Ontario · Proposal
Motion Record
Application / notice of application · 16 July 2024
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 filing7 verified
- applicantPioneer Balloon Canada Limited
- courtSUPERIOR COURT OF JUSTICE (IN BANKRUPTCY & INSOLVENCY)
- court file noBK-24-03091796-0032
- provinceONTARIO
- secured creditorsnote: Stated in Notice of Motion as 'owed more than $2,300,000' (floor language); approx. $2,300,000 secured debt figure is tied to 'as at the date of the NOI filing' (June 12, 2024); Company separately reported as overdrawn on the Line of Credit by more than $1,000,000 as of the Borondy affidavit (July 16, 2024); RBC issued a Demand and Notice of Intention to Enforce Security under s.244(1) BIA on May 30, 2024; RBC supports the sale/distribution relief and is to receive proceeds up to its secured claim · page: 11 · as of: NOI filing date · amount: 2300000 · debtor: Pioneer Balloon Canada Limited · creditor: Royal Bank of Canada (RBC) · currency: CAD · security: General security agreement dated June 11, 2024 (re-executed); RBC Credit Agreement (letter agreement dated February 9, 2022, as amended March 31, 2023) establishing credit facilities including a revolving Line of Credit with a facility limit of up to $2,200,000; RBC's security ranks first in priority over all of the Company's personal property other than validly registered PMSI leases and priority claims existing in law
- secured creditorsnote: Affidavit states 'certain other parties have registered security interests against Pioneer' and that RBC's security ranks first over all personal property other than validly registered PMSI leases; specific identities/amounts appear only in the unincluded Exhibit "E" PPSA search report certificate · page: 49 · debtor: Pioneer Balloon Canada Limited · creditor: PPSA equipment financiers (PMSI class) · currency: CAD · security: Validly registered purchase-money security interest (PMSI) leases in respect of leased and financed equipment, per Ontario PPSA search report certificate (Exhibit "E" to the Borondy affidavit, not reproduced in these pages)
- recovery outcomeentries: basis: plan · quote: make an interim distribution to RBC of $2,195,000 (representing all funds received from the Proposed Transaction less the Holdback); and, · pct of: unstated · outcome: distribution · class key: secured · stated by: debtor · amount low: 2195000 · cumulative: false · amount high: 2195000 · class label: RBC · creditor name: RBC · interim final: interim · conditional on: upon closing of the Proposed Transaction, if approved by the Court, and provided the aggregate of all distributions to RBC shall not exceed the secured indebtedness owing by the Company to RBC · claims qualifier: unstated · stated on: 2024-07-16 · table missing: