British Columbia · CCAA
Affidavit #1 of Sukhjit Sangera (with exhibits), November 27, 2024
Affidavit · 27 November 2024
What we verified from this filing8 verified
- secured creditorsnote: Amount is registered mortgage principal, not confirmed outstanding balance; subordinate to RBC's first mortgage on Coulson Lands · page: 12 · as of: 2024-06-17 · amount: 3000000 · debtor: Coulson Manufacturing 2017 Ltd. · creditor: Five Peaks Capital Ltd. · currency: CAD · security: Second mortgage over all lands and premises of the Coulson Lands (registered no. CB1381654) and assignment of rents (no. CB1381655)
- secured creditorsnote: Aggregate outstanding on Axon Credit Facilities (3 non-revolving loans, 1 letter of guarantee) per RBC demand letters dated Oct 25, 2024 · page: 13 · as of: 2024-10-25 · amount: 4674070.97 · debtor: Axon Lumber Ltd. · creditor: Royal Bank of Canada (formerly HSBC Bank Canada) · currency: CAD · security: Mortgages: $3,500,000.00 registered principal, first ranking charge over Axon Lands 1 (no. CA5296887); $15,000,000.00 registered principal, first ranking charge over Axon Lands 2 (no. CA3092376); guaranteed by San Industries, Coulson, Super-Cut and personally by Sukhjit Singh Sanghera, Kamaljit Singh Sanghera, Iqbal Singh Deol
- secured creditorsnote: Aggregate of San Industries and Coulson Credit Facilities (2 revolving loans, 7 non-revolving loans incl. BCAP co-loan with BDC, 2 letters of guarantee, FX facility, interest rate swap, 2 master equipment leases) per RBC demand letters dated Oct 25, 2024. Also USD $1,700,000.00 outstanding under the same facilities. BCAP component outstanding approx $3,624,999.89 (secured jointly with BDC) is included within this aggregate, original principal $5,000,000 RBC / $20,000,000 BDC. · page: 13 · as of: 2024-10-25 · amount: 100280661.54 · debtor: San Industries Ltd. and Coulson Manufacturing 2017 Ltd. · creditor: Royal Bank of Canada (formerly HSBC Bank Canada) · currency: CAD · security: First position PPSA over San Industries, Coulson, Acorn, Axon, Super-Cut and San Cedar; assignments of book debts and subordination/postponement/assignment agreements; Coulson mortgage (registered principal $10,000,000.00, first ranking charge, Coulson Lands, no. CA5974732); guaranteed by San Industries, Coulson, Axon, San Forest, Super-Cut, San Holdings, San Cedar, Acorn and personally by Sukhjit Singh Sanghera, Kamaljit Singh Sanghera and Iqbal Singh Deol
- secured creditorsnote: Deemed trust class - source deduction arrears · page: 17 · as of: 2024-08-31 · amount: 5049650.67 · debtor: San Group (Petitioners, collectively) · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Aggregate outstanding on BDC Credit Facilities (Loans 232436-1, 143805-4, 143805-03, 143805-02, 187509-01) per BDC demand letters dated Nov 7, 2024. Figure as printed in the document ('$43,426,57.30') appears to contain a typographical/OCR error but is reproduced as stated. · page: 17 · as of: 2024-11-07 · amount: 43426.573 · debtor: San Forest Products Ltd., San Industries Ltd., Acorn Forest Products Ltd. (and related guarantors) · creditor: Business Development Bank of Canada · currency: CAD · security: Mortgages creating first ranking charge over San Forest Lands 1 and San Forest Lands 2 (registered no. CA7196293); first position PPSA over San Forest, and assignments of book debts/subordination agreements; guaranteed by Super-Cut, San Industries, Axon, Coulson, San Forest, Acorn and personally by Sukhjit Singh Sanghera, Kamaljit Singh Sanghera, Iqbal Singh Deol (each limited to $1,000,000 plus interest and cost per loan)
- secured creditorsnote: Deemed trust class - GST arrears, aggregate across the five named entities; do not sum with source deduction arrears entry · page: 17 · as of: 2024-08-31 · amount: 1013022.23 · debtor: Axon Lumber Ltd., Acorn Forest Products Ltd., Super-Cut Lumber Industries Ltd., Coulson Manufacturing 2017 Ltd., Mountainside Logging Ltd. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Regulatory/quasi-governmental Crown stumpage debt. Prose estimate: Coulson owes HKBC approximately $22,000,000.00 in stumpage fees (para 86). Earlier certificate of judgment obtained Feb 5, 2024 in the amount of $7,481,606.46 (superseded/added to by this later judgment). · page: 18 · as of: 2024-09-12 · amount: 14608092.02 · debtor: Coulson Manufacturing 2017 Ltd. · creditor: His Majesty the King in Right of British Columbia (HKBC) - Ministry of Forests (stumpage) · currency: CAD · security: Certificates of judgment; unclear whether covered by the first-position PPSA granted by San Holdings Inc. to HKBC (see separate entry)
- secured creditorsnote: Regulatory/Crown-related security; no balance stated for San Holdings' obligations specifically · page: 18 · debtor: San Holdings Inc. · creditor: His Majesty the King in Right of British Columbia (HKBC) · currency: CAD · security: First position personal property security registered in British Columbia; assignments of book debts and subordination, postponement, and assignment agreements