Ontario · CCAA
Application Record CCAA Application - Part 05
Application / notice of application · 6 November 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 filing11 verified
- secured creditorspage: 15 · as of: Ontario PPSA file currency: August 7, 2023 · debtor: Simply Green Home Services Corp. (formerly Simply Green Home Services Inc.) · creditor: The Toronto-Dominion Bank · currency: CAD · security: PPSA registration over Accounts and Other collateral; no fixed maturity date
- secured creditorsnote: Includes: Ford Credit Canada Leasing (2022 Ford F150, active, no stated balance); Jim Peplinski Leasing Inc. (two 2018 Nissan NV200 vans, ~$28,071 each, and a 2019 Nissan NV200, $27,955) - DISCHARGED July 2023; Mercedes-Benz Financial / Mercedes-Benz Financial Services Canada Corporation (2019 Mercedes-Benz S560, $118,596.42, co-debtor Lyudmila Krimker - personal guarantee) - DISCHARGED July 2023 · page: 16 · as of: Ontario PPSA file currency: August 7, 2023 · debtor: Simply Green Home Services Corp./Inc. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Purchase-money security interests in specific serialized vehicle collateral
- secured creditorsnote: Related party - 2775153 Ontario Inc. was an affiliated entity controlled by Lawrence Krimker used in a 2020 corporate reorganization · page: 16 · as of: Ontario PPSA file currency: August 7, 2023 · debtor: Simply Green Home Services Corp./Inc. · creditor: 2775153 Ontario Inc. · currency: CAD · security: Blanket PPSA registration (Inventory, Equipment, Accounts, Other, MV Included)
- secured creditorsnote: DISCHARGED June 19, 2023 - not a current secured creditor · page: 16 · as of: 2023-06-19 · debtor: 2775153 Ontario Inc. / Simply Green Home Services Inc. · creditor: Magnetar Financial LLC · currency: CAD · security: Blanket PPSA registration (Inventory, Equipment, Accounts, Other, MV Included)
- secured creditorspage: 20 · as of: Marble Amalco PPSA file currency: October 2, 2023 · debtor: Marble Amalco Inc. (now Simply Group Financial Corp.; previously Ecohome Financial Inc.) · creditor: Versabank · currency: CAD · security: Blanket PPSA registration (Inventory, Equipment, Accounts, Other, MV Included); security over 'Relevant Loans' financed under a master purchase and servicing agreement dated September 21, 2011 (secured party formerly named Pacific & Western Bank of Canada)
- secured creditorsnote: Related party / intercompany registration; Simply Group Financial Corp is an affiliated entity within the group (formerly One Dealer Financial Services Inc./Ecohome Financial Inc./Marble Amalco Inc. under amalgamation) · page: 20 · as of: Marble Amalco PPSA file currency: October 2, 2023 · debtor: Marble Amalco Inc. · creditor: Simply Group Financial Corp · currency: CAD · security: Security interest in accounts and chattel paper sold under a share and asset purchase agreement dated April 14, 2023 and a conveyance/assignment agreement dated June 15, 2023
- secured creditorsnote: Two separate base registrations (2015-04-14 and 2016-07-22) · page: 21 · as of: Marble Amalco PPSA file currency: October 2, 2023 · debtor: Marble Amalco Inc. (now Simply Group Financial Corp.; previously One Dealer Financial Services Inc./Ecohome Financial Inc.) · creditor: Sun Life Assurance Company of Canada · currency: CAD · security: Blanket PPSA registration; assets subject to master purchase and servicing agreements
- financial positionnote: Total shareholders' deficiency of $43,092,538 plus non-controlling interest deficit of $12,819,483 = total deficiency of $55,912,021. Major liability components: Secured finance payable $255,768,251 (net of financing fees; unattributed to a named counterparty in the excerpted notes), Loans payable $24,404,533 (Peoples Trust Company facilities, see secured creditor entry), Due to related parties (shareholders) $415,348 net; a proposed but uncertified class action is disclosed with no amounts accrued. · page: 109 · as at: 2022-12-31 · basis: Audited consolidated financial statements (Ernst & Young LLP audit report dated July 17, 2023); 15-month transition period ended December 31, 2022 · scope: Consolidated - Simply Green Home Services Corp. (formerly Simply Green Home Services Inc.) and subsidiaries, including non-controlling interests · currency: CAD · total assets: 256381975 · total liabilities: 312293996
- secured creditorsnote: Related party - due to shareholders, interest at prime plus 6.05% to 10% per annum, due on demand; expressly subordinated to the Peoples Trust Company/Greypoint loans payable per Note 8 · page: 119 · as of: 2022-12-31 · amount: 2733242 · debtor: Simply Green Home Services Corp. · creditor: Shareholders of the Company (related parties) · currency: CAD · security: General security agreement over the assets of the Company
- secured creditorsnote: Loans payable total per Note 8 to Dec 31, 2022 financial statements; facility limits: WLOC#1 authorized to $30,000,000 (max drawn limit $5,500,000 at 12/31/22); WLOC#2 authorized to $25,400,000 (max drawn limit $19,514,800); term loan originated at $10,000,000. Peoples Trust Company subsequently acted as DIP Lender in the CCAA proceeding. · page: 119 · as of: 2022-12-31 · amount: 24404533 · debtor: Simply Green Home Services Corp. (formerly Simply Green Home Services Inc.); also registered against Crown Crest Capital Management Corp., Crown Crest Capital Trust, Crown Crest Financial Corp. and Crown Crest Funding Corp. · creditor: Peoples Trust Company · currency: CAD · security: Warehouse Lines of Credit (#1 and #2) and term loan (originally a $10,000,000 convertible debenture), each secured by select finance receivables; also blanket PPSA/PPR registrations covering all present and after-acquired personal property of the Simply Green/Crown Crest entities (Ontario and BC registrations, incl. BC base reg. 869784P dated Oct 25, 2023)
- secured creditorsnote: Original facility limit $15,000,000 (Aug 22, 2019); facility repaid in full January 26, 2022 - zero balance at Dec 31, 2022; PPSA registration remained on file (not discharged) as of Ontario search current to Aug 7, 2023 · page: 120 · as of: 2022-12-31 · amount: 0 · debtor: Simply Green Home Services Corp. (formerly Simply Green Home Services Inc.) · creditor: Greypoint Capital Inc. · currency: CAD · security: Warehouse Line of Credit Agreement secured by select finance receivables; blanket PPSA registration (Inventory, Equipment, Accounts, Other, MV Included)