Ontario · Receivership (court-appointed)
First Report of the Receiver (March 20, 2018)
Court officer report · 20 March 2018
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 filing12 verified
- applicant2624492 ONTARIO INC.
- courtONTARIO SUPERIOR COURT OF JUSTICE (COMMERCIAL LIST)
- court file noCV-18-593678-00CL
- appointeeAlvarez & Marsal Canada Inc.
- appointee rolereceiver and manager
- commencement date12 March 2018
- proceeding typereceivership_court
- secured creditorsnote: Indebtedness and security subordinated to the Bank/Core Industrial pursuant to Subordination Agreement dated December 24, 2012 (Dellcom Subordination) · page: 9 · debtor: Dellcom Aerospace Inc. · creditor: Siriot Holdings Inc., Faviz Holdings Ltd. and Comparin Holdings Inc. (Dellcom Vendors) · currency: CAD · security: Registered PPSA financing statements against Dellcom
- secured creditorsnote: Total indebtedness of the Borrowers to the Bank as at close of business Feb 28, 2018; assigned to Core Industrial March 1, 2018; Receiver's counsel opined security is valid and enforceable · page: 9 · as of: 2018-02-28 · amount: 13664394.7 · debtor: Vertex Precision Manufacturing Inc. and Dellcom Aerospace Inc. (Borrowers), guaranteed by Mercap, AST, ASP, 152 and 867 · creditor: Core Industrial Finance & Capital, LLC (as assignee of Bank of Montreal / BMO Capital Partners) · currency: CAD · security: Security agreements over all property of Borrowers and Guarantors; loan, guarantee, security and mortgage documents assigned from BMO/BMO Capital to Core Industrial pursuant to Assignment dated March 1, 2018; senior secured lender
- secured creditorsnote: Individual (related-party-type) secured creditor; indebtedness and security subordinated to the Bank/Core Industrial pursuant to Subordination Agreement dated May 21, 2015 (Vertex Subordination) · page: 10 · debtor: ASP and AST (PPSA); Commerce Parkway Property and Petit Road Property (mortgage/charge) · creditor: Margaret Rodway · currency: CAD · security: Registered PPSA financing statement against ASP and AST; registered mortgage/charge against Commerce Parkway Property and Petit Road Property
- secured creditorsnote: Serialized-equipment lessors/financiers aggregated per instructions; amount not stated · page: 10 · debtor: One or more of the Companies · creditor: PPSA equipment financiers (PMSI class) - Elliott-Matsura Canada Inc., Element Financial Corporation, Stonebridge Lease Financing Corporation, GE Canada Leasing Services Company, General Electric Canada Equipment Finance GP, CIT Financial Ltd., and RCAP Leasing Inc. · currency: CAD · security: Registered financing statements against leased equipment
- unsecured creditorsnote: Document names no individual unsecured creditors; approximate figure ('approximately $7 million') · page: 10 · as of: 2018-03-10 · basis: According to the Companies' books and records · amount: 7000000 · debtor: Companies (collectively) · creditor: Unsecured creditors (aggregate as reported) · currency: CAD