British Columbia · NOI
Microb Notice of Application
Application / notice of application · 3 January 2025
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What we verified from this filing11 verified
- applicantMicRob Resources Inc., doing business as Salt Spring Coffee
- appointeeKPMG Inc.
- appointee roleProposal Trustee
- courtIN THE SUPREME COURT OF BRITISH COLUMBIA
- court file no11-3170658
- commencement date2 January 2025
- statutory basiss. 50.4 of the BIA
- secured creditorsnote: BDC Loan (letter of offer dated Jan. 21, 2019) original principal $1,500,000; approximate current indebtedness stated. Subject to a priority agreement with RBC/Maynbridge dated July 13, 2023 (BDC Priority Agreement). Indebtedness intended to be acquired/assumed by the Purchaser under the APA. · page: 5 · as of: NOI filing date · amount: 1196228 · debtor: MicRob Resources Inc. (Salt Spring Coffee) · creditor: Business Development Bank of Canada (BDC) · currency: CAD · security: Charge on Salt Spring Coffee's equipment and all present and after-acquired personal property, registered in the BC PPR
- secured creditorsnote: Stated as 'approximately $2,230,000.00' aggregate indebtedness (Maynbridge Indebtedness), with interest and fees continuing to accrue; Maynbridge acquired RBC's secured debt and security via Assignment and Assumption Agreement dated Dec. 2, 2024, so RBC is no longer a current secured creditor. Subject to BDC Priority Agreement dated July 13, 2023 (adopted by Maynbridge). · page: 5 · as of: NOI filing date · amount: 2230000 · debtor: MicRob Resources Inc. (Salt Spring Coffee) · creditor: Maynbridge Capital Inc. · currency: CAD · security: General security agreement over all present and after-acquired personal property, perfected by financing statement registrations in the BC PPR; includes the assigned RBC Loan (RBC credit agreement dated June 28, 2023, as amended June 30, 2023, assigned to Maynbridge Dec. 2, 2024) plus advances under the Maynbridge Loan Agreement dated Nov. 29, 2024
- financial positionnote: Figures labeled 'Total Liabilities' actually described as 'liabilities and equity'; document contrasts this against total assets on the balance sheet, both approximately equal as of end of August 2024. Includes amounts owing under RBC Loan and BDC Indebtedness. This is before entering the Maynbridge loan agreements and before repayment of the Merchant Indebtedness (repaid Dec. 4, 2024). · page: 6 · as at: 2024-08-31 · basis: balance sheet figures described as approximate ('approximately $5,164,888' liabilities and equity; 'approximately $5,164,888.40' total assets), pre-Maynbridge financing and pre-repayment of Merchant Indebtedness · scope: Salt Spring Coffee (MicRob Resources Inc.), entity-level · currency: CAD · total assets: 5164888.4 · total liabilities: 5164888
- secured creditorsnote: Approximate amount; monthly lease payments of $2,515.80 deducted directly from Salt Spring Coffee's bank account. Indebtedness intended to be acquired/assumed by the Purchaser under the APA. · page: 6 · as of: NOI filing date · amount: 29240.89 · debtor: MicRob Resources Inc. (Salt Spring Coffee) · creditor: Bodkin, a division of Bennington Financial Corp. · currency: CAD · security: Charge on certain leased equipment pursuant to the Bodkin Lease, registered in the PPR