British Columbia · CCAA
First Report of the Monitor - Filed April 24, 2026
Court officer report · 24 April 2026
What we verified from this filing9 verified
- secured creditorsnote: Facility limit of up to $2,000,000 during initial 10-day Stay of Proceedings; amount actually drawn not stated · page: 3 · debtor: Coast Wholesale Appliances Inc. and related Debtors · creditor: Syndicate (in capacity as Interim Lender) · currency: CAD · security: Interim Lender's Charge over all property of the Debtors, securing advances under the Interim Loan Agreement/Interim Facility
- secured creditorsnote: Related party: TriWest is also an equity investor in Coast via TriWest Capital Partners V, L.P. and TriWest Capital Partners V (US), L.P. Document also states amount 'at various reporting dates was approximately $13.0 million to $17.0 million' (prose range); TriWest also provided a $1.5 million limited guarantee to backstop NBA Samsung inventory financing, assigned to the Syndicate to the extent not relied upon by NBA. · page: 7 · as of: date of this report (April 24, 2026) · amount: 17000000 · debtor: Coast Wholesale Appliances Inc. / Coast Holdings (GP) Ltd. (Debtors) · creditor: TriWest Capital (subordinated secured creditor) · currency: CAD · security: Subordinated secured debt, ranks behind Syndicate's senior secured debt
- secured creditorsnote: Syndicated Senior Debt, excluding fees and other obligations · page: 8 · as of: 2026-04-15 · amount: 68900000 · debtor: Coast Wholesale Appliances Inc., Coast Holdings (GP) Ltd., Coast Limited Partnership and Coast Holdings Limited Partnership · creditor: Syndicate of lenders led by Bank of Montreal, as Administrative Agent · currency: CAD · security: Senior secured Credit Agreement dated September 30, 2017, as amended; comprised of Revolving Loan (limit $30M, temporary bulge of $5M for total availability of $35M) and Term Loan (non-revolving, maximum $55M facility)
- secured creditorsnote: Stated as facility limit 'up to $3.0 million', not a balance; supported by a $1.5 million limited guarantee from TriWest · page: 8 · debtor: Coast Limited Partnership · creditor: VIP Distributors Inc., operating as National Buying Associates (NBA) · currency: CAD · security: Financing secured against select Samsung-branded inventory; priority over Syndicate's security in respect of that financed inventory
- secured creditorspage: 9 · amount: 340000 · debtor: Coast Limited Partnership · creditor: Fisher and Paykel Appliances Canada Inc. (FPA) · currency: CAD · security: Purchase money security interest (PMSI) financing
- financial positionnote: Total liabilities comprised of Total Current Liabilities $44,375K, Total Long Term Liabilities $86,287K, less Interco Payable ($648K). Total Equity was negative $47,761K. Long term liabilities comprised mainly of bank debt ($54.9M), subordinated debt ($17.0M), and vendor takeback notes ($13.3M). · page: 11 · as at: 2026-02-28 · basis: unaudited, internal financial reporting from the books and records of the Debtors, not reviewed or audited by the Monitor · scope: consolidated - Coast Wholesale Appliances Inc., Coast Holdings (GP) Ltd., Coast Limited Partnership and Coast Holdings Limited Partnership (the Debtors) · currency: CAD · total assets: 82254000 · total liabilities: 130015000
- process resultsnote: PwC solicited proposals from qualified liquidators; three national level liquidation firms were engaged · solicited: 3
- sale advisorHilco Canada Holdings, ULC; PricewaterhouseCoopers Inc., LIT
- sale outcometext: the Syndicate is seeking Court approval of a liquidation order for the liquidation of the Debtors' inventory, merchandise, fixtures and equipment, with Hilco selected as liquidation agent after a proposal solicitation process · scope: liquidation · status: pending_approval