Ontario · Proposal
First Report of the Proposal Trustee
Court officer report · 24 June 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 filing5 verified
- financial positionnote: Book value primarily consists of related party receivables, inventory and fixed assets; Proposal Trustee notes book value is not likely representative of realizable value, particularly the related party receivables owed by entities subject to the Chapter 11 Proceedings · page: 8 · as at: 2024-05-26 · basis: unaudited · scope: entity (Pioneer Balloon Canada Limited) · currency: CAD · total assets: 9292935 · total liabilities: 7037081
- secured creditorsnote: Registration relates to a guarantee provided by the Company in connection with historical loans advanced by FGI to the Parent (Pioneer National Latex); Company advises the FGI debts were repaid in full (DISCHARGED) · page: 10 · debtor: Pioneer Balloon Canada Limited · creditor: FGI Worldwide LLC · currency: CAD · security: PPSA registration
- secured creditorsnote: Harmonized sales tax (HST) arrears owing relating to periods prior to the Filing Date; deemed trust class quasi-governmental claim · page: 10 · as of: prior to Filing Date · amount: 43000 · debtor: Pioneer Balloon Canada Limited · creditor: Canada Revenue Agency (HST arrears) · currency: CAD
- secured creditorsnote: Described as the senior secured creditor; amount is a prose approximation as at the Filing Date. Proposal Trustee's counsel (BLG) has commenced a review of RBC's security and validity/enforceability opinion is pending. · page: 10 · as of: 2024-06-12 (Filing Date) · amount: 2300000 · debtor: Pioneer Balloon Canada Limited · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement over substantially all of the Company's assets, pursuant to RBC Credit Agreement dated December 16, 2021 (as amended); includes operating line of credit, leasing facilities and credit card facility
- secured creditorsnote: Limited number of registrants; individual amounts not stated in document · page: 10 · debtor: Pioneer Balloon Canada Limited · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Registered notice of security interests under the Personal Property Security Act (Ontario), relating to leasing and/or financing of equipment