Ontario · CCAA
Application of the Applicant
Application / notice of application · 8 June 2026
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 filing8 verified
- applicantFRESHSTONE BRANDS INC.
- commencement date8 June 2026
- courtSUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCL-26-00000265-0000
- secured creditorsnote: No amount or further detail regarding this facility is stated in the pages provided. · page: 3 · debtor: Freshstone Brands Inc. · creditor: Royal Bank of Canada (Leasing Division) · currency: CAD · security: Equipment financing/leases (listed under separate 'Equipment Financing' heading in Service List, distinct from the 'Secured Creditor' and 'DIP Lender' categories)
- financial positionnote: Following closing of the Kitchen Partners Transaction (May 8, 2026), the Debtor states book value of assets amounts to approximately $60,000,000 and liabilities to approximately $50,000,000 in the aggregate, both figures noted as 'subject to further reconciliation' as the balance sheet was being updated post-transaction. · page: 35 · as at: 2026-04-25 · basis: book value (per Debtor's internal figures, as described in Affidavit of Frank Burdzy; figures reconcile to unaudited internal balance sheet period ending May 22, 2026 referenced as Exhibit 'E') · scope: Entity: Freshstone Brands Inc. Figures include the Kitchen Partners division/business (divested via the Kitchen Partners Transaction, which closed May 8, 2026) and, for liabilities, amounts owed under the since-repaid 'Extinguished Credit Agreement'. · currency: CAD · total assets: 81798242 · total liabilities: 80376951
- secured creditorsnote: Related party: Frank Burdzy is CEO and a director of Freshstone. Long-term debt table (as at April 25, 2026) lists four separate principal-amount components under this creditor, not summed by the document: $1.15 million (20% per annum); $2 million principal plus $2 million 'New Money Fee' (per Amended and Restated Secured Promissory Note, initially issued Oct 28, 2025, effective May 8, 2026, no interest but New Money Fee fully earned as of Jan 1, 2026); $2 million (25% per annum); $2.75 million (5% per annum). All mature on the earlier of board-approved prepayment or December 31, 2027. Listed as sole 'Secured Creditor' in the Service List. · page: 36 · as of: 2026-04-25 · debtor: Freshstone Brands Inc. · creditor: Frank Burdzy · currency: CAD · security: General Security Agreement dated October 28, 2025, amended and restated by Amended and Restated GSA effective May 8, 2026 (secures multiple promissory notes issued to the Holder)
- secured creditorsnote: DISCHARGED: the Extinguished Credit Agreement was fully repaid (the 'Payout') from proceeds of the Kitchen Partners Transaction, which closed May 8, 2026, prior to the CCAA filing (June 8, 2026). Not an outstanding claim as of the filing date; excerpt is cut off in provided pages ('...but for the...') suggesting a possible residual item not captured here. · page: 37 · as of: 2026-05-08 · debtor: Freshstone Brands Inc. · creditor: Canadian Imperial Bank of Commerce (CIBC), as agent and lender under the 'Extinguished Credit Agreement' · currency: CAD · security: First-ranking general security interest in all present and after-acquired personal property (the 'Borrower Syndicated Security'); Term Loan Facility original advance $44,471,906; Revolving Facility limit $5,000,000; Term Loan Facility balance was $37,136,513 as at December 28, 2024 (audited FS)