Saskatchewan · CCAA
First Report of the Monitor (January 14, 2020)
Court officer report · 14 January 2020
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
- secured creditorsnote: Described as the Morris Group's first secured lender, ranking ahead of Avrio. Individual balance not stated on these pages. Part of approximately $42 million senior secured debt owed to BMO, Avrio and FCC plus other secured lenders. · page: 9 · debtor: Morris Industries Ltd. (borrower), with Morris Industries (USA) Inc., Morris Sales & Service Ltd. and related entities · creditor: Bank of Montreal (BMO) · currency: CAD · security: Amended and restated loan agreement dated May 29, 2018 (the DIP term sheet refers to a loan agreement dated June 28, 2019, as amended December 23, 2019)
- secured creditorsnote: Named as additional secured creditors; individual balances not stated on these pages. · page: 9 · creditor: Trumpf Finance, De Lage Landen, Kubota Canada and Wells Fargo · currency: CAD
- secured creditorsnote: Named as one of the three major senior secured lenders; individual balance not stated on these pages. · page: 9 · creditor: Farm Credit Canada (FCC) · currency: CAD
- secured creditorsnote: Per-entity figure from the Monitor's chart; creditors not named per entity. · page: 10 · as of: 2020-01-08 · amount: 4925521 · debtor: Contour Realty Inc. · creditor: Secured creditors of Contour Realty Inc. - not individually named · currency: CAD
- secured creditorsnote: Per-entity figure from the Monitor's chart of known creditors; the chart does not name the creditors for this entity. · page: 10 · as of: 2020-01-08 · amount: 9000000 · debtor: 101098672 Saskatchewan Ltd. · creditor: Secured creditors of 101098672 Saskatchewan Ltd. (parent) - not individually named · currency: CAD
- secured creditorsnote: Per-entity figure from the Monitor's chart; creditors not named per entity. · page: 10 · as of: 2020-01-08 · amount: 23533576 · debtor: Morris Industries Ltd. · creditor: Secured creditors of Morris Industries Ltd. - not individually named · currency: CAD
- secured creditorsnote: Per-entity figure from the Monitor's chart; creditors not named per entity. · page: 10 · as of: 2020-01-08 · amount: 4554607 · debtor: Morris Sales and Service Ltd. · creditor: Secured creditors of Morris Sales and Service Ltd. - not individually named · currency: CAD
- unsecured creditorsnote: Individual creditors not named. Total across entities is approximately $13 million owed to more than 650 creditors (stated as approx. 600 vendors and 150 dealers and other creditors). · page: 10 · as of: 2020-01-08 · basis: Monitor's chart of known unsecured creditors per entity as at January 8, 2020 · amount: 11258108 · debtor: Morris Industries Ltd. · creditor: Unsecured creditors of Morris Industries Ltd. (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Individual creditors not named. · page: 10 · as of: 2020-01-08 · basis: Monitor's chart of known unsecured creditors per entity as at January 8, 2020 · amount: 664853 · debtor: Morris Sales and Service Ltd. · creditor: Unsecured creditors of Morris Sales and Service Ltd. (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Individual creditors not named. · page: 10 · as of: 2020-01-08 · basis: Monitor's chart of known unsecured creditors per entity as at January 8, 2020 · amount: 195733 · debtor: Contour Realty Inc. · creditor: Unsecured creditors of Contour Realty Inc. (aggregate as reported) · currency: CAD
- unsecured creditorsnote: Individual creditors not named. The chart is in Canadian dollars per the report's statement that all dollars are Canadian. · page: 10 · as of: 2020-01-08 · basis: Monitor's chart of known unsecured creditors per entity as at January 8, 2020 · amount: 1064570 · debtor: Morris Industries (USA) Inc. · creditor: Unsecured creditors of Morris Industries (USA) Inc. (aggregate as reported) · currency: CAD
- secured creditorsnote: Described as subordinated secured debt to BMO; Avrio demanded payment of its sub-debt. Individual balance not stated on these pages. · page: 22 · creditor: Avrio Subordinated Debt Limited Partnership II (Avrio) · currency: CAD