Manitoba · Receivership (court-appointed)
Notice and Statement of Receiver – dated March 27, 2020
Notice to creditors · 27 March 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 filing3 verified
- financial positionnote: Figures presented in $000's CAD: cash 1,092; accounts receivable 63,365; inventory 53,369; prepaids 4,254; total current assets 122,080; capital assets 23,326; other assets - TM 15,323; investment in Nygard Properties (USA) 11,597; note receivable from NV 17,462; total non-current assets 67,708; total assets 189,788. No liabilities side stated on a balance-sheet basis. The estimated realizable value of the Debtors' business and assets is stated to be 'currently unknown'. · page: 2 · as at: 2020-02-01 · basis: Debtors' internal, unaudited, consolidated financial statements; book values that 'do not necessarily represent the realizable value of the Property' · scope: Consolidated — the nine Debtors · currency: CAD · total assets: 189788000
- secured creditorsnote: Stated as the Debtors' total secured obligations per books and records, 'Estimated Claim (CAN$)'. The document states this total does not include certain cash collateral pledged to Bank of Montreal as security for the Debtor's obligations under certain BMO letters of credit, nor certain motor vehicle and office equipment pledged to equipment lessors or financiers (amounts not stated). · page: 3 · as of: Appointment Date (March 18, 2020) · amount: 35618594 · debtor: Nygard Holdings (USA) Limited, Nygard Inc., Fashion Ventures, Inc., Nygard NY Retail, LLC, Nygard Enterprises Ltd., Nygard Properties Ltd., 4093879 Canada Ltd., 4093887 Canada Ltd., and Nygard International Partnership (collectively) · creditor: White Oak Commercial Finance, LLC (as administrative agent and collateral agent for White Oak and Second Avenue Capital Partners, LLC) · currency: CAD · security: Security held by the Lenders in the Property of the Debtors
- unsecured creditorsnote: Aggregate total as stated in Schedule B; the Schedule itemises individual creditors (e.g. Safaa Sweaters Ltd. 1,821,155.47; Indo Jordan Clothing LLC 1,093,499.16; Millennium Fashion of NJ Inc. (CDA) 1,072,317.73; Global Apparel Solutions 991,037.53; Thompson V Co. Ltd. Shanghai 976,850.22; George H Young & Co Ltd 724,922.14). Schedule B states all amounts in a single column without currency labels; CAD assumed from the consolidated Canadian-dollar presentation. Schedule B grand total of secured plus unsecured is 49,688,041.94. Includes Receiver General for Canada entries (301.98 and 36.09) and Province of Manitoba Wage Trust Account (318.08) as listed. · page: 16 · as of: Appointment Date (March 18, 2020) · basis: Per the Debtors' books and records, consolidated list of other creditors (Schedule B, 'Total Unsecured') · amount: 14069447.94 · debtor: Consolidated — all nine Debtors · creditor: Unsecured creditors (consolidated list, Schedule B — itemised in document, approximately 280 creditors, largest individual balance approx. $1.82M) · currency: CAD