Manitoba · NOI
To Creditors of Schroeder Freight Inc.
Notice to creditors · 1 March 2017
A plain-language read of this filing opens with a subscription.
What we verified from this filing7 verified
- unsecured creditorsnote: Deemed trust / Certain Crown Claim class; approximate amount as stated ('approximate amount of $222,339'); required to be paid in full within 6 months of Court approval, separate from and in addition to the Proposal Funds paid to Unsecured Creditors · page: 16 · as of: NOI filing date · basis: Statement of Affairs as reported; Certain Crown Claim under Article 8.2/11 of the Proposal, required to be paid in full under the Act · amount: 222339 · debtor: Schroeder Freight Inc. · creditor: Canada Revenue Agency (CRA) - Source Deduction Arrears · currency: CAD
- financial positionnote: Liabilities not stated as a single total; secured creditors total $11,084,000 (per table) and unsecured creditor claims (arm's length) reported as $2.022 million gross / $1.800 million net of CRA Crown Claim; Trustee notes secured debt of $11.1 million far exceeds estimated gross realizable asset value of $6.9 million, a shortfall of approximately $4.2 million, prior to costs of realization and priority claims (e.g., CRA deemed trust, employee claims) · page: 17 · as at: 2017-01-31 · basis: Cost before depreciation per internal financial statements of SFI, with a separate column for estimated gross realizable value in a bankruptcy (liquidation) scenario ($6,930,000); values for physical assets based on management's estimate of wholesale value prior to liquidation costs, not a formal third-party appraisal · scope: Entity level - Schroeder Freight Inc. · currency: CAD · total assets: 14630392
- secured creditorsnote: Related party creditor; shortfall to secured creditors appears to be absorbed by this VTB financing creditor per Trustee's understanding of priority rankings · page: 18 · as of: 2017-01-31 · amount: 5000000 · debtor: Schroeder Freight Inc. · creditor: E&L Schroeder · currency: CAD · security: VTB Financing; security over all assets of the Company, registered in Manitoba Personal Property Registry prior to NOI
- secured creditorsnote: TD Bank balance does not include secured guarantee by SFI of mortgage financing for head office real property owned by a related company; per internal January 31, 2017 financial statements · page: 18 · as of: 2017-01-31 · amount: 3800000 · debtor: Schroeder Freight Inc. · creditor: Toronto-Dominion Bank / TD Equipment Finance Canada (TD Bank) · currency: CAD · security: Security over all assets of the Company (registered in Manitoba Personal Property Registry prior to NOI); comprises TD Bank $1,800,000 and TD Equipment Finance $2,000,000
- secured creditorsnote: Related party creditor (due to related company) · page: 18 · as of: 2017-01-31 · amount: 169000 · debtor: Schroeder Freight Inc. · creditor: 5021308 Manitoba Ltd. (related company) · currency: CAD · security: Security over all assets of the Company, registered in Manitoba Personal Property Registry prior to NOI
- secured creditorsnote: Per internal January 31, 2017 financial statements · page: 18 · as of: 2017-01-31 · amount: 2115000 · debtor: Schroeder Freight Inc. · creditor: Daimler Truck Financial · currency: CAD · security: Security over all assets of the Company, registered in Manitoba Personal Property Registry prior to NOI
- unsecured creditorsnote: Total arm's length Unsecured Creditors' Claims reported as $2.022 million, which includes the CRA Crown Claim of $0.222 million; net of the CRA Crown Claim the amount is $1.800 million as stated. Amount is exclusive of any unsecured portion of Secured Creditors' Claims and excludes intercompany balances owing to related parties. Document names no individual unsecured creditors. · page: 19 · as of: NOI filing date · basis: Statement of Affairs as reported · amount: 1800000 · debtor: Schroeder Freight Inc. · creditor: Unsecured creditors (aggregate as reported, arm's length, net of CRA Crown Claim) · currency: CAD