Ontario · NOI
First Report of the Proposal Trustee (KPMG Inc.) - Brands International Corporation
Court officer report · 27 December 2024
What we verified from this filing8 verified
- financial positionnote: Company estimates total liabilities of approximately $12.5 million, including approximately $6.7 million owing to CWB, as at the Filing Date (December 24, 2024). Also includes accrued vacation pay owing to current and former employees of approximately $35,000 in aggregate as at the Filing Date. Company advised no amounts owing on account of harmonized sales tax for periods prior to the Filing Date. · page: 8 · as at: Filing Date · basis: Company estimate; unaudited · scope: Entity - Brands International Corporation · currency: CAD · total liabilities: 12500000
- secured creditorsnote: Senior secured creditor; agreement dated May 17, 2023 (CWB Credit Agreement) providing operating line of credit, non-revolving facilities and credit card facility; secured also by unlimited personal guarantee of Gedaliah David Kahan (CEO/Director) - personal guarantee, individual named for role only · page: 8 · as of: Filing Date · amount: 6700000 · debtor: Brands International Corporation · creditor: Canadian Western Bank (CWB) · currency: CAD · security: General security agreement over substantially all assets of the Company
- secured creditorsnote: Limited number of other creditors with PPSA registrations relating to equipment leasing/financing; all received notice of the motion · page: 9 · debtor: Brands International Corporation · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: PPSA registered security interests relating to leasing and/or financing of equipment
- secured creditorsnote: Deemed trust class - amounts owing to Crown in respect of source deductions and payroll remittances · page: 9 · as of: Filing Date · amount: 210000 · debtor: Brands International Corporation · creditor: Crown (source deductions and payroll remittances) · currency: CAD
- secured creditorsnote: Affiliate of CWB; one of a limited number of PPSA registrants · page: 9 · debtor: Brands International Corporation · creditor: CWB National Leasing Inc. · currency: CAD · security: PPSA registration relating to leasing/financing of equipment
- purchaserAMG Global Holdings ULC
- sale outcometext: approval of a formal sale solicitation process · scope: whole_business · status: process_approved
- stalking horseAMG Global Holdings ULC