Ontario · Receivership (court-appointed)
First Report of Richter Inc.
Court officer report · 23 September 2025
A plain-language read of this filing opens with a subscription.
What we verified from this filing5 verified
- financial positionnote: Total assets equal 'Total Liabilities and Shareholders' Equity' per the balance sheet (68,864, stated in thousands). Total liabilities of $121,250 (thousands) described in the Report as 'approximately $121.3 million', including unsecured trade payables of $26.1 million and lease obligations of $37.6 million. Shareholders' equity is negative $52,387 (thousands) (~$52.4 million). Current liabilities exceed current assets by approximately $65.2 million (book value). · page: 10 · as at: 2025-04-30 · basis: unaudited condensed consolidated interim financial statements (book value); referred to in the First Report as the 'Latest Financials' · scope: consolidated - Flow Beverage Corp. and its subsidiaries (the Debtors) · currency: CAD · total assets: 68864000 · total liabilities: 121250000
- secured creditorsnote: Senior secured lender (one of two 'Senior Secured Lenders'). Amount includes principal, interest and fees, plus legal fees, and may vary. Also holds a Deed of Movable Hypothec from OpCo, but OpCo no longer holds material Quebec assets. M&T Bank Corporation is an additional secured party on some of NFS's UCC/PPSA filings as M&T is a lender to NFS; NFS retains authority to terminate those registrations for both. Combined with RI Flow, total 'Senior Secured Indebtedness' as at Sept 15, 2025 is approximately $72,294,027. · page: 13 · as of: 2025-09-15 · amount: 57915928 · debtor: ParentCo (Flow Beverage Corp.), with guarantees from OpCo, PropertyCo, GlowCo and USCo · creditor: NFS Leasing Canada Ltd. · currency: CAD · security: General security agreement over substantially all property of ParentCo; guarantees and GSAs from OpCo, PropertyCo, GlowCo and USCo; pledge of OpCo shares by ParentCo and pledge of PropertyCo/USCo/GlowCo shares by OpCo; first-ranking collateral mortgage in the principal amount of $20,223,000 (registered principal, not a balance) over the Bruce Property plus general assignment of rents and leases; security interest in USCo's US trademarks; first-in-time PPSA registrations against ParentCo, OpCo, PropertyCo and GlowCo; UCC financing statement registered in Delaware against USCo's personal property
- secured creditorsnote: Senior secured lender (one of two 'Senior Secured Lenders'); related party - Cliff Rucker, a Manager of RI Flow and director of NFS, directly or indirectly holds a 13.3% equity interest (8.3% voting rights) in ParentCo. Amount includes principal, interest and fees, plus legal fees, and may vary. Combined with NFS, total 'Senior Secured Indebtedness' as at Sept 15, 2025 is approximately $72,294,027. · page: 15 · as of: 2025-09-15 · amount: 13712928 · debtor: ParentCo and OpCo · creditor: RI Flow LLC · currency: CAD · security: General security agreement over substantially all property of ParentCo; second-in-time PPSA registrations against all personal property of ParentCo and OpCo, subsequent in time only to NFS
- secured creditorsnote: Registration made subsequent in time to NFS's and RI Flow's registrations. NFS holds an underlying interest in this registration pursuant to a Collateral Assignment of Rights agreement between NFS and BeatBox (Future Proof's subsidiary), related to shared equipment financing/lease arrangements. · page: 16 · debtor: ParentCo · creditor: Future Proof Brands LLC d/b/a Beatbox Beverages · currency: CAD · security: PPSA registration against ParentCo's general collateral (blanket registration)
- secured creditorsnote: Serialized-equipment financiers with purchase-money security interests; Receiver expects this equipment to be treated as an 'Excluded Asset' under the Subscription Agreement or otherwise paid out by the Purchaser. · page: 16 · debtor: OpCo · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registrations against specific equipment: Mercedes-Benz Financial, Mercedes-Benz Financial Services Canada Corporation, BeatBox Beverages Canada, Inc., Vault Credit Corporation, and Express Truck Center (Express Truck Center registered against business name 'Flow Hydration' in respect of four vehicles)