Ontario · Receivership (court-appointed)
Third Report of the Receiver dated July 9, 2024
Court officer report · 9 July 2024
A plain-language read of this filing opens with a subscription.
What we verified from this filing10 verified · 1 withheld
- secured creditorsnote: Indebtedness estimated in August 2023 at approximately $36.5 million (CAD); Illimity has executed and delivered in escrow a full release of Util Canada's guaranteed obligations and the Illimity GSA, to be released from escrow upon Distribution Order becoming final - security effectively being discharged pending court order; security opinion by Aird & Berlis confirms perfection and priority over Trustee's interest · page: 3 · as of: 2023-08-01 · debtor: Util Canada Limited (as guarantor of Util Industries S.p.A.) · creditor: Illimity Bank S.p.A. · currency: CAD · security: Illimity Guarantee (first demand guarantee) secured by General Security Agreement (Illimity GSA) over Util Canada's Property; pari passu with DeA per Pari Passu Agreement dated April 6, 2022
- unsecured creditorsnote: Stated as 'in excess of $33 million' as of the Bankruptcy Date (August 4, 2023); document names no individual creditors; KSV, as Trustee, has not reviewed any of the unsecured claims · page: 8 · as of: 2023-08-04 · basis: Based on the Company's Statement of Affairs in its bankruptcy proceeding · amount: 33000000 · debtor: Util Canada Limited · creditor: Unsecured creditors (aggregate as reported in Statement of Affairs) · currency: CAD
- unsecured creditorsnote: Of $360,942 total invoiced, $210,949 remains outstanding; Barrie subsequently registered Repair and Storage Liens Act liens (secured claim) over the Barrie Equipment, confirmed valid by Aird & Berlis in priority to general secured claims - purchase price for equipment satisfies these liens · page: 37 · as of: 2023-08-04 · basis: Invoices rendered prior to receivership proceedings for repair of equipment · amount: 210949 · debtor: Util Canada Limited · creditor: Barrie Welding & Machine (1974) Limited · currency: CAD
- secured creditorsnote: Amount stated as demand letter dated June 18, 2024 owing as at May 31, 2024, plus accrued and accruing interest since June 1, 2024, inclusive of principal, accrued interest and other amounts under Amended Facilities Agreement; approximated in prose elsewhere as $17.3 million (August 2023 estimate) and originally acquired principal package of €36,983,769 (2016), reduced to ~€33M (2019), ~€29M (2020), and refinanced to ~€11M principal under Amended Facilities Agreement (April 2022); security opinion by Aird & Berlis confirms perfection and priority over Trustee's interest · page: 84 · as of: 2024-05-31 · amount: 12348863.57 · debtor: Util Canada Limited (as guarantor of Util Industries S.p.A.) · creditor: DeA Capital Alternative Funds SGR S.p.A. (as managing company of IDeA CCR I) · currency: EUR · security: General Security Agreement (originally by Capital Tool & Design Limited in favour of BNP Paribas, assigned to DeA); Illimity GSA released to escrow
- closing confirmedscope: substantially all the Property, other than the equipment referenced in (b) below · outcome: completed · purchaser: Perfection Global LLC · date basis: unstated; scope: two 'fine blanking' presses · outcome: completed · purchaser: Barrie Welding & Machine (1974) Limited · date basis: unstated
- fee scheduleengagements: form: prose · rows: · money: approximate: false · period: kind: unstated · approval: state: unstated · averages: rate: 533.65 · quote: The average hourly rate of Aird & Berlis LLP is $533.65. · currency: · invoices: date: 2024-05-16 · quote: an account dated May 16, 2024 in the amount of $483.08 in respect of the period from April 1, 2024 to April 30, 2024 · total: 483.08 · period end: 2024-04-30 · period start: 2024-04-01; date: 2024-06-19 · quote: an account dated June 19, 2024 in the amount of $706.82 in respect of the period from May 1, 2024 to May 31, 2024 · total: 706.82 · period end: 2024-05-31 · period start: 2024-05-01; date: 2024-06-30 · quote: an account dated June 30, 2024 in the amount of $2,041.91 in respect of the period from June 1, 2024 to June 30, 2024 · total: 2041.91 · period end: 2024-06-30 · period start: 2024-06-01 · firm text: Aird & Berlis LLP · firm quote: The average hourly rate of Aird & Berlis LLP is $533.65. · context quote: The average hourly rate of Aird & Berlis LLP is $533.65.; form: report_table · rows: · money: approximate: false · period: end: 2024-06-30 · kind: unstated · quote: FOR PROFESSIONAL SERVICES RENDERED on your behalf throughout the period ending June 30, 2024 · approval: state: unstated · averages: rate: 598.89 · quote: Average hourly rate | col8: $598.89 · currency: · invoices: · firm text: KSV Restructuring Inc. · firm quote: This report (the ' Report ') is filed by KSV Restructuring Inc. (' KSV ') in its capacity as receiver (the ' Receiver ') · context quote: This report (the ' Report ') is filed by KSV Restructuring Inc. (' KSV ') in its capacity as receiver (the ' Receiver ') of the property, assets and undertaking (the ' Property ') of Util Canada Limited (the ' Company ')
- purchaserPerfection Global LLC; Barrie Welding & Machine (1974) Limited
- recovery outcomeentries: basis: unstated · quote: If DeA and Illimity advise the Receiver that they have recovered in full their advances to Util Italy, which the Receiver understands to be remote, the Receiver will report to Court at that time as the Company may be entitled to subrogate to DeA in respect of its advances to Util Italy, resulting, potentially, in funds being available to the Company's unsecured creditors. · pct of: unstated · outcome: nil · class key: unsecured · stated by: receiver · class label: unsecured creditors · claims amount: 33000000 · interim final: unstated · conditional on: if DeA and Illimity advise the Receiver that they have recovered in full their advances to Util Italy, resulting potentially in funds being available to the Company's unsecured creditors · claims qualifier: listed · table missing:
- sale advisorPerfection Global LLC
- sale outcometext: The Sale Process resulted in transactions with Perfection and Barrie, which have closed, plus other realizations including accounts receivable and inventory sales · scope: whole_business · status: closed
1 extracted value is withheld: either a trap-shaped field where models produce confident wrong numbers, or an identity value whose quotation could not be found in the document. Withheld values are shown to no one.