Alberta · CCAA
Report of the Proposal Trustee
Court officer report · 16 April 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing2 verified
- secured creditorsnote: Secured mortgage lender named only as 'NBC' in the report. During the 3-week First Reporting Period ending April 11, 2025, actual mortgage repayments of $2,103,039 were applied to the outstanding NBC mortgage (this disbursement had not been previously forecast) - this is a repayment made during the period, NOT the outstanding balance, which is not stated (Trochu Meat Processors variance table page 13; explanation at para 43, page 14). The 17-week Trochu cash flow forecast also carries monthly interest and fees on borrowing (page 42). · page: 13 · debtor: Trochu Meat Processors Ltd. · creditor: NBC · currency: CAD · security: Mortgage ('the outstanding mortgage with NBC') on Trochu Meat Processors Ltd.
- financial positionnote: FLOOR ONLY. The report states the Applicants 'are Companies to which the CCAA applies as they are insolvent and subject to creditor claims in excess of $5 million' (para 54, page 15). The $5,000,000 is a stated floor (operative words 'in excess of') and is the CCAA jurisdictional-eligibility threshold, NOT an estimate of total liabilities. No balance sheet, statement of affairs, or itemized creditor list is presented in this report - the section 50.4(6) Notice to Creditors and its list of creditors were emailed/mailed to known creditors on March 27, 2025 and posted to the Proposal Trustee's website, not reproduced here. The appendices are cash flow forecasts (forecast figures) only. · page: 15 · basis: First Report of Proposal Trustee / Pre-Filing Report of Proposed Monitor (Harris & Partners Inc.); statutory CCAA-eligibility recital · scope: the Applicants collectively - the Sunterra Group (nine Alberta entities: Sunterra Farms Ltd., Sunterra Food Corporation, Sunterra Quality Food Markets Inc., Sunwold Farms Limited, Trochu Meat Processors Ltd., Sunterra Beef Ltd., Lariagra Farms Ltd., Sunterra Farm Enterprises Ltd., Sunterra Enterprises Inc.) · currency: CAD · total liabilities: 5000000