New Brunswick · CCAA
Pre-Filing Report of the Proposed Monitor
Pre-filing report · 18 September 2023
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 filing11 verified
- secured creditorsnote: Federal Crown agency loans; prose states outstanding balance of $1,030,000 as at the date of the Pre-Filing Report (Sept 18, 2023). · page: 10 · as of: 2023-08-31 · amount: 1030170 · debtor: South Shore Seafoods Ltd. (SSSL) and Captain Cooke's Seafood Inc. (CCSI) · creditor: Atlantic Canada Opportunities Agency (ACOA) · currency: CAD · security: Several loan agreements
- secured creditorsnote: Related party (director/shareholder) debt. Prose states approximately $3,660,000 as at the date of the Pre-Filing Report (Sept 18, 2023), consisting of the Jacob promissory note principal of $2,250,000 plus accrued interest of $330,000 (components only for that sub-portion; do not sum with other entity balances). · page: 10 · as of: 2023-08-31 · amount: 3660481 · debtor: SSSL (primarily), with small balances at BTW, CCSI and SSSI · creditor: Shareholders (Michel Jacob / Tim Williston) · currency: CAD · security: Promissory note(s); primarily a promissory note from SSSL to Jacob
- secured creditorsnote: Prose states approximately $826,000 outstanding as at the date of the Pre-Filing Report (Sept 18, 2023); table figure used as exact dated balance. · page: 10 · as of: 2023-08-31 · amount: 825700 · debtor: By the Water Shellfish (2012) Inc. (BTW) · creditor: Business Development Bank of Canada (BDC) - mortgage loan · currency: CAD · security: Mortgage loan
- secured creditorsnote: Prose states approximately $683,000 outstanding as at the date of the Pre-Filing Report (Sept 18, 2023); table figure (attributed to CCSI column) used as exact dated balance. · page: 10 · as of: 2023-08-31 · amount: 682791 · debtor: Captain Cooke's Seafood Inc. (CCSI) and By the Water Shellfish (2012) Inc. (BTW) · creditor: Business Development Bank of Canada (BDC) - consolidated equipment loan · currency: CAD · security: Consolidated equipment loan facility
- secured creditorsnote: Same amount, approximately $3,000,000, also stated as at the date of the Pre-Filing Report (Sept 18, 2023). · page: 10 · as of: 2023-08-31 · amount: 3000000 · debtor: Captain Cooke's Seafood Inc. (CCSI) and By the Water Shellfish (2012) Inc. (BTW) · creditor: BDC Capital Inc. · currency: CAD · security: Consolidated mezzanine loan facility (BTW $1,800,000 / CCSI $1,200,000 per table)
- secured creditorsnote: Prose states approximately $1,448,000 outstanding as at the date of the Pre-Filing Report (Sept 18, 2023); table figure used as exact dated balance. · page: 10 · as of: 2023-08-31 · amount: 1448344 · debtor: South Shore Seafoods Ltd. (SSSL) · creditor: Business Development Bank of Canada (BDC) - equipment loan · currency: CAD · security: Equipment loan facility
- secured creditorsnote: Stated total of outstanding secured loan and guarantee obligations (principal amount) as at the date of the Pre-Filing Report; comprises TD term loan $13,000,000 and TD equipment loan $309,854 (both SSSL, as at Aug 31, 2023) plus Existing Credit Facility (asset-based operating facility) of approximately $14,088,000 as at Aug 31, 2023, later estimated at approximately $13,000,000 as at the date of the Proposed Initial Orders. TD Credit Agreement facility limit (not a balance) was $20,000,000 under the Forbearance Agreement; facility in over-advance position since Feb 2023. Security opinion re CanAm collateral (agent counsel in Maine) presently outstanding. · page: 10 · as of: 2023-09-18 · amount: 26000000 · debtor: SSSL, CCSI, BTW, CanAm (borrowers); SSSI, AFM, Bridge (guarantors) · creditor: The Toronto-Dominion Bank · currency: CAD · security: Asset-based lending agreement (TD Credit Agreement dated May 19, 2022); first ranking general security interest over all present and after-acquired personal property of all Debtors except CanAm, perfected by registration in New Brunswick, PEI and Nova Scotia; first mortgage charges over real estate mortgaged by Debtors to Applicant
- secured creditorsnote: Same amount also stated as at the date of the Pre-Filing Report (Sept 18, 2023). · page: 10 · as of: 2023-08-31 · amount: 375000 · debtor: South Shore Seafoods Ltd. (SSSL) · creditor: Maplewood Trust and Thunder Cove Investments Inc. (MTTCI) · currency: CAD · security: Collateral mortgage agreement arising from real property acquisition
- secured creditorsnote: Related party (former owner of AFM); document's Senior Secured Debt table (p.10) lists an identical $2,500,000 'Arsenault' balance under SSSL borrower column, discrepancy not explained in the document. · page: 11 · as of: 2023-09-18 · amount: 2500000 · debtor: Arsenault's Fish Mart Inc. (AFM) · creditor: Robert Arsenault · currency: CAD · security: Vendor takeback agreement arising from acquisition of AFM
- secured creditorsnote: Related party (former vendors of CCSI). Same amount also stated as at the date of the Pre-Filing Report (Sept 18, 2023). Table splits balance as BTW $1,800,000 / CCSI $1,200,000. · page: 11 · as of: 2023-08-31 · amount: 3000000 · debtor: Captain Cooke's Seafood Inc. (CCSI) / By the Water Shellfish (2012) Inc. (BTW) per table · creditor: Cooke Group (Dewis Cooke, Randy Cooke, Murphy's Limited Liability, BTW Holdings Inc.) · currency: CAD · security: Vendor takeback agreement arising from acquisition of CCSI
- secured creditorsnote: Four vehicle loans aggregated; prose states approximately $190,000 as at the date of the Pre-Filing Report (Sept 18, 2023). · page: 12 · as of: 2023-08-31 · amount: 189559 · debtor: South Shore Seafoods Ltd. (SSSL) · creditor: PPSA equipment financiers (PMSI class) - Vehicle Loans · currency: CAD · security: Vehicle loans with various lenders