Ontario · NOI
First Report of the Proposal Trustee
Court officer report · 31 May 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing10 verified
- secured creditorsnote: Principal amount including interest and fees; Shiny Bud currently in default (failure to pay principal and interest, breach of financial covenants, failure to remit source deductions). Also acting as DIP Lender. · page: 9 · as of: NOI Filing Date · amount: 1591191 · debtor: Shiny Bud Inc. · creditor: Evergreen Gap Debt GP Inc, as Agent for and on behalf of Evergreen Gap Debt LP and Gap Debt III LP · currency: CAD · security: First-ranking security interest over all personal property, assets, trademarks and undertaking; loan agreement principal maximum amount of $3,000,000 dated June 17, 2021, as amended April 30, 2022, December 12, 2022, December 28, 2022, February 15, 2024
- financial positionnote: Total estimated creditor claims of $14.1 million as of NOI Filing Date (May 24, 2024), comprising secured/deemed trust claims and approximately $12.4 million in unsecured claims; no total assets figure stated in these pages. · page: 10 · as at: NOI Filing Date · basis: estimated amount owed to creditors, as reported by Company · scope: Shiny Bud Inc. (entity level) · currency: CAD · total liabilities: 14100000
- secured creditorsnote: Unremitted income tax, CPP and EI amounts; deemed trust class · page: 11 · as of: 2024-05-27 · amount: 115399 · debtor: Shiny Bud Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD · security: Statutory deemed trust
- secured creditorsnote: Unremitted Employee Health Tax (EHT) amounts · page: 11 · as of: 2024-05-27 · amount: 22858 · debtor: Shiny Bud Inc. · creditor: Ontario Ministry of Finance · currency: CAD · security: PPSA lien registration
- unsecured creditorsnote: Back rent owed in connection with leases of closed retail stores; document names no individual creditors · page: 11 · as of: NOI Filing Date · basis: Company's books and records, as reported · amount: 753033 · debtor: Shiny Bud Inc. · creditor: Former landlords (aggregate) · currency: CAD
- unsecured creditorsnote: Vacation pay owed to employees; may constitute a preferred class under BIA but not explicitly labelled 'preferred' in text · page: 11 · as of: NOI Filing Date · basis: Company's books and records, as reported · amount: 98162 · debtor: Shiny Bud Inc. · creditor: Employees (aggregate) · currency: CAD
- unsecured creditorsnote: Back rent owed in connection with the Stores; document names no individual creditors · page: 11 · as of: NOI Filing Date · basis: Company's books and records, as reported · amount: 29708 · debtor: Shiny Bud Inc. · creditor: Current landlords (aggregate) · currency: CAD
- unsecured creditorsnote: Related party: parent company of Shiny Bud · page: 12 · as of: NOI Filing Date · basis: Company's books and records, as reported · amount: 6900000 · debtor: Shiny Bud Inc. · creditor: Shiny Health and Wellness Corp · currency: CAD
- unsecured creditorsnote: Shareholder loan; former director of Shiny Wellness (related party/individual) · page: 12 · as of: NOI Filing Date · basis: Company's books and records, as reported · amount: 1500000 · debtor: Shiny Bud Inc. · creditor: Richard Espinos · currency: CAD
- unsecured creditorsnote: Shareholder loan; former director of Shiny Bud (related party/individual) · page: 12 · as of: NOI Filing Date · basis: Company's books and records, as reported · amount: 1200000 · debtor: Shiny Bud Inc. · creditor: Micah Dass · currency: CAD