Ontario · CCAA
Motion Record of the Applicants dated May 8, 2025 (Vol 2)
Application / notice of application · 8 May 2025
Also filed as: Motion Record of the Applicants dated May 8, 2025 (Vol 2)
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 filing2 verified
- secured creditorsnote: Debt and security originally held by Royal Bank of Canada under the HOLL Credit Agreement (dated April 22, 2021, amended by Loan Amendment Agreement dated August 11, 2022) and related security documents; assigned in full to 1001112855 Ontario Inc. effective January 21, 2025 pursuant to Assignment of Indebtedness and Security Agreement. The Assignee, through its affiliate, intends to credit bid the assigned indebtedness plus Bridge Financing to acquire HOLL's optical retail business through this insolvency proceeding - indicative of a related-party/insider transaction. No dated outstanding balance for the Indebtedness is stated in the pages provided. · page: 75 · as of: January 21, 2025 (Assignment Effective Date) · debtor: Hakim Optical Laboratory Limited · creditor: 1001112855 Ontario Inc. (as assignee of Royal Bank of Canada) · currency: CAD · security: General Security Agreement dated April 29, 2021 (first-ranking security interest in all personal property of HOLL); HOLL Credit Agreement dated April 22, 2021 facilities (facility limits, not balances): Facility #1 - $8,000,000.00 revolving demand facility (RBP loans/LCs/LGs); Facility #2 - $5,400,000.00 revolving lease line of credit; Facility #3 - $500,000.00 non-revolving lease facility
- secured creditorsnote: Lawrence Ophthalmic Lab Inc. (also an Applicant in this NOI proceeding) is a guarantor/obligor for HOLL's and Evelyn Aimis Holdings Inc.'s indebtedness to the Assignee (formerly RBC); security and indebtedness assigned from RBC to 1001112855 Ontario Inc. effective January 21, 2025. Assignee intends to credit bid this indebtedness plus Bridge Financing to acquire HOLL's business - related-party/insider transaction. $13,900,000 figure is the guarantee ceiling stated in the original 2021 credit agreement, not a stated current balance. · page: 75 · as of: January 21, 2025 (Assignment Effective Date) · debtor: Lawrence Ophthalmic Lab Inc. · creditor: 1001112855 Ontario Inc. (as assignee of Royal Bank of Canada) · currency: CAD · security: General Security Agreement dated April 29, 2021 (first-ranking security interest in all personal property of Lawrence Ophthalmic Lab Inc.); Guarantee and Postponement of Claim (Bank's form 812) in the amount of $13,900,000.00 (guarantee cap, not a balance) guaranteeing the indebtedness of Hakim Optical Laboratory Limited and Evelyn Aimis Holdings Inc.