British Columbia · CCAA
Petition
Application / notice of application · 23 May 2023
A plain-language read of this filing opens with a subscription.
What we verified from this filing4 verified
- secured creditorsnote: Stated as approximate ("approximately $13.6 million"); Petitioners in default or soon to be in default under 2023 Forbearance; Mr. Donnelly (personal guarantor) guaranteed obligations up to $1,200,000 (Donnelly Guarantees) - related-party personal guarantee, not a corporate creditor; DHM (affiliate) also guarantor of BMO debt · page: 11 · as of: as of petition filing ("at present", May 22, 2023) · amount: 13600000 · debtor: Hospitality Entities (Donnelly Public Houses Inc. and its restaurant/bar subsidiaries) · creditor: Bank of Montreal (BMO) · currency: CAD · security: First-position PPSA security registered in Ontario and British Columbia; general security agreements granted by each Petitioner; assignment of book debts; subordination, postponement, and assignment agreements; HASCAP and BCAP facilities secured in favour of BMO; cross-guarantees among all Petitioners for total debt to BMO
- secured creditorsnote: Stated as approximate ("approximately $1.25 million"); part of same BMO facilities/forbearance arrangement as Hospitality Entities debt · page: 11 · as of: as of petition filing ("at present", May 22, 2023) · amount: 1250000 · debtor: Bomber Investments Ltd. · creditor: Bank of Montreal (BMO) · currency: CAD · security: First-position PPSA security registered in Ontario and British Columbia; general security agreement; assignment of book debts; subordination, postponement, and assignment agreements; cross-guarantees among all Petitioners for total debt to BMO
- secured creditorsnote: GST/HST arrears; described as approximate and subject to reduction by input tax credits; Initial Order carves out "any valid deemed trust claim held by Canada Revenue Agency in respect of unpaid goods and services taxes collected by a Petitioner" from priority charges (deemed trust class) · page: 12 · as of: as of petition filing ("at present", May 22, 2023) · amount: 2300000 · debtor: Petitioners (collectively) · creditor: Canada Revenue Agency (CRA) · currency: CAD
- recovery outcomeentries: basis: liquidation_alternative · quote: Accordingly, in a liquidation, BMO would recover less than the full value of its indebtedness, and unsecured creditors would recover nothing. · pct of: unstated · outcome: shortfall · class key: secured · stated by: debtor · class label: BMO · creditor name: BMO · interim final: unstated · claims qualifier: unstated; basis: liquidation_alternative · quote: Accordingly, in a liquidation, BMO would recover less than the full value of its indebtedness, and unsecured creditors would recover nothing. · pct of: unstated · outcome: nil · class key: unsecured · stated by: debtor · class label: unsecured creditors · interim final: unstated · claims qualifier: unstated · table missing: