Ontario · Receivership (court-appointed)
Notice and Statement of the Receiver dated October 3, 2011
Notice to creditors · 3 October 2011
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 filing8 verified
- financial positionnote: Assets side only; no total liabilities stated. Components (C$000s): cash 44,575 (excludes $1.5M held by FTI for Administration Charge fees), inventory 1,046, prepaid assets 2,11x (OCR illegible), land/building/equipment/furniture/fixtures 79,137(?), franchise renewal fees 10,611(?), goodwill 8,962(?) – some component figures are OCR-garbled and do not reconcile to the stated total 86,842, so the stated total is used. · page: 2 · as at: 2011-09-21 · basis: Estimated book value of the Assets, unaudited; Receiver states realizations will differ materially from the book values · scope: Priszm Income Fund, Priszm Canadian Operating Trust, Priszm Inc., KIT Finance Inc. and Priszm LP (the Company, collectively) · currency: CAD · total assets: 86842000
- secured creditorsnote: Amount not stated; Receiver 'understands' that such registrations exist. · page: 2 · creditor: Equipment lessors with registered security interests in certain equipment · currency: CAD · security: Registered security interests in certain of the Company's equipment
- secured creditorsnote: Has asserted a priority over certain proceeds from the sale transactions; claim asserted, amount not stated. · page: 2 · creditor: Scott's Real Estate Investment Trust (landlord) · currency: CAD
- secured creditorsnote: Quasi-governmental claim (potential deemed-trust/sales tax class): Receiver understands there 'may be' amounts owing in respect of sales tax related to the CCAA period; amount not stated. · page: 2 · creditor: Canada Revenue Agency (provincial and federal sales tax, CCAA period) · currency: CAD
- unsecured creditorsnote: Figure is approximate; the page text reads '$ rq.S million' (OCR-garbled) and is read here as $14.5 million. Appendix A itemises unsecured creditors (trade suppliers, utilities, landlords, etc.) – list continues beyond these pages. Includes unsecured subordinated debenture holders per the report's description of the list. Excludes post-March 31, 2011 supplier amounts. · page: 3 · as of: 2011-03-31 · basis: Receiver's report: amount owed to Unsecured Creditors as at March 31, 2011 totals approximately $14.5 million (excluding unsecured obligations to employees, not yet quantified); Appendix A list is a preliminary list as submitted by the debtor, unaudited, without admission as to any liability · amount: 14500000 · debtor: Priszm Income Fund, Priszm Canadian Operating Trust, Priszm Inc., KIT Finance Inc. and Priszm LP · creditor: Unsecured Creditors (aggregate, pre-CCAA filing, as reported) · currency: CAD
- unsecured creditorsnote: Post-CCAA-commencement trade amounts, to be paid per para. 15 of the Receivership Order; excludes employee obligations and uninvoiced amounts. Not a pre-filing claim. · page: 3 · as of: 2011-09-21 · basis: Company's records as at September 21, 2011; approximate · amount: 3000000 · creditor: Post-filing trade suppliers (goods/services after CCAA commencement) · currency: CAD
- unsecured creditorsnote: Post-filing royalties, not pre-filing debt. · page: 3 · as of: 2011-09-21 · basis: Unpaid post-filing royalties; approximate · amount: 1400000 · creditor: YUM Restaurants International (Canada) Inc. · currency: CAD
- secured creditorsnote: Appendix A list of creditors as at March 31, 2011 (as submitted by the debtor, unaudited, without admission of liability) shows $67,043,245.24. The body of the report separately states approximately $67 million owing to Prudential per books and records as at Sept 21, 2011. Receiver anticipates realizable value of Assets will be insufficient to fully repay Prudential. · page: 4 · as of: 2011-03-31 · amount: 67043245.24 · debtor: Priszm Income Fund, Priszm Canadian Operating Trust, Priszm Inc., KIT Finance Inc. and Priszm LP · creditor: Prudential Investment Management Inc. (Prudential – primary secured creditor; The Prudential Insurance Company of America, Pruco Life Insurance Company and Prudential Retirement Insurance and Annuity Company) · currency: CAD