Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 7 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 filing18 verified
- secured creditorsnote: Primary secured lender; notice of default delivered; Pathward subordinated its security interest in all personal property other than inventory and accounts receivable in favour of BDC pursuant to priority agreement · page: 11 · as of: 2025-03-05 · amount: 949125.12 · debtor: Kroeger Inc. · creditor: Pathward, National Association · currency: CAD · security: Lien on all present and after-acquired personal property, registered under PPSA (revolving, demand line of credit facilities)
- secured creditorsnote: BDC subordinated its security interest in inventory and accounts receivable in favour of Pathward, and Pathward subordinated its security interest in all other personal property in favour of BDC, per priority agreement · page: 11 · as of: 2025-03-03 · amount: 540070 · debtor: Kroeger Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: General security agreement granting lien on all present and after-acquired personal property, registered under PPSA (non-demand term loan facilities)
- secured creditorsnote: Related party - President and sole director of the Company; Company advises no amounts owing on this legacy PPSA registration · page: 11 · as of: 2025-03-06 · debtor: Kroeger Inc. · creditor: Grant Chapman · currency: CAD · security: PPSA registration (legacy)
- secured creditorsnote: USD-denominated portion of same Pathward Facilities balance as of same date · page: 11 · as of: 2025-03-05 · amount: 18867.92 · debtor: Kroeger Inc. · creditor: Pathward, National Association · currency: USD · security: Lien on all present and after-acquired personal property, registered under PPSA (revolving, demand line of credit facilities)
- secured creditorsnote: Company advises no amounts owing on this legacy PPSA registration · page: 12 · as of: 2025-03-06 · debtor: Kroeger Inc. · creditor: CMMI Canadian Mass Media Inc. · currency: CAD · security: PMSI registration (legacy) - inventory, equipment and other tangible personal property
- secured creditorsnote: Company advises no amounts owing on this legacy PPSA registration · page: 12 · as of: 2025-03-06 · debtor: Kroeger Inc. · creditor: Great Pacific Enterprises Inc. · currency: CAD · security: PMSI registration (legacy) - inventory, equipment and other tangible personal property
- secured creditorsnote: Company advises no amounts owing on this legacy PPSA registration · page: 12 · as of: 2025-03-06 · debtor: Kroeger Inc. · creditor: On Deck Capital Canada, Inc. · currency: CAD · security: PPSA registration (legacy)
- unsecured creditorspage: 12 · as of: NOI filing date (February 28, 2025) · basis: Kroeger's creditor list as at the NOI filing date - fourth largest unsecured creditor · amount: 427619.85 · debtor: Kroeger Inc. · creditor: Crazy Aaron Ent. Inc. · currency: CAD
- unsecured creditorsnote: Total includes the five largest unsecured creditors itemized below; full creditor list with claims over $250 is appended as Appendix C (not reproduced in these pages) · page: 12 · as of: NOI filing date (February 28, 2025) · basis: Kroeger's creditor list as at the NOI filing date · amount: 5620340 · debtor: Kroeger Inc. · creditor: Unsecured creditors (aggregate as reported) · currency: CAD
- unsecured creditorspage: 12 · as of: NOI filing date (February 28, 2025) · basis: Kroeger's creditor list as at the NOI filing date - largest unsecured creditor · amount: 1669617.95 · debtor: Kroeger Inc. · creditor: Jazwares LLC · currency: CAD
- unsecured creditorspage: 12 · as of: NOI filing date (February 28, 2025) · basis: Kroeger's creditor list as at the NOI filing date - second largest unsecured creditor · amount: 749955.78 · debtor: Kroeger Inc. · creditor: Playmonster Group LLC · currency: CAD
- unsecured creditorspage: 12 · as of: NOI filing date (February 28, 2025) · basis: Kroeger's creditor list as at the NOI filing date - third largest unsecured creditor · amount: 661066.12 · debtor: Kroeger Inc. · creditor: Ceaco · currency: CAD
- unsecured creditorspage: 12 · as of: NOI filing date (February 28, 2025) · basis: Kroeger's creditor list as at the NOI filing date - fifth largest unsecured creditor · amount: 294671.43 · debtor: Kroeger Inc. · creditor: Basic Fun Inc. · currency: CAD
- unsecured creditorsnote: Disputed/contingent claim; alleged additional amount owed beyond the trade payable balance listed above; not included in the $5,620,340 aggregate unsecured total · page: 13 · as of: 2024-08-07 · basis: Contingent, unsecured litigation claim asserted by Jazwares, LLC in U.S. District Court for the Southern District of Florida · amount: 1400000 · debtor: Kroeger Inc. · creditor: Jazwares, LLC (additional contingent claim) · currency: USD
- purchaser1001166783 Ontario Ltd.
- recovery outcomeentries: basis: estimated · quote: In particular, both of the Company's existing secured lenders Pathward and BDC are expected to be repaid in full upon closing of the transaction contemplated in the Stalking Horse Purchase Agreement. · pct of: unstated · outcome: paid_in_full · class key: secured · stated by: proposal_trustee · class label: Pathward and BDC · creditor name: Pathward and BDC · interim final: unstated · conditional on: upon closing of the transaction contemplated in the Stalking Horse Purchase Agreement · claims qualifier: unstated · table missing:
- sale outcometext: Company seeks approval of the SISP and the Stalking Horse Agreement · scope: whole_business · status: process_approved
- stalking horse1001166783 Ontario Ltd. (1600000)