Ontario · CCAA
Application Record – dated March 31, 2025
Application / notice of application · 31 March 2025
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 filing2 verified
- financial positionnote: As at December 31, 2024, CPAC Group's total liabilities (at book value) exceeded its total assets (at book value) by US$23,302,682. · page: 30 · as at: 2024-12-31 · basis: Book value, per CPAC Group's non-audited quarterly report for the period ended December 31, 2024 (Exhibit D) · scope: Consolidated - CPAC Group (ClearPier Acquisition Corp. and its subsidiaries) · currency: USD · total assets: 51808140 · total liabilities: 75110823
- secured creditorsnote: Affidavit states EDC 'is the Applicants' most important creditor, as well as their only secured creditor' (para 49). A sentence in the affidavit referencing an amount 'owed on a secured basis, pursuant to the EDC Credit Agreement' is truncated across a page not included in the provided extract, so the specific current outstanding balance figure is not visible. EDC also holds unsecured guarantees from affiliated companies ClearPier Inc., ClearPier Performance Inc., Solavid Inc., Advinteo Inc., Vexigo Inc., and Media Quest Group Limited. Certified PPSA search against CPAC and Ontario Inc. has a currency date of March 3, 2025. · page: 32 · debtor: ClearPier Acquisition Corp. (CPAC) and 1000238820 Ontario Inc. (guarantees also from Pub Plus, Cygobel, KPM, and pledge over HMA shares) · creditor: Export Development Canada (EDC) · currency: CAD · security: General Security Agreement dated Sept 8, 2022 from CPAC; General Security Agreement dated Sept 8, 2022 from Ontario Inc.; Secured Debenture dated Sept 8, 2022 from Pub Plus; Secured Debenture dated Oct 28, 2022 from Cygobel; Secured Debenture dated Oct 27, 2022 from KPM Technologies Ltd.; Pledge Agreement dated Dec 16, 2022 by CPAC over quota interests in HMA. Original facility amounts (not balances): Facility A $30,545,000 CAD (refinance of Pub Plus acquisition); Facility B US$20,100,000 (KPM/Cygobel acquisition); Facility C US$14,800,000 (HMA acquisition). Aggregate advanced stated as $30.5 million CAD and US$34.9 million.