Ontario · NOI
Trustee's First Report - BDO Canada Limited - 14-MAR-2025
Court officer report · 14 March 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing12 verified · 1 withheld
- financial positionnote: Consolidated shareholders' equity deficit of approx. $(22,893) thousand; accumulated deficit approx. $332.1 million; net working capital deficit approx. $42.0 million · page: 5 · as at: 2024-11-30 · basis: unaudited/internal consolidated balance sheet · scope: consolidated - Kognitiv Corporation plus Subsidiary Entities · currency: CAD · total assets: 67348000 · total liabilities: 90241000
- secured creditorsnote: Priority ranked third (BDCC Note) per priorities summary at p.12 · page: 11 · as of: 2025-01-10 · amount: 4955000 · debtor: Kognitiv Corporation · creditor: BDC Capital Inc. (BDCC) · currency: CAD · security: Convertible Notes
- secured creditorsnote: Approx. $43.6M as at NOI Filing Date (Dec 12, 2024) per para 2.6.3, consistent with table figure; issued NITES/demand under s.244 BIA on Oct 15, 2024 (notice period expired pre-NOI, unaffected creditor); Guines is an entity related to and controlled by Roystone Capital, the Company's restructuring advisor · page: 11 · as of: 2025-01-10 · amount: 43602000 · debtor: Kognitiv Corporation · creditor: Guines LLC · currency: CAD · security: General Security Agreement (GSA - all assets); Promissory Notes; Convertible Notes
- secured creditorspage: 11 · as of: 2025-01-10 · amount: 140000 · debtor: Kognitiv Corporation · creditor: S. M. Watt · currency: CAD · security: Convertible Notes
- secured creditorsnote: Related party - Aimia holds 49% ownership interest in Kognitiv; approx. $7.5M as at NOI Filing Date (Dec 12, 2024) per para 2.6.4, consistent with table figure · page: 11 · as of: 2025-01-10 · amount: 7526000 · debtor: Kognitiv Corporation · creditor: Aimia Inc. · currency: CAD · security: Promissory Notes
- secured creditorspage: 11 · as of: 2025-01-10 · amount: 1403000 · debtor: Kognitiv Corporation · creditor: Urbana Corporation · currency: CAD · security: Convertible Notes
- secured creditorsnote: Indebtedness reported as Nil as at Proposal filing date (Jan 10, 2025) · page: 11 · as of: 2025-01-10 · amount: 0 · debtor: Kognitiv Corporation · creditor: TD Bank · currency: CAD · security: GSA - Limited to Cash Collateral in a GIC
- fee scheduleengagements: form: prose · rows: · money: fees: quote: for a total of $106,773, prior to applicable taxes · amount: 106773 · approximate: false · period: end: 2025-02-28 · kind: cumulative · quote: The Proposal Trustee's fees for the period through to February 28, 2025 · approval: state: unstated · averages: rate: 485.11 · quote: an average hourly rate of approximately $485.11 · currency: · invoices: · firm text: BDO Canada Limited · firm quote: FIRST REPORT TO THE COURT OF BDO CANADA LIMITED, AS PROPOSAL TRUSTEE · hours total: quote: encompass 220.1 hours at an average hourly rate of approximately $485.11 · value: 220.1 · context quote: BDO CANADA LIMITED solely in its capacity as Trustee in the Proposal of Kognitiv Corporation and not in its personal capacity; form: prose · rows: · money: fees: quote: for a total of $40,341.20 prior to applicable taxes · amount: 40341.2 · approximate: false · period: end: 2025-02-28 · kind: invoice · quote: The Dentons' fees and disbursements for the period from January 6, 2025 to February 28, · start: 2025-01-06 · approval: state: unstated · averages: rate: 926.54 · quote: an average hourly rate of approximately $926.54 · currency: · invoices: · firm text: Dentons Canada LLP · firm quote: Summary of Invoices and Calculation of Average Hourly Billing Rates of Dentons Canada LLP · hours total: quote: encompass 49.2 hours at an average hourly rate of approximately $926.54 · value: 49.2 · context quote: The Trustee's Counsel's fees for the period through to February 28, 2025 encompass 49.2 hours at an average hourly rate of approximately $926.54 for a total of $40,341.20 prior to applicable taxes.
- purchaserCapillary Pte. Ltd.
- recovery outcomeentries: basis: liquidation_alternative · quote: Based on the estimated realizable value of the assets in a bankruptcy scenario, where the business immediately ceases operations, there will not be sufficient funds to pay out the Secured Creditors, and accordingly there would be no possibility of distribution to the Ordinary Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Ordinary Unsecured Creditors · interim final: unstated · claims qualifier: unstated; basis: estimated · quote: At this time, it is not clear what the final realizations will be, however absent the Company's cooperation and/or in bankruptcy, it is expected that recoveries will be lower and not provide any potential distributions to Ordinary Unsecured Creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: proposal_trustee · class label: Ordinary Unsecured Creditors · interim final: unstated · conditional on: absent the Company's cooperation and/or in bankruptcy · claims qualifier: unstated; basis: unstated · quote: The claims of the Preferred Creditors will be paid in full and in priority to the claims of the Ordinary Unsecured Creditors in accordance with the Act. · pct of: unstated · outcome: paid_in_full · pct low: 100 · pct high: 100 · class key: preferred · stated by: debtor · class label: Preferred Creditors · interim final: unstated · claims qualifier: unstated · stated on: 2025-01-21 · table missing:
- sale advisorRoystone Capital Management LP
- sale outcometext: The Sale Process concluded with a Share Purchase Agreement subject to Court approval, not yet closed · scope: whole_business · status: pending_approval
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.