Newfoundland and Labrador · Proposal
First Report of Proposal Trustee
Court officer report · 30 July 2018
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 filing4 verified
- financial positionnote: Equity of $(162,547) as at January 31, 2018; prior year (Jan 31, 2017) figures also shown as comparative: total assets $4,221,454, total liabilities $3,530,145, equity $691,309 (page 4); the January 31, 2018 figures are labeled 'draft' and 'preliminary' · page: 5 · as at: 2018-01-31 · basis: Draft/preliminary financial information, not audited or verified · scope: Burry's Shipyard Inc. (entity level) · currency: CAD · total assets: 5918354 · total liabilities: 6080901
- secured creditorsnote: Covenant violations triggered forbearance agreement; no balance disclosed in these pages · page: 5 · debtor: Burry's Shipyard Inc. · creditor: Bank of Nova Scotia (BNS) · currency: CAD · security: Secured lender party to forbearance agreement; no amount or security details stated
- secured creditorsnote: Pre-filing secured lender under forbearance agreement; also proposed DIP lender post-filing. No pre-filing outstanding balance stated. · page: 8 · debtor: Burry's Shipyard Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Proposed senior secured super-priority DIP term loan of $300 thousand (facility commitment, not a pre-filing balance)
- secured creditorsnote: Original vendor take-back note was $250 thousand; $48 thousand in principal payments made between May 2017 and April 2018, leaving $202 thousand owing as of that period; assets subsequently transferred back to Milton on June 22, 2018 for $1 plus offset of amount owing (transaction post-dates the balance) · page: 10 · as of: 2018-04-30 · amount: 202000 · debtor: Burry's Shipyard Inc. · creditor: Milton Fiberglass Products Limited · currency: CAD · security: Registered interest in the Milton Assets (real property and equipment) securing a vendor take-back note