Ontario · Proposal

Proposal Trustee's First Report to Court - August 3, 2021.pdf

Court officer report · 3 August 2021

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 filing3 verified

secured creditorsnote: Company entered forbearance agreement with First Mortgagee prior to NOI filing; First Mortgagee supportive of DIP Facility and DIP Charge pursuant to Forbearance Agreement terms; amount not stated · page: 4 · debtor: Cannoleum Inc. · creditor: First Mortgagee · currency: CAD · security: First mortgage over the Real Property (194 Woolvert Road, Grimsby, Ontario)
secured creditorsnote: Maximum principal amount of DIP Facility is CAD $150,000 (facility limit, not an outstanding balance as of filing); charge not yet granted at time of report · page: 5 · debtor: Cannoleum Inc. · creditor: Cardinal Advisory Limited (DIP Lender) · currency: CAD · security: Proposed DIP Lender's Charge over all current and future assets, undertakings and properties of the Company, proposed to rank senior/first priority to existing secured creditors
secured creditorsnote: Referred to collectively as potentially affected by proposed DIP Lender's Charge; amount and identities not stated · page: 12 · debtor: Cannoleum Inc. · creditor: Lien holders · currency: CAD · security: Liens against the Company's property (unspecified)