Quebec · NOI
Motion for the Authorization and Approval of a Liquidation Services Agreement and Certain Restructuring Charges and Related Relief
Application / notice of application · 5 February 2026
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 filing11 verified
- applicantMAGASIN DE MUSIQUE STEVE INC./STEVE'S MUSIC STORE INC.
- appointeeErnst & Young Inc.
- appointee roleTrustee
- courtSUPERIOR COURT (Commercial Division)
- court file no500-11-066759-263
- provinceQUEBEC
- statutory basisSections 50.6, 64.2 and 183 of the Bankruptcy and Insolvency Act, R.S.C. 1985, c. B-3
- secured creditorsnote: Senior secured lender; TD has issued a demand under its loan documents and served a s.244 BIA notice of intention to enforce security and a prior notice of exercise of hypothecary right; Debtor consented to enforcement before expiry of delay. No balance amount stated in these pages. · page: 2 · debtor: Steve's Music Store Inc. · creditor: The Toronto-Dominion Bank (TD) · currency: CAD · security: Hypothecs and security interests charging the Debtor's inventory and other property, under various TD Credit Facilities
- secured creditorsnote: Supplier with registered security interest; no balance amount stated in these pages. · page: 3 · debtor: Steve's Music Store Inc. · creditor: Hoshino (U.S.A.) Inc. · currency: CAD · security: Conditional sale agreement (supplier financing)
- secured creditorsnote: Related party: held by a party related to the Debtor's principal and sole shareholder, for loans provided to the Debtor; consents to relief sought in the Motion; ranks last (SIXTH) per proposed order. No balance amount stated. · page: 3 · debtor: Steve's Music Store Inc. · creditor: 119154 Canada Inc. ("Related Lender") · currency: CAD · security: Hypothec registered at RDPRM
- secured creditorsnote: Related party: Interim Lender is indirectly related to the Debtor. $350,000 is the proposed charge/security amount (based on liquidity estimate plus contingency), not an outstanding balance; $250,000 is the facility limit, not a balance. Charge ranks junior to TD/Hoshino, KERP Charge and Administration Charge. · page: 4 · debtor: Steve's Music Store Inc. · creditor: 4470133 Canada Inc. ("Interim Lender") · currency: CAD · security: Proposed charge over the Debtor's movable and personal property (the "Interim Lender Charge") in the amount of $350,000, securing the Interim Financing Facility (maximum facility amount $250,000, interest 10% per annum, no fees)