Ontario · CCAA
Application Record of the Applicant
Application / notice of application · 23 January 2025
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 filing9 verified
- secured creditorsnote: Matures April 1, 2026. · page: 64 · as of: 2025-01-23 · amount: 360000 · debtor: 2767888 Ontario Inc. · creditor: M. Higgins & Associates Inc. (Limited) · currency: CAD · security: Mortgage - 52 Bridge St. E., Campbellford, ON
- secured creditorsnote: Loan payable on demand; approximate balance per affidavit as of swearing date. · page: 64 · as of: 2025-01-23 · amount: 1186288 · debtor: 2767888 Ontario Inc. · creditor: Bank of Montreal · currency: CAD · security: BMO Mortgage securing $1,347,500 principal loan (registered principal); general security agreement and assignment of rents given by 888
- secured creditorsnote: Loan matured November 5, 2022 and remains unpaid; litigation ongoing between Garas Family Holdings Inc. and the Debtors. · page: 64 · as of: 2025-01-23 · amount: 2500000 · debtor: 2767888 Ontario Inc. · creditor: Nashaat Garas, Garas Family Holdings Inc., and Manal Garas Pharmacy Professional Corporation · currency: CAD · security: Three (per Exhibit M, four) mortgages on 888 properties securing a $2,500,000 loan
- secured creditorsnote: Matures August 1, 2025. Personally guaranteed by Kenneth Schaller and Corry Van Iersel (related party guarantors). · page: 64 · as of: 2025-01-23 · amount: 723750 · debtor: 2767888 Ontario Inc. · creditor: Metal Tree Inc. · currency: CAD · security: Mortgage - 34 Seguin St., Parry Sound, ON
- secured creditorsnote: VA Loan matured February 1, 2023; document does not state a current outstanding balance separate from the mortgage face amount, so amount left null (registered amount only). · page: 65 · debtor: 2767888 Ontario Inc. · creditor: Venizelos Anastasiadis · currency: CAD · security: VA Mortgage in the face amount of $450,000, securing a vendor-take-back loan made in connection with the acquisition of TNCC
- secured creditorsnote: Matures February 1, 2026. · page: 65 · as of: 2025-01-23 · amount: 452989 · debtor: 2767888 Ontario Inc. · creditor: Seavale Incorporated · currency: CAD · security: Seavale Mortgage
- secured creditorsnote: Matures March 31, 2026. · page: 65 · as of: 2025-01-23 · amount: 374500 · debtor: 2767888 Ontario Inc. · creditor: 818876 Ontario Ltd. · currency: CAD · security: 818 Mortgage - 1262.5 Wellington St. W., Ottawa, ON
- financial positionnote: TNCC: total assets ~$15,817,988 (as at Nov 30, 2024; current $7,451,493 / non-current $8,616,495 [balance sheet shows non-current $8,366,495.45]); total liabilities ~$25,301,507 (current $4,713,742 / non-current $20,587,765). Bamboo Blaze: total assets ~$2,727,373 (as at Jan 19, 2025, entirely current); total liabilities ~$3,610,055 (current $342,662 / non-current $3,267,432). 888: total assets ~$19,208,824 (as at Dec 31, 2024; current $121,787.97 / non-current $19,087,036); total liabilities ~$20,853,679 (current $1,303,049 / non-current $19,550,629, comprised primarily of Firm Capital Loan and Shareholder Loans). No consolidated total is stated in the document; per-entity figures not summed here. · page: 209 · basis: Draft/management-prepared, unaudited quarterly balance sheets prepared by the Debtors' VP of Finance · scope: Three separate Debtor entities reported individually (not consolidated): TNCC, Bamboo Blaze, and 2767888 Ontario Inc. ('888') · currency: CAD
- secured creditorsnote: Loan due May 1, 2025; affidavit states approx. $7.5 million owing as of affidavit date (Jan 23, 2025) - balance sheet figure used as exact dated balance. Personally guaranteed by Vancor (the CCAA Applicant/DIP Lender) and Corry Van Iersel (related parties), plus PICI Investments Inc. and Kenneth Schaller. · page: 211 · as of: 2024-12-31 · amount: 7570000 · debtor: 2767888 Ontario Inc. · creditor: Firm Capital Mortgage Fund Inc. · currency: CAD · security: 26 outstanding mortgages on 888's properties (Firm Capital Mortgages) securing a March 2022 $10,000,000 credit facility; general assignment of rents by 888; general security agreement from TNCC (cross-collateralized); GSA/Share Pledge/Assignment of Rents re March 16, 2022 Commitment Letter ($7,556,000) against 888 and TNCC