Ontario · CCAA
Pre-Filing Report of the Proposed Monitor Richter Inc.
Pre-filing report · 1 April 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 filing3 verified
- secured creditorsnote: Stated as 'currently owed amounts in excess of approximately CDN$30.5 million' (floor, not exact dated balance; word 'excess of'). Original Facility A advance was CDN$30,545,000 (refinancing of prior PubPlus acquisition funding); this is an original facility amount, not the outstanding balance. EDC obtained personal guarantees from directors Jignesh Shah and Sunil Abraham totalling $1 million (aggregate, combined) in connection with the Second Standstill Agreement (August 21, 2024) - individual guarantors, not corporate creditors. EDC is subject to an intercreditor agreement with RBC regarding EDC's claim against the Additional Guarantors; RBC separately holds security over CPP and MQ (non-Applicant entities). · page: 5 · as of: currently owed (as stated in Pre-Filing Report, April 1, 2025) · amount: 30500000 · debtor: ClearPier Acquisition Corp. (CPAC) · creditor: Export Development Canada (EDC) · currency: CAD · security: Secured under Credit Agreement dated September 8, 2022 against the assets of CPAC, 1002 Ontario, PubPlus, Cygobel and KPM, and the shares of HMA; EDC also holds unsecured guarantees from Additional Guarantors (ClearPier Inc., CPP, Solavid Inc., Advinteo Inc., Vexigo Inc., MQ); EDC is the only party with registrations against the Applicants in Ontario per PPSA searches
- secured creditorsnote: Stated as 'currently owed amounts in excess of approximately ... US$40 million' (floor, not exact dated balance; word 'excess of'). Original USD advances were Facility B US$20,100,000 (KPM/Cygobel acquisition) and Facility C US$14,800,000 (HMA acquisition) — combined original USD advances approx. US$34.9 million; these are original facility amounts, not the current outstanding balance. · page: 5 · as of: currently owed (as stated in Pre-Filing Report, April 1, 2025) · amount: 40000000 · debtor: ClearPier Acquisition Corp. (CPAC) · creditor: Export Development Canada (EDC) · currency: USD · security: Secured under Credit Agreement dated September 8, 2022 against the assets of CPAC, 1002 Ontario, PubPlus, Cygobel and KPM, and the shares of HMA; EDC also holds unsecured guarantees from Additional Guarantors (ClearPier Inc., CPP, Solavid Inc., Advinteo Inc., Vexigo Inc., MQ)
- financial positionnote: Document states only that total liabilities exceeded total assets by approximately US$23.3 million as at December 31, 2024 (a deficit); underlying total asset and total liability figures are not separately disclosed on these pages. · page: 9 · as at: 2024-12-31 · basis: most recent internal unaudited balance sheet of the CPAC Group, book value · scope: CPAC Group (consolidated basis, comprising CPAC, 1002 Ontario and the Operating Subsidiaries: Cygobel, PubPlus, HMA, KPM) · currency: USD