Ontario · NOI
First Report - BDO Canada Limited - Proposal Trustee - 29-JAN-2025(63278968.1)
Court officer report · 29 January 2025
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What we verified from this filing7 verified
- financial positionnote: UCG OpCo: Total Current Assets $24,499,972; Property, Plant and Equipment $3,325,107; Total Assets $27,825,079; Total Current Liabilities $24,325,291; Long Term Debt $1,136,991; Total Debt $25,462,282; Equity $2,362,797. UCG Landco: Total Current Assets $4,927,022; Property, Plant and Equipment $12,382,600; Total Assets $17,309,622; Total Current Liabilities $11,742,165; Long Term Debt $4,734,498; Total Debt $16,476,663; Equity $832,959. Figures are stated per entity and not aggregated by the document. · page: 9 · as at: 2024-11-30 · basis: unaudited internal financial statements (last month for which the Companies have internal financial statements) · scope: entity-level, unconsolidated - separate balance sheets for UCG OpCo and UCG Landco (no combined total presented in the document) · currency: CAD
- secured creditorsnote: Table total outstanding $22,052,585 as at Jan 16, 2025 (USD overdraft component converted to CAD). Trustee states balance later reduced to approximately $20,500,000 as of the date of the First Report, net of a $1,601,422 GIC directed to be collapsed and applied; this excludes the contingent BNS Letter of Credit of $4,808,387 issued to RBC as security for RBC Mortgages, which, if called by RBC, would bring the aggregate BNS balance to approximately $26,800,000 · page: 11 · as of: 2025-01-16 · amount: 22052585 · debtor: Upper Canada Growers Ltd. and UCG Land Inc. (cross-collateralized and cross-guaranteed) · creditor: Bank of Nova Scotia (BNS) · currency: CAD · security: General security interest over all present and after-acquired assets of the Companies, registered under the Ontario PPSA; collateral mortgages and general assignments of rents; BNS Credit Facilities aggregate facility limit $27,800,000 (Loans 1-4)
- secured creditorsnote: Total of principal balance plus accrued interest per mortgage schedule as at January 17, 2025 · page: 12 · as of: 2025-01-17 · amount: 4737054 · debtor: UCG Land Inc. · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: Five (5) RBC Mortgages (RBC Loan, Bunkhouse, Northshore Grape Farm, Electrical & Lab Upgrades, Essex Land); secured collaterally by a $4,808,387 BNS Letter of Credit in RBC's favour
- secured creditorspage: 12 · as of: per UCG OpCo's books and records · amount: 1058236 · debtor: Upper Canada Growers Ltd. · creditor: Agriculture Credit Canada (ACC) · currency: CAD · security: PPSA security interest in all present and future deciduous tree crops and proceeds thereof, used as collateral for a cash advance under the federal Advance Payments Program
- secured creditorsnote: Aggregated per-instrument components (not summed by document): Kubota Canada Ltd. $743,939 (13 pieces of equipment); Ford Credit Canada $183,283 (5 pieces of equipment); Meridian Onecap Credit Corp. $152,245 (1 piece of equipment); CWB National Leasing Inc. $1,493.74 (1 piece of equipment); Toyota Industries Commercial Finance Canada Inc. $60,791 (1 piece of equipment) · page: 12 · as of: per UCG OpCo's books and records · debtor: Upper Canada Growers Ltd. · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Serialized equipment PMSI registrations under the Ontario PPSA
- secured creditorsnote: Deemed-trust class quasi-governmental claim. Document gives two figures for LandCo's CRA indebtedness: approximately $143,750 owing to CRA (HST, per para 52) and separately, approximately $250,000 of debts owing to CRA identified by Management and included as unsecured liabilities on LandCo's NOI known-creditor listing (para 56); unclear whether these overlap or represent additional amounts · page: 13 · debtor: UCG Land Inc. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- sale outcometext: SISP approved and in progress, no successful bid yet as of this report · scope: whole_business · status: process_approved