Ontario · CCAA

First Report of the Monitor, dated January 23, 2024

Court officer report · 23 January 2024

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 filing1 verified

secured creditorsnote: Collectively defined as the 'Secured Creditors'/'Secured Debt' (excludes the DIP Loan, which is separate and additional, and is a post-filing facility). Monitor's counsel verbally confirmed the security is valid and enforceable against a Licensed Insolvency Trustee in Ontario, subject to customary assumptions/limitations/qualifications; opinion on validity of security in Manitoba was still pending as of the First Report date (Jan 23, 2024). The debentures are described as 'subordinated' secured debentures. First Report (Jan 23, 2024) states the value 'approximately $3.7 million, although interest and costs continue to accrue'; the precise figure of $3,727,978 is stated 'as at the Effective Date' in the Stalking Horse Purchase Agreement. · page: 56 · as of: Effective Date (Stalking Horse Purchase Agreement) · amount: 3727978 · debtor: Humble & Fume Inc. (Ontario) (borrower/issuer); guaranteed by Humble & Fume Inc. (Manitoba), PWF Holdco Inc., Windship Trading LLC, B.O.B. Headquarters Inc., Fume Labs Inc., and Humble Cannabis Solutions Inc. · creditor: DGC Investments Inc. and Green Acre Capital Fund II (Canada) Sidecar LP, as collateral agent for certain debentureholders (collectively, the senior 'Secured Creditors') · currency: CAD · security: DGC Loan Agreement dated September 1, 2022 (DGC Debt); convertible subordinated secured debentures issued by the Company on June 13, 2023 (Debenture Debt)