Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 2 April 2024
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What we verified from this filing8 verified
- courtONTARIO SUPERIOR COURT OF JUSTICE (IN BANKRUPTCY & INSOLVENCY) (COMMERCIAL LIST)
- court file noBK-24-03054351-0031
- commencement date11 March 2024
- secured creditorsnote: Pre-filing mortgage; DIP Loan proceeds intended to pay it in full; not named or quantified in these pages · page: 23 · debtor: Hempsana Inc. · creditor: Existing first mortgagee (unnamed) · currency: CAD · security: first mortgage on the Borrower's real property
- secured creditorsnote: Facility limit (maximum amount of DIP Loan), not an outstanding balance; related-party/DIP financing arrangement · page: 23 · as of: DIP Term Sheet dated March 11, 2024 · amount: 500000 · debtor: Hempsana Inc. · creditor: Movengo Developments Inc. (DIP Lender) · currency: CAD · security: Senior secured super-priority DIP Charge over all present and future property, assets, rights and undertaking of the Borrower (the Collateral), ranking behind the Administration Charge but ahead of other security interests, claims and deemed trusts
- secured creditorsnote: Maximum amount of proposed charge, not an outstanding balance · page: 23 · as of: DIP Term Sheet dated March 11, 2024 · amount: 200000 · debtor: Hempsana Inc. · creditor: Proposal Trustee (B. Riley Farber Inc.), its counsel, and counsel to the Borrower · currency: CAD · security: Court-ordered Administration Charge, ranking ahead of the DIP Charge
- sale advisorB. Riley Farber Inc.
- sale outcometext: Sale Process approved and bidding procedures set out, with Approval and Vesting Order hearing scheduled · scope: whole_business · status: process_approved