAA
application record returnable oct.31.2014_part2
Application / notice of application · 31 October 2014
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 filing3 verified
- secured creditorsnote: Related party (affiliated/parent-type holding company); its security interest is fully postponed and subordinated to RBC per priority agreement; guarantee amount is a liability cap, not a balance owed to it · page: 1 · debtor: Antex Designs Inc. · creditor: Ankur Holdings Inc. · currency: CAD · security: Guarantee and postponement of claim (Bank's form 812) in the amount of $2,450,000; postponement and assignment of claim (form 918); priority agreement subordinating its security interest in Antex's personal property to RBC's security interest
- secured creditorsnote: Demand letter dated September 5, 2014 states total indebtedness of CAD $1,488,499.16 plus USD $66.03 as at September 3, 2014, per diem CAD $186.04. Facility #1 is a demand facility; Events of Default declared (breach of financial covenants, late reporting). NOI to Enforce Security under BIA s.244(1) delivered with the letter. · page: 91 · as of: 2014-09-03 · amount: 1488499.16 · debtor: Antex Designs Inc. · creditor: Royal Bank of Canada · currency: CAD · security: General security agreement dated May 15, 2009 (first-ranking security interest in all personal property); guarantees from Ankur Holdings Inc. ($2,450,000 limit), Anil Shah and Ajit Someshwar ($750,000 limit each); postponement and assignment of claims by Ajit Someshwar and Ankur Holdings Inc.; priority agreement subordinating Ankur Holdings Inc.'s security interest to RBC's
- secured creditorsnote: USD payout portion of total indebtedness stated in same September 5, 2014 demand letter; VISA facility amounts noted as subject to change · page: 91 · as of: 2014-09-03 · amount: 66.03 · debtor: Antex Designs Inc. · creditor: Royal Bank of Canada · currency: USD · security: Same General Security Agreement and guarantees as CAD facility entry