Alberta · Receivership (court-appointed)
Affidavit of Tim Oilfield, sworn March 7, 2022
Affidavit · 11 March 2022
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 filing4 verified
- secured creditorsnote: Outstanding Indebtedness = Principal (Assumed Indebtedness) $18,807,490.10 + Accrued Interest $3,926,942.05, per diem $5,817.11; obligations postponed and subordinated to CWB pursuant to Priority, Postponement, Subordination and Standstill Agreement dated November 9, 2017; Crown Capital is also the 100% voting shareholder of RBee as of February 23, 2022 (related party) · page: 3 · as of: 2022-03-07 · amount: 22734432.15 · debtor: RBee Aggregate Consulting Ltd. · creditor: Crown Capital Partner Funding, LP (formerly Crown Capital Fund IV, LP), by its manager Crown Private Credit Partners Inc. · currency: CAD · security: General Security Agreement dated November 9, 2017 over all present and after-acquired personal property/undertaking of RBee, registered against RBee at the Alberta PPR on November 9, 2017 (Exhibit F, PPR search dated March 3, 2022)
- secured creditorsnote: Senior/priority secured creditor: Crown Capital's Amended Note and Security are postponed and subordinated to CWB's loan and security pursuant to a Priority, Postponement, Subordination and Standstill Agreement dated November 9, 2017; CWB capped RBee's operating line at $7,900,000 as of March 7, 2022 (a facility limit, not a stated outstanding balance); RBee's April 30, 2021 financial statements show components (not summed): $9,920,630 drawn on the revolving facility, $3,198,763 drawn on the demand operating loan, and $9,920,630 in aggregate term loans due on demand secured by the same GSA · page: 5 · debtor: RBee Aggregate Consulting Ltd. · creditor: Canadian Western Bank (CWB) · currency: CAD · security: General Security Agreement providing a first security interest in all present and after-acquired equipment; assignment and postponement of claim from the shareholders; Capital Call Agreement of $1,000,000 from each shareholder; assignment of insurance proceeds; demand revolving loan facility limit $15,000,000 and demand operating loan facility limit $10,000,000 (per RBee's April 30, 2021 financial statements, Exhibit I)
- secured creditorsnote: Deemed trust class indebtedness comprising unpaid source deductions ($2,247,000) and outstanding GST remittance ($543,000); amount is an estimate only due to improper and inadequate accounting, and Crown Capital engaged FTI to further investigate the amounts owing · page: 6 · as of: 2022-03-07 · amount: 2790000 · debtor: RBee Aggregate Consulting Ltd. · creditor: Canada Revenue Agency (CRA) · currency: CAD
- secured creditorsnote: Components per RBee's April 30, 2021 financial statements: Komatsu Financial $4,618,545; WS Leasing $60,729; totals $4,679,274 as stated in the financial statements · page: 40 · as of: 2021-04-30 · amount: 4679274 · debtor: RBee Aggregate Consulting Ltd. · creditor: PPSA equipment financiers (PMSI class) - Komatsu Financial and WS Leasing · currency: CAD · security: Capital lease obligations secured by specific serialized equipment: Komatsu Financial lease secured by equipment with net book value of $6,052,301; WS Leasing lease secured by equipment with net book value of $75,274