Ontario · CCAA
Report of the Proposed Monitor, dated November 4, 2024
Pre-filing report · 4 November 2024
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 filing2 verified
- secured creditorsnote: Amount is per BDC demand letter/NITES under BIA s.244, includes accrued interest; facility matured August 6, 2024 · page: 8 · as of: 2024-10-15 · amount: 4365000 · debtor: Innovere Medical Inc. · creditor: BDC (Business Development Bank of Canada) · currency: CAD · security: Loan facility up to $3.5 million (Letter of Offer dated August 6, 2021); $3 million advanced to date
- secured creditorsnote: Pursuant to intercreditor agreement, ESFC has first-ranking priority over BDC on SR&ED receivables (subordination of BDC on this collateral) · page: 9 · as of: 2024-09-30 · amount: 332000 · debtor: Innovere Medical Inc. · creditor: ESFC Funding Co., LLC · currency: CAD · security: Security interest in all or substantially all of the Applicant's property; SR&ED Facility Agreement dated September 22, 2023, funding against SR&ED tax refund receivables