Saskatchewan · NOI
ABSL Notice of Motion for Extension of Time
Application / notice of application · 17 April 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 filing11 verified
- applicantArctic Beverages Sask Limited
- courtCOURT OF QUEEN'S BENCH FOR SASKATCHEWAN (IN BANKRUPTCY AND INSOLVENCY)
- court file no19254
- statutory basisBankruptcy and Insolvency Act, R.S.C. 1985, c. B-3, as amended and the inherent jurisdiction of this Honourable Court
- statutory basisBANKRUPTCY AND INSOLVENCY ACT, R.S.C. 1985, c. B-3, AS AMENDED
- appointeePricewaterhouseCoopers Inc.
- appointee roleProposal Trustee
- proceeding typebia_noi
- secured creditorsnote: Post-filing interim financing; amounts advanced not stated; DIP Lender treated as unaffected in any proposal or plan; DIP Lender's Charge does not prime encumbrances with priority in bankruptcy over Exchange Income Corporation's existing security · page: 10 · as of: DIP Term Sheet dated March 19, 2014 · debtor: Arctic Beverages Sask Limited · creditor: Exchange Income Corporation (DIP Lender) · currency: CAD · security: DIP Lender's Charge on all present and after-acquired property of ABLS; cumulative borrowing limit of $1,500,000 across ABL and ABLS (a facility limit, not an outstanding balance)
- secured creditorsnote: Indebtedness of ABL and ABLS to RBC referenced (incl. operating credit limit and re-advances) but no balance stated; order contemplates RBC being repaid in full in a sale · page: 13 · debtor: Arctic Beverages Sask Limited · creditor: Royal Bank of Canada · currency: CAD · security: Existing security interests in accounts receivable and inventory of ABLS; DIP Lender's Charge ranks in priority to RBC's security only in excess of a value of $1,500,000 (a priority threshold, not a balance)
- secured creditorsnote: Also the DIP Lender (separate entry; the $1,500,000 DIP limit is a cumulative borrowing limit shared by ABL and ABLS, not a stated balance); existing security amount not stated · page: 14 · debtor: Arctic Beverages Sask Limited · creditor: Exchange Income Corporation · currency: CAD · security: Existing security interests held by Exchange Income Corporation (nature/amount not described); DIP Lender's Charge ranks ahead of all other encumbrances that are subordinate to these existing security interests