Ontario · NOI
Second Report of the Proposal Trustee (July 21, 2026)
Court officer report · 21 July 2026
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 filing3 verified
- secured creditorsnote: The Company's sole secured lending facility (one facility) per Proposal Trustee First Report para 24. The $1,100,000 is the ORIGINAL PRINCIPAL ADVANCED, not the current outstanding balance, which the document does not state (so amount is null). Pierino Alberto Papa is an individual co-lender alongside 0933805 BC Limited. Mortgage Lenders reported as supportive of the restructuring and open to extending the loan's maturity (para 29). · page: 26 · debtor: Blizza Brands Inc. · creditor: 0933805 BC Limited and Pierino Alberto Papa (the "Mortgage Lenders") · currency: CAD · security: First-ranking registered charge over the Company's Facility (real property at 371 Neptune Crescent, London, Ontario). Original principal amount of the Mortgage Loan was $1,100,000.
- unsecured creditorsnote: Crown claim. Stated total $599,196.79 comprised of $430,011.63 excise arrears (Excise Act, 2001), $139,214.35 payroll-related obligations (source deductions) and $29,970.81 GST/HST. Source-deduction and GST/HST portions carry Crown deemed-trust priority ranking ahead of ordinary security; the excise-arrears portion is an ordinary Crown claim. This CRA amount is included within the Company's ~$1.44M estimated unsecured obligations (First Report para 19, p.25). · page: 27 · as of: 2026-06-23 · basis: Company's estimate of CRA indebtedness as of the NOI Filing Date (Proposal Trustee First Report, 'Crown Claims') · amount: 599196.79 · debtor: Blizza Brands Inc. · creditor: Canada Revenue Agency · currency: CAD
- unsecured creditorsnote: Unpaid trade debt and other unsecured obligations incurred in the ordinary course; the document names no individual trade creditors. Together with the CRA claim this comprises the Company's ~$1.44M estimated unsecured obligations (First Report para 19, p.25). Post-filing CRA/OCS garnishments (~$83,924 and ~$3,615) noted in the Second Report are separate enforcement amounts being returned, not additional pre-filing debt. · page: 27 · as of: 2026-06-23 · basis: Company's books and records (trade accounts payable) as of June 23, 2026 · amount: 837290.29 · debtor: Blizza Brands Inc. · creditor: Trade accounts payable (aggregate as reported) · currency: CAD