Ontario · CCAA
Application Record Part 2 dated April 4, 2023
Application / notice of application · 4 April 2023
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What we verified from this filing4 verified
- secured creditorsnote: First-ranking (Senior Debt/First Lien) facility; the Marshall Fields facility is contractually subordinated to this facility under the Cortland Intercreditor Agreement · page: 67 · as of: 2022-02-28 · amount: 18493223 · debtor: CannTrust Inc., Elmcliffe Investments Inc., CTI Holdings (Osoyoos) Inc. (borrowers); guaranteed by CannTrust Holdings Inc., CannTrust Equity Inc. and Elmcliffe Investments [No. 2] Inc. · creditor: Cortland Credit Lending Corporation (as administrative agent for the Senior/First Lien Lenders) · currency: CAD · security: $22,500,000 senior secured revolving credit facility ("Cortland Credit Facility") dated March 11, 2022; secured by first-priority general security agreements/hypothecs over all present and after-acquired property of the Obligors and related guarantees
- secured creditorsnote: As of March 10, 2022, $2,500,000 of the facility was drawn/outstanding with $3,000,000 undrawn; First Amending Agreement (May 2, 2022) records a further $500,000 Loan Advance made by the Olyan Lender on April 14, 2022 and states $3,000,000 remained available as of that date (document does not state a consolidated total outstanding balance). Subordinated to the Cortland Credit Facility under the Cortland Intercreditor Agreement. · page: 67 · as of: 2022-03-10 · amount: 2500000 · debtor: CannTrust Equity Inc., CannTrust Inc., Elmcliffe Investments Inc., CTI Holdings (Osoyoos) Inc. (borrowers); guaranteed by CannTrust Holdings Inc. and Elmcliffe Investments [No. 2] Inc. · creditor: Marshall Fields International B.V. (as agent for the Lenders, including Daniel Koehn, Andrew Peppin Medicine Professional Corporation, and Cannacquisition Limited Partnership ("Olyan Lender")) · currency: CAD · security: $5,500,000 second-ranking secured non-revolving term facility ("Marshall Credit Facility") dated March 11, 2022 (Total Commitment later increased to $6,000,000 per First Amending Agreement dated May 2, 2022); secured by second-priority general security agreements/hypothecs, unlimited guarantees, and a $25,700,000 second-priority debenture (registered principal amount, not a balance) over the Pelham Property
- secured creditorsnote: Listed as existing debt of the Obligors (Schedule H) without a stated outstanding balance · page: 67 · creditor: Bank of Montreal · currency: CAD · security: Lien securing indebtedness under the "BMO GIC" (a guaranteed investment certificate issued in favour of the landlord of Unit 1, 3280 Langstaff Road, Vaughan, Ontario), plus letters of credit and corporate credit cards (aggregate letters of credit/credit-card debt capped at $250,000, a facility limit, not a balance)
- secured creditorsnote: Listed as existing debt of the Obligors (Schedule H) without a stated outstanding balance · page: 67 · creditor: Balfour Energy Corp. · currency: CAD · security: Lien over the "Balfour Cash Collateral" (capped at $2,000,000 - a registration ceiling, not a balance) pursuant to a Collateral Assignment of Deposits and Credit Balances Agreement, securing obligations under the Balfour Tolling Agreement