Ontario · CCAA
Pre-Filing Report of the Proposed Monitor Richter Inc. – dated March 18 2025
Pre-filing report · 18 March 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 filing6 verified
- secured creditorsnote: Espresso Facility Agreement (Dec 23, 2020), assigned by Espresso Capital/Espresso Venture to EDC Aug 30, 2023; separated into two tranches (US$1.5M + US$3.5M); bears interest at 20% from July 22, 2024; matured/extended most recently to March 12, 2025 (in default). Prose in para 1.8-1.9 states aggregate EDC obligations (Espresso Facility + EDC Convertible Notes) of approx. US$54.8 million; more precise dated figures used here. · page: 13 · as of: 2025-03-10 · amount: 6020000 · debtor: Synaptive Medical Inc. · creditor: Export Development Canada (EDC) (as successor to Espresso Capital Ltd./Espresso Venture Debt LP) · currency: USD · security: Espresso Security: security interest in all personal property of Synaptive, including all intellectual property; guaranteed by Synaptive Medical USA, Inc. (Synaptive USA Guarantee) and secured by Synaptive USA IP Security Agreement
- secured creditorsnote: Total outstanding includes EDC's own tranche (principal $40,000,000 + accrued interest $8,788,892 = $48,788,892) and 47 other investors' tranche (principal $9,814,800 + accrued interest $1,174,336 = $10,989,136); part of the approx. US$97.9 million convertible notes referenced in para 5.1 · page: 13 · as of: 2025-03-10 · amount: 59778028 · debtor: Synaptive Medical Inc. · creditor: Export Development Canada (EDC) and 47 other investors (EDC Convertible Notes) · currency: USD · security: Convertible Note Securities; priority ranking 1 (senior) among the three convertible note classes; further security details described in First Momsen Affidavit, not repeated in this Report
- secured creditorsnote: Total outstanding includes BDC's own tranche (principal $5,000,000 + accrued interest $2,064,857 = $7,064,857) and 4 other investors' tranche (principal $119,000 + accrued interest $47,639 = $166,639) · page: 13 · as of: 2025-03-10 · amount: 7231496 · debtor: Synaptive Medical Inc. · creditor: Business Development Bank of Canada (BDC) and 4 other investors (BDC Convertible Notes) · currency: USD · security: Convertible Note Securities; priority ranking 2 (subordinate to EDC Convertible Notes); further security details described in First Momsen Affidavit, not repeated in this Report
- secured creditorsnote: Principal issued $23,581,493 + accrued interest $7,294,143 · page: 13 · as of: 2025-03-10 · amount: 30875636 · debtor: Synaptive Medical Inc. · creditor: 95 investors (Subordinated Convertible Notes) · currency: USD · security: Convertible Note Securities; priority ranking 3 (subordinate to EDC and BDC Convertible Notes); further security details described in First Momsen Affidavit, not repeated in this Report
- secured creditorsnote: Credit card facility used primarily for travel expense claims of sales/technical services staff; amount stated as approximate · page: 14 · as of: 2025-03-10 · amount: 50000 · debtor: Synaptive Medical Inc. · creditor: Royal Bank of Canada (RBC) - RBC CC Facility (USD portion) · currency: USD
- secured creditorsnote: Credit card facility used primarily for travel expense claims of sales/technical services staff; amount stated as approximate · page: 14 · as of: 2025-03-10 · amount: 127166 · debtor: Synaptive Medical Inc. · creditor: Royal Bank of Canada (RBC) - RBC CC Facility (CAD portion) · currency: CAD