Ontario · CCAA
First Report of the Monitor
Court officer report · 26 February 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 filing6 verified
- secured creditorsnote: Amount is the TD Bank column total in the Pre-Filing Report's secured/unsecured chart, as at the NOI date. The same report's prose states approximately $16.2 million owed as at January 14, 2025 — different date and figure. TD Bank is the principal/senior secured lender and is pursuing a concurrent receivership application. Melair Real Property estimated by management to exceed TD's mortgage and to represent more than 50% of the value of TD's security; DIP Lender's Charge ranks behind TD's mortgage over it. · page: 34 · as of: NOI filing date · amount: 16451380 · debtor: JBT Group (JBT Transport, Melair Management, Heritage Truck Lines, Waydom Management, Heritage Warehousing & Distribution — per chart; guarantees cross-provided by each member) · creditor: The Toronto-Dominion Bank (TD Bank) · currency: CAD · security: General security agreement and mortgage over the Melair Real Property; four loan agreements (operating loan, leasehold loan, term facilities, equipment loans) dated Aug 24 2020, Apr 6 2021, Jan 20 2023, Feb 1 2023
- secured creditorsnote: Chart 'Other' secured column total. Pre-Filing Report prose describes approximately $2.2 million of equipment loans with six other secured lenders (in addition to equipment financed by TD). Lenders are not itemised in the chart; the service list names candidates (e.g. VFS Canada, Mercedes-Benz Financial, RCAP, Meridian OneCap, PNC Vendor Finance, Northpoint) but does not tie amounts to them. · page: 34 · as of: NOI filing date · amount: 2215664 · debtor: JBT Group (JBT Transport $1,683,826; Heritage Truck Lines $531,838 per chart) · creditor: Other secured equipment lenders (six lenders, aggregate) · currency: CAD · security: Specific tractor trailers, forklifts and other equipment
- unsecured creditorsnote: Related parties not individually named. Combined unsecured total stated as approximately $25.6 million. · page: 34 · as of: NOI filing date · basis: Pre-Filing Report chart (management-provided information, unaudited); prose: 'approximately $21.6 million is owed to related creditors' · amount: 21575800 · debtor: JBT Group (all Applicants) · creditor: Related-party unsecured creditors (aggregate) · currency: CAD
- unsecured creditorsnote: Aggregate; individual creditors not named in these pages. Includes a portion of carrier broker payables (approx. $1.3 million per Pre-Filing Report) not associated with an uncollected receivable. · page: 34 · as of: NOI filing date · basis: Pre-Filing Report chart (management-provided information, unaudited); prose: '$3.9 million ... owed to approximately 460 unrelated creditors' · amount: 3854083 · debtor: JBT Group (all Applicants) · creditor: Unrelated unsecured creditors (aggregate, approx. 460 creditors) · currency: CAD
- unsecured creditorsnote: Management states all payroll and HST/source-deduction remittances are current; this corporate tax claim is the only stated CRA arrears. · page: 34 · as of: 2025-01-09 · basis: Requirement to pay issued January 9, 2025 for unpaid corporate taxes; described as an unsecured claim in the NOI proceeding · amount: 59295 · debtor: Waydom Management Inc. · creditor: Canada Revenue Agency · currency: CAD
- secured creditorsnote: Not a stated debt balance: approximately $1.2 million of receivables (approx. $1.4 million less 15% average commission) are impressed with trust and outside TD's collateral until the trust claim is satisfied. Carrier broker payables were approximately $2.7 million at the Filing Date, of which approx. $1.3 million is not tied to an uncollected receivable and is unsecured. Post-filing, approximately $617,000 of receipts were identified as Carrier Trust Funds and moved to trust accounts. · page: 39 · as of: Filing Date (January 24, 2025) · debtor: JBT Group · creditor: Carrier trust claimants (contract carriers — HTA trust receivables) · currency: CAD · security: Accounts receivable impressed with a Highway Traffic Act trust, and the court-ordered first-ranking Critical Suppliers Charge against the corresponding receivable