Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 30 August 2023
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 filing10 verified
- financial positionnote: Stated in $000s: capital assets 30,286; accounts receivable 9,830; inventories 9,194; intangible assets 2,288; advances to related entities 1,852; prepaids 750; investments 30. No total liabilities stated. About 60% of receivables owed by Smucker, which is in dispute with the Company. · page: 9 · as at: 2023-08-23 · basis: Trustee's 'estimate of the Company's assets as at the Filing Date', based on unaudited Company information not verified by the Proposal Trustee · scope: Whyte's Foods Inc. (the Applicant) only · currency: CAD · total assets: 54230000
- secured creditorsnote: Stated as 'approximately $34.4 million' total outstanding under the FCC Credit Agreement. FCC Loan Parties in default; forbearance agreement signed August 23, 2023. Refinanced certain BDC loans. · page: 11 · as of: Filing Date (August 23, 2023) · amount: 34400000 · debtor: Whyte's Foods Inc. · creditor: Farm Credit Canada (FCC) · currency: CAD · security: Real property loans: original agreement of May 20, 2020 with two real property loans totalling $18.3 million (original advances); amended and restated April 11, 2023 adding refinancing facilities of $10 million and $7.3 million real property loans (principal amounts, not balances). Guaranteed by Triak, Mario Saroli and Maison Gourmet (unlimited) and Ms. Kawaja (limited). Holds security over Non-trade Personal Property (FCC Collateral).
- secured creditorsnote: Stated as 'approximately $8.1 million'. WF Loan Parties in default; forbearance agreement dated April 19, 2023 expired July 31, 2023; further forbearance to October 10, 2023 under the DIP Facility Agreement. Separate DIP Facility of up to $2.7 million (not a pre-filing balance) allows over-advances. · page: 11 · as of: Filing Date (August 23, 2023) · amount: 8100000 · debtor: Whyte's Foods Inc. (with Maison Gourmet Inc. as co-borrower) · creditor: Wells Fargo Capital Finance Corporation Canada (ABL Facility) · currency: CAD · security: ABL revolving facility up to $25 million maximum (limit, not balance), subject to borrowing bases; WF Term Facility up to $1.5 million with no amounts advanced. Guaranteed by Triak Capital Inc. and Mario Saroli Sales Inc. First-ranking security over the DIP Property.
- secured creditorsnote: Related party. Trustee understands the EJJ Loan ranks subordinate to the secured obligations owing to Wells Fargo and FCC. Total of approximately $3.8 million is stated without its own as-of date. · page: 12 · amount: 3800000 · debtor: Whyte's Foods Inc. · creditor: EJJ Capital Inc. (related party) · currency: CAD · security: Security over the Property for the EJJ Loan (promissory note of March 15, 2023 for approximately $2.2 million on demand, interest at prime plus 1%) and prior advances, for a total of approximately $3.8 million. Registered April 19, 2023.
- secured creditorsnote: BDC obligations have been refinanced through the FCC Refinancing Facilities; registrations remain on record. Amount not stated. · page: 13 · debtor: Whyte's Foods Inc. · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Registrations against Whyte's Property.
- secured creditorsnote: Amount not stated in this document. · page: 13 · debtor: Whyte's Foods Inc. · creditor: Investissement Quebec (IQ) · currency: CAD · security: Registered interest in the Company's Property and Securities per QRPMRR results; loan offer executed December 5, 2012.
- unsecured creditorsnote: Trade creditors located across Canada, U.S. and Europe, owed primarily to third-party suppliers of raw materials, packaging, logistics and other goods and services. No individual creditors named. · page: 13 · as of: Filing Date (August 23, 2023) · basis: Company's books and records ('approximately $13 million') · amount: 13000000 · debtor: Whyte's Foods Inc. · creditor: Unsecured trade creditors (aggregate) · currency: CAD
- unsecured creditorsnote: Government repayable contribution program. · page: 14 · as of: Filing Date (August 23, 2023) · basis: Repayable Contribution Agreement dated February 27, 2019; stated as approximately $4.9 million owing · amount: 4900000 · debtor: Whyte's Foods Inc. · creditor: Agriculture and Agri-Food Canada (Agri-Innovate Program) · currency: CAD
- unsecured creditorsnote: Only payroll-related funding obligation the Company is not current on. Regulatory/statutory quasi-debt; ranking not stated. · page: 14 · as of: Filing Date (August 23, 2023) · basis: Company owes approximately $264,000; the Quebec workplace safety authority (regulatory/statutory payroll-related amount) · amount: 264000 · debtor: Whyte's Foods Inc. · creditor: La Commission des normes, de l'équité, de la santé et de la sécurité du travail (CNESST) · currency: CAD
- unsecured creditorsnote: Accrued employee obligation; preferred or other ranking not stated in the document. · page: 14 · as of: Date of First Report (August 30, 2023) · basis: Company's books and records reflect accrued vacation pay of approximately $448,000 · amount: 448000 · debtor: Whyte's Foods Inc. · creditor: Employees (accrued vacation pay) · currency: CAD