Ontario · CCAA
First Report of the Proposal Trustee
Court officer report · 24 April 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- financial positionnote: For comparison, as of December 31, 2022 (SAIL's most recent audited financial statements), SAIL had unconsolidated assets with a book value of approximately $25.7 million and unconsolidated liabilities with a book value of approximately $35.9 million. · page: 7 · as at: 2024-12-31 · basis: Present book value of assets based on internal unaudited financial statements as at December 31, 2024; present liabilities are an estimate based on SAIL's list of creditors filed with the NOI (that liabilities figure may include amounts owing to non-arm's length parties, and is not separately dated beyond the NOI filing) · scope: SAIL (unconsolidated, entity-level; excludes subsidiaries) · currency: CAD · total assets: 24700000 · total liabilities: 54900000
- secured creditorsnote: Principal amount; plus accrued and unpaid interest. RBC issued a demand letter and notice of intention to enforce security on March 19, 2025 (amount stated is current outstanding principal, not tied to a specific dated statement in the document). · page: 7 · amount: 15589239.09 · debtor: Shaw-Almex Industries Limited (SAIL) · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: RBC Credit Agreement / RBC Security (general security over SAIL's assets, pre-existing secured lender); SAIL's principal secured creditor
- secured creditorsnote: Second, USD-denominated principal amount owed to RBC; plus accrued and unpaid interest. Stated alongside the CAD principal balance. · page: 7 · amount: 523779.53 · debtor: Shaw-Almex Industries Limited (SAIL) · creditor: Royal Bank of Canada (RBC) · currency: USD · security: RBC Credit Agreement / RBC Security (general security over SAIL's assets, pre-existing secured lender)
- secured creditorsnote: Listed as one of SAIL's secured creditors; no amount or specific security stated. · page: 7 · debtor: Shaw-Almex Industries Limited (SAIL) · creditor: BDC Capital Inc. · currency: CAD · security: Not specified
- secured creditorsnote: Document refers generically to 'various equipment financiers' among SAIL's secured creditors; no individual amounts stated. · page: 7 · debtor: Shaw-Almex Industries Limited (SAIL) · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Purchase-money security interests / equipment financing (serialized equipment)
- secured creditorsnote: Amount not stated. BDC issued a demand letter and notice of intention to enforce its security on March 28, 2025. The BDC Mortgage ranks ahead of the proposed Administration Charge and DIP Lender's Charge. · page: 9 · debtor: Shaw-Almex Industries Limited (SAIL) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: BDC Mortgage - mortgage against SAIL's real property located at 17 Shaw Almex Road, Parry Sound
- sale outcometext: SAIL's objective with its NOI proceeding (and likely CCAA application) is to implement a sale and investment solicitation process · scope: whole_business · status: process_approved